Buying a Business? Four Obstacles to Overcome
Although there are countless people who want to buy or start a business, only a very small percentage actually do it. What holds so many people back? These are the four obstacles you may face:
1). The Financial Obstacle: Does the lack of money appear to be a problem? If so, how much capital do you think it will take to buy your business? How do you know? What efforts have you made to test the market and determine the actual cash requirements for your target business? What efforts have you mad to raise the capital or save the down payment?
2). The Security Obstacle: A surprising number of prospective buyers admit they lack the self-confidence to buy a business. Ask yourself, however, if you think you are as capable of running your own business as are the thousands of others who will buy a business this year – or the approximate ten million people who are already in business.
3). The Fear of Failure Obstacle: You may fail in business. In fact, most small businesses do fail, although you will have less chance of failure with an existing business as opposed to a start-up. But what will happen if you do fail? You’ll lose some money, you’ll have a bruised ego and you’ll also learn from your errors and become a much better businessperson the next time around. Your objective is not to avoid risk – for that’s impossible – but to have the potential rewards far outweigh the risks.
4). The Family Obstacle: Many buyers are prevented from fulfilling their ambitions by spouses who resist the idea. Your spouse may face many of the same obstacles. If husband and wife don’t share the same goals, failure practically becomes inevitable. Communicate. Explain your reasons for wanting the business and try to compromise to resolve concerns.
Other obstacles to buying can exist, but regardless of the hurdle to be cleared: resolution can best be defined by one word – commitment. Do you really have a commitment to going into business or will you be blocked by one of the many obstacles that can stand in you way?