5 questions to ask yourself before you buy a business

Making the decision to go out on your own can be tough, but understanding what you want to achieve can make your decision that much easier. Ask yourself these five questions to find out if you’re getting in to business for all the right reasons.

1. Why do I want to go out on my own?

Do you want to develop in your career, grow your expertise or enjoy a little more free time with a great work life balance? When looking at a business opportunity, consider if the new career is able to give you what you desire? 43%* of people are looking for that balance and if that’s what you’re after, considering the amount of work involved before making a purchase to ensure you are getting exactly what you want and aren’t taking on too much.

2. What would I like to accomplish by buying a business?

Maybe you want to take charge of your life? Or work in an industry you are passionate about. Figure out what you want to get out of being your own boss and confirm the business you buy is going to satisfy your needs while making sure your goals are realistic.

3. What kind of work can I see myself enjoying day to day?

Seems pretty obvious, right? But you will be spending a lot of time in your new role as boss, so think about what you enjoy doing in your free time. What are the things you enjoy about your current or previous roles? Also consider the things you don’t enjoy doing. Do you like meeting new people, managing staff or engaging with different personalities? You wouldn’t want to buy a business in the food industry if you don’t enjoy cooking.

4. What are my strengths and skill-sets?

Have a look over your resume. What are your strongest skills and how could they be utilised in a new business opportunity? Perhaps you have a network of suppliers and vendors in the specific industry, which could help develop your new business. Consider all the aspects you bring to the table and maybe the best business fit or industry fit will jump right out at you.

5. How does my skill-set match the needs of the market?

Start doing your research on market trends and compare it with your list of skills and attributes. Are there any crossovers? Are any of my skills transferable into other industries? Consider things like management and communication skills. Also think about the competition, what skills and experience do you have that they don’t. What can you bring to the business that will set you apart from the rest of the market? Read ‘choosing a business based on your skills’ to find out more.

Buying a business is an exciting opportunity to grow your skill-set, go out on your own or find the lifestyle or career change you have been searching for, although make sure the business you seek is the best fit for your skills, goals and personality. Take your time to consider all possibilities of your new working life. You can never be too prepared. Good luck!

Discover more tips about how to choose a business that’s right for you.

*SEEK Business Seeker Survey 2015