I recently had a gentleman ask the question should I buy a business, or am I crazy? The answer is no, you are not crazy, and yes you should buy a business with certain caveats! I want to disclose here that I was a licensed Business Broker and I am writing this as personal, not legal advice.  I have tried to teach the following personal philosophy to many people over the years and it will, I believe help answer the question.

First I begin by asking you this question.

When were you happiest memories ( keep it clean) I mean if someone asked you what were your fondest memories? Can you picture them and keep them in your mind while we discuss this?

Question 1. Where were you? indoors? outdoors?

Question 2. Were you alone, or with friends?

Question 3. Were you solving problems?

Question 4. Were you just in your surroundings or actively doing something?

Question 5. Do you prefer to work alone?

Question 6. Was it a competitive situation?

Question 7. Was it a formal or informal activity?

You can go on asking more questions of yourself, but I hope you are getting the idea!

The goal I am trying to accomplish is to get you to step outside your own self view and see what you really enjoy! I enjoy being with others engaging in challenging discussion that can be competitive and requires solving problems. I also need to feel that I am doing something helpful for others. So guess what, I am a consultant to business owners and I help buy and sell businesses.

I have come to know myself and do something for a living that is not work to me! This is the kind of stuff you need to know before you think about spending money, and locking in a particular deal that may turn out to be pure drudgery for you! If you can find out what makes you truly fulfilled and happy and find a busines that incorporates those attributes you will become the person who says” They pay me for this?”

Another Caveat, Just because your favorite memories were playing in a rock band as a youngster doesn’t mean ” let’s get the band back together!” You may though own a musical instrument store, sell music, own a music lesson business? A business that involves a passion can be a wonderful blessing. But we are looking for the attributes, in the band you were the center of attention, it was physical, it was a team enviorment and it was probably feast or famine financially.

Now that we have provoked your mind you should spend some time thinking this over before you move forward. when you do then write a simple business plan.

I like the easy and straight forward version of these categories. That is why my blog has these categories to match a business plan. I was told by a Harvard man that is what they taught him to do.

First is Land, where are you going to do it?

next is Labor, who will be doing the work?

then Management, who will be making the decisions?

Now Capital, how much do we need to get to a profitable and sustainable position?

Last and most importantly Market, who is our customer, who will pay money for our service?

you should spend some time writing out all the content for these categories before asking for any financing, and probably before you look at any locations. You will obviously have to make a decision about what the business will be before you finish the plan.

There is more to consider but I hope I helped you and please come back and check out my posts to help you with your business plan and to keep the business alive for the first few years. Best wishes and please comment and share on facebook if you like this post! Bob