The great Australian dream may now include owning your own business according to a report released by The Global Entrepreneurship Monitor. It claims that more than 10% of the Australian adult population are either in business or planning to start a business. The entrepreneurial spirit is incredibly high amongst Generation Y with 83% indicating they are keen to become their own boss. These are staggering statistics but probably not surprising given Australia was recently voted the fourth easiest country in the world to start a business out of the 189 countries who were analysed.

For some, the business journey starts with a simple idea while others look to buy a franchise because it is perceived to be a safer option with the branding, support and systems all provided by the franchisor. Over the next few years, buying an existing business will grow in popularity as the baby boomer generation flood the market with businesses for sale and transition into retirement. If you are planning to buy a business there are some important things to consider before you invest thousands of dollars in someone else’s business.

Firstly, most successful entrepreneurs are passionate about their business and their industry which prompts the question what is your passion? You must love what you are doing because as a business owner you will generally work longer hours and in the initial stages you will probably be the manager, marketer, sales person, bookkeeper, webmaster and strategist. Wearing all those ‘hats’ is more time consuming than simply being an employee. As a consequence, you need to narrow the field of opportunities into areas of personal interest. Being an area of interest you probably already have product knowledge, understand the competing brands, know the market prices and understand the consumer’s frustrations.

Over the coming weeks we will explore the following aspects of buying a business

·         Evaluate Your Skills and Experience

·         Finance First

·         Know Your Market

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