Many people dream of owning their own business, as it comes with a range of perks and benefits. However, prospective business owners need to step back and consider if they are truly ready. In this article, we will explore three essential questions that you need to answer before taking the next step and buying a business.
Question One – Do You Have the Right Personality Type?
Not everyone has the right personality type to enjoy being a business owner, so it’s important to understand if you have the right traits before making a purchase. For example, you must be comfortable assuming a certain degree of risk.
Owning a sports/fitness business is a people-oriented venture. Do you have the right personality for a front-facing business? After all, owning a gym is a form of hospitality business.
Question Two – Are You Determined to Grow Your Income?
Owning and operating a business means you’ll have to put in a great deal of work and potentially longer hours than you’re accustomed to. This is typically necessary to build your business and increase your income. Don’t forget, the sports and fitness industry i a hospitality business, which means you’ll be working evenings and weekends. Are you ready for that kind of commitment?
Question Three – Are You Comfortable with Achieving More Control in Your Life?
At first glance, many people may feel that they want more control over their professional lives. However, in reality, this is not always the case. Being a business owner means having far more control over your professional and business life. Most people view this as a very good thing. Not having someone else control your fate is a good feeling, as you can allocate your time as you see fit. As a business owner, you are not just part of a business; you are the person controlling, modeling, and guiding it. At the end of the day, there is nothing quite like being your own boss.
If you are ready for the amount of work and risk that comes with owning a business, it might be time to take the next step. One of the easiest ways to move forward and begin the process of owning your own business is to work with a Business Broker or M&A Advisor. These professionals have years of hands-on experience in buying and selling businesses and can help determine what kind of business is best for you.
If you are serious about taking the next steps, we would love to help. Reach out to Jim Bates at jbates@sportsclubadvisors.net.