How To Find The Right Business For You
According to industry statistics, over 90% of the people who begin the search to buy a business spend most of their time looking at businesses that do not meet their criteria. Over 40% buy a business that they are ultimately unhappy with.
So how do you find the business that is right for you? And more importantly, how do you insure that you are not wasting your time during the search process?
The CII Process
Finding a business to purchase should be the final step in a process that begins with an evaluation of your skills and interests and a sound financial assessment. Prior to buying a business, your CII Business Advisor will determine your budget and what types of business you are qualified to run and would enjoy owning.
It is helpful to look for a business that has some connection to types of work you’ve done in the past, or perhaps skills you’ve developed through a job or hobby. It’s almost always a mistake to buy a business you know little about. Your lack of knowledge about the industry may create a steep learning curve that may hinder your ability to turn a profit with your new business.
It is also import to choose a business that you’re excited by. It’s easier to succeed in business when you enjoy the work you’re doing.