Buying a New Business
The Dream and the Reality
Many people have a dream of no longer having to answer to a boss and owning their own business. I know of many people who have invested substantial sums of their capital, as well as borrowed funds, only to find the dream of their business independence, has turned into a nightmare. They discover that the long hours that they are working is affecting their health and the quality of their family life, that the new business is performing poorly, and that they have serious concerns that their dreams for personal and financial freedom are being destroyed.
Evaluating the Business Opportunity
When considering starting or buying a new business, you need to try to avoid taking “gut feeling” decisions, and to spend some time in researching the type of business or industry you are considering investing in, and how suited you are to manage that business.
How Competent are You?
You need to ask yourself how competent you are to perform many of these roles yourself? Are your time management skills good enough, to allow you to do all of the tasks required, plus manage and finance your new business? Many new, first-time business owners, find that there are insufficient hours in the day to attend to all the tasks, with the result that not only can the business and their personal finances suffer, but their health and well-being can be put at great risk. Working in your own business will be very different to working for a Boss – you will probably have less staff, and you will need to do many unfamiliar jobs yourself.
ClientEdge Can Assist You
If you don’t have the experience of evaluating a business, or at managing your own business, I can help you! As a business mentor and coach, I can act as a balance against your natural enthusiasm to “jump in” and invest, by helping you to evaluate the business opportunity, and the market potential for the business products or services. I can also help you to determine that you have the correct financial and management resources needed, or if you will need to outsource some of them.
I can assist you in drawing up a “Roadmap” – a business and marketing plan, which will help to guide you in allocating your financial capital and business time in the most efficient manner. After you have decided on your new business investment, I can also assist you in setting up systems and processes that will help to operate your new business in the most efficient way. Having purchased and operated my own successful businesses in the past, I am well equipped to help you.
If you are thinking about purchasing or starting a new business or want to learn more about how ClientEdge can help you improve or grow your business, then contact Barry Spanger today.