Owning your own business is a common dream for many, and if you’re ready to make it happen, your first question might be: What type of business should I buy?
It can be interesting to browse everything from restaurants to newsagents for sale, but it’s a good idea to start by determining a few simple parameters for when you get really serious about making the purchase.
Make a list of areas you’re familiar with
If you’re looking at a pizza shop for sale, you should ideally have some form of experience either with pizza itself, or at least in the fast food industry. While a love of pizza is a good start, it may not be as helpful as actually having worked in the industry at some point in your life.
If you’re particularly interested in working in a certain field but don’t have any existing experience, you could even consider getting a job in that area for a short time to learn the basics before you make the purchase.
Follow what you’re passionate about
Running a business takes endless amounts of work, so it’s vital to have an interest in the industry and the work that sits outside of simply making a profit.
If you’ve got a trades background and love working outdoors, you could consider investing in a franchise to be your own boss. You’ll receive guidance and marketing support yet be able to shape your working life to your preference.
Determine your budget
Your budget can play a large role in the business you eventually purchase, so you will need to speak with your bank about how much you may be able to borrow, or a financial advisor who can guide you in determining how much is a safe level of debt to take on when making the purchase.
You will also need to consider a budget for the first year or so of operations. Will you need to invest in new equipment or tools? Do you expect to hire new staff during that time?
A café for sale and a trucking business for sale are going to come with completely different initial and set up costs, so this calculation is an important first step.
Consider what kind of hours you prefer to work
Even though the early days of business ownership may entail working more hours than usual, it can help to think about the usual business hours of various fields when considering what kind of venture to buy.
For example, pubs for sale generally offer slow mornings of cleaning and preparation, followed by busy evenings and late nights. On the other hand, if you find a child care centre for sale, you might expect early morning starts and more of a standard 9 to 5 type arrangement as parents pick up their little ones after work.
No matter what type of business you buy, you may need a little help in the early stages to assist you in making the purchase, and finding a broker to work through the steps with you. That’s why we’re bringing you Launchable, a new platform to support new Australian small businesses owners in taking their first steps.
Author: Hayley Clark
SEO Content Specialist
Hayley Clark is a content writer born and bred in New Zealand. She has been writing, editing, and working in SEO for over five years, for a myriad of companies, including Virgin Money, Thrifty, Destination New South Wales and Michael Page.