If you have that American dream about being self employed, perhaps by buying a small business for sale, you should know that not everyone is suited for a career as an entrepreneur.
Before taking the steps toward business ownership, you can ask yourself three questions designed to help reveal whether you have the characteristics needed to be successful as your own boss.
Incidentally, if you’re thinking you need a high tolerance for risk and an independent streak to make a good living in your own company, please note that these personality traits aren’t as vital in this economic climate as they were in the past. Sometimes, owning your own business is less risky than taking a job with a corporation. And many franchise owners do best when they give up their ideas and follow the company plan.
Try to honestly test yourself against these criteria:
1. Ability to see the big picture--You may have done well in a job by concentrating on your assignment without the distraction of thinking about how it fit in with the company’s mission, but as a business owner you’ll need to remain focused on the overall objectives. Whether you’re a company-of-one, or head of a workforce, you must make sure not only that each function is working correctly, but also that the pieces fit together effectively.
2. Persistence--One business consultant claims that good entrepreneurs “don’t know the meaning of ‘no’.” That might be an overstatement, but the point is that successful business operators have the quality of persistence. If you give up easily--a trait often encouraged in a corporate setting filled with politics and protocol--you’re at a great disadvantage as a business owner. Employees, customers, suppliers and government agencies aren’t always going to cooperate with you and it’s critical that you’re often ready to fight for what you want.
3. Willing to put the business first--A reason frequently expressed by those interested in being self employed is to have more control over how their time is spent. For most business owners, however, the reality is the exact opposite.
If you object to keeping strict hours when working for someone else, don’t believe that you’ll suddenly experience a great deal of freedom in your day once you own your own business. Most business owners quickly discover that success might require going to work when they’d planned a day off, or a vacation. And a steady paycheck is another luxury enjoyed by employees but not necessarily available to the owner. To get to your dream of collecting big profits from your company, you may have to start out by working for free.
If you aren’t sure you have the sense of broad perspective, the persistence and the willingness to make sacrifices in your personal life to benefit your company, you might want to reconsider the idea you’ve had about getting into your own business.
But if you believe that you possess the characteristics suggested here for a successful business operator, it might be time to check in with some business brokers and find out what operations are available for you to take over.
About The Author - Peter Siegel is the founder and President of BizBen.com - Businesses For Sale In California. A nationally recognized author (3 books and a syndicated small business blog) and expert consultant. If you are selling a business and need professional assistance utilizing high performance advertising, marketing, and highly effective strategies, or individual customization with your BizBen Power Search options in buying a California business, you can reach him at 866-270-6278.
|Helpful Resources To Assist In Selling And Buying California Businesses|
|Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence Services
Willard Michlin, CPA #106752, offers buyers step by step training & assistance in doing Due Diligence Services when they are thinking of making an offer, or are in process of investigating a business purchase. He helps to determine the actual net profit even when there is cash. Call 805-428-2063.
|Ranvir S. Sandhu, Esq. - Legal Services For Buyers And Sellers
I've worked at top Bay Area law firms and have extensive experience with business entity formation, mergers, dissolutions, conversions, employment matters, including experience in reviewing and negotiating transactional documents such as leases and purchase agreements.
|Elizabeth McGovern: Escrow Services - SF Bay Area
McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.
|Diane Boudreau-Tschetter: Escrow And Bulk Sale Services
California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100.
|Helen Yoo: Escrow & Bulk Sale Services - Southern California
New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151.
|Joe Sandbank, Esq. - Legal Services
I have provided legal counsel to business buyers, sellers and brokers for over 17 years. With prior experience as a business broker and SBA loan officer, Joe brings both a practical and legal approach to all aspects of the business acquisition process.
|Brad Steinberg, Broker - Laundromat Specialists
PWS is the leading laundromat broker in California. Since 1968 PWS has brokered over 2,500 laundromat sales. With over 90 employees dedicated to the coin laundry industry, PWS has 18 licensed agents, a 3 person in-house finance department, 10 service technicians and a 20 person parts department.
|Janet Carrera - Escrow & Bulk Sale Services - SF Bay Area
Redwood Escrow Services, Inc. is a full service, licensed independent escrow company. We are EAFC Fidelity bonded, fully insured & licensed with the Department of Corporations. Committed to offering our clients the most comprehensive variety of escrow services available. Phone Janet at 510-247-0741.
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