When selecting a business acquisition it is important to consider your strategic vision and ultimate goals for the business purchase to help guide you during the selection process. The first step in starting your entrepreneurial venture is to choose between buying an existing business or buying a franchise business, both come with advantages and disadvantages a business broker can address with you. The second decision in selecting a business acquisition is identifying the level of income and cash flow you desire, how involved you want to become as an owner, and factors like location, size, and industry.
Considering your lifestyle and how you want your business to fit into that is absolutely integral when selecting the right business for you. Are you looking for a business that offers you more flexibility than a corporate position so you can spend time with your family? Are you looking for a business that will help prepare your finances well for retirement? Are you looking for a business as a job opportunity? Every industry comes with its own unique considerations to take into account, so we’ve outlined a few options below to help get your mind churning.
Consider the restaurant industry. Owning a restaurant is not a 9-5, Monday through Friday business; restaurants have long, crazy hours and operate over holidays. A restaurant also requires a number of employees from wait staff and hosts to cooks and food preparation staff. However, people love to dine out, especially in Colorado, and a restaurant with the right menu and a great location can be very profitable. So if your ideal business opportunity includes a lot of human interface, and some creative vision, than owning a restaurant can be a great acquisition opportunity. If your ideal business includes limited employee management and keeping short hours, than a restaurant, even a small cafe may not be a suitable business acquisition.
Service based business such as cleaning, restoration, or plumbing offer a more flexible daily structure that can be built to fit within the needs of your schedule. A service based business can be run out of a home office, or a small offsite office helping to keep some of the overhead costs low. Since the business is structured around customer appointments, the more hours you serve in the business, the more profitable it can become and having a knack for marketing and good customer service can come in handy. This type of business can be great for an entrepreneur looking to start out small and grow their business over time, adding staffing as they grow to meet the service needs. These industries can also be great for a buyer looking to buy a business as a job, ultimately performing the services themselves.
Considering the skills you already have, and even the skills you don’t will help guide you in selecting a great business acquisition opportunity. As a next step in your business ownership process, we invite you to have a conversation with one of our business brokers who can listen to your vision and goals and help you translate that into a business opportunity that will get you excited to become a business owner! To learn more about buying a business schedule a free consultation with a business broker today or visit our website for more information.
Rachael Holstein has been the Marketing Manager for Transworld - Rocky Mountain since 2016. Her work experience has been largely focused on business development and marketing in business brokerage, finance, architecture, property management, and information technology. A long time resident of Cleveland, Ohio, she attained her undergrad from John Carroll University and her Master’s Degree from Cleveland State University. In 2013, she relocated to Denver with her husband, Joe, and her furry companions to explore the mile high lifestyle!