There is more to life than working for someone else from nine to five. Take control of your own destiny, step out and
experience the rewards of owning your own business and following your own dream.
As at February last year, 471,000 businesses were operating in New Zealand with 12 per cent of these businesses being
started in the February 2008 year. Business numbers were up 1.5 per cent on the preceding year. This demonstrates that
self-employment is a growth area so you are not alone in your dreams of being you own boss.
But where to start? Perhaps you have an idea germinating in the back of your mind, or you are still searching, waiting
for that ideal business opportunity to present itself.
Owning and operating a business can be a daunting prospect so when searching for a business, perhaps the single most
important factor to consider is that it must be something that you will enjoy doing. Secondly, play to your strengths –
determine how you will add value to the business to make it a success. Assess your hobbies and interests for alignment
with the types of businesses available and ask yourself whether it is a business you will be passionate about.
The internet is always a good place to start. Sites like www.nzbizbuysell.co.nz list businesses for sale and provide
helpful tips and information for people buying a business. Business brokers are often used in selling businesses; they
may have or be able to locate a suitable business that they can show you. The print media including newspaper, trade
journals and magazines may also list business opportunities. Research the business well prior to making contact and
prepare a list of key questions to ask.
Do your homework, research the relevant markets and assess all financial and business information. Assess you funding
options and know how much you can spend to purchase a business and how much you will need for operating costs during the
takeover period. You should never go into buying a business without a plan in place. This plan is always a work in
progress and is a map of how you will take your business forward and make a profit. If you are to apply for a business
loan then you are likely to be asked for your business plan. Remember your plan is a valuable tool for driving your
business to success.
Once you have found your dream business, bring in the experts – the lawyer, accountant and a business appraiser. Getting
it right at the beginning can save you heartache and disappointment, not to mention money.
It takes courage to step out and become a business owner but the rewards are great. Self-employed people typically
express greater satisfaction with life. They enjoy a flexible schedule, control their own destiny and enjoy greater
financial freedom. Remember, no one ever got rich by working for wages.
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