You’ve decided to purchase a business! Yesterday we listed some of the beneficial factors that come from purchasing an existing business. Whether you purchase an existing business or start a brand new business, some important decisions lay ahead.

Is the business you selected suited to your personality?

The business you choose should be one that fits your way of life. If you hate getting up before the sun, a coffee franchise is a poor choice of business for you. Evaluate how the proposed business affects your desired lifestyle.

Do you have the technical expertise required?

If you know little or nothing about computers, stay away from a computer repair business! Choose a business that matches your expertise and your interests. Expertise is very important, but interest is probably just as important. Liken purchasing a business to a marriage - you need a long term commitment.

Are you a self-starter?

Owning a business requires the proprietor’s dedication and commitment. No one hounds you, reminds you or bosses you around; but you must possess the ability to know what needs doing and get it done. Sick days, vacation and days off here and there “just because” usually become luxuries a small business proprietor can’t afford.

Are you a “People” Person?

Many small businesses depend on daily interaction with customers. Customers and employees come in all sizes, shapes and temperaments especially on days they feel rushed, out of sorts or angry. Business proprietors may at times fit the customers’ and employees’ need of a dog to kick. While employees may fear discipline; customers won’t. If you prefer working in silence, without constant interruption and cranky customers and employees, choose your business wisely.

How is your Financial Prowess?

Small businesses often fail due to financial problems. Even if you hire a bookkeeper, you better understand financial matters. Business owners without financial checks and balances find often employees steal from the business. If you don’t understand your own financial affairs the possibility of one or more employees stealing greatly increases.

In future posts, we’ll continue discussing important considerations in purchasing a business. Be sure to ask questions in the comment section that you want to see addressed