How To Direct Your Future Through Business Ownership
By Waldemar Halek, President, Transworld Business Advisors of Ontario
By now we have adjusted most of our daily routines to a new normal (or continuously evolving new normal). Some of us work from home, some returned to our pre-COVID workplaces, yet some do not have work or work at lesser capacity. In times like these one may reflect as to what the future holds for them, for their professional lives and for their families. Some of us take actions to better direct their future. So, what could you do?
Take charge and direct your future. One possible path to follow is through business ownership.
Could you imagine a business that aligns your interests, work style and lifestyle? There are many choices out there!
1. Start your own business. If you have ideas, like to follow your own path and grow your business at your own pace, then this is the choice for you. Your risk: time to get off the ground to realize on your plans and cash flows. Your reward: likely less cash required to start and you call the shots.
2. Buy an existing business. If you want to leverage reputation, customer base, set procedures and step into a previous owner's shoes in the industry that you like, then this may be a choice for you. Your risk: ability to successfully transition the business and upfront investment needed. Your reward: likely cash flow from Day One and opportunity to take the business to another level.
3. Buy a new franchise. If you want to leverage a proven concept in an industry and location that you like with a "moderate" cash investment, then this may be the better choice for you. Your risk: a start-up phase with cash flows to be realized sometime between the opening day and some future day depending on the nature of your franchise. Your reward: a higher success rate than starting your own business that comes with a proven concept and possibility to add more locations when you outgrow your first one.
Which choice would be best for you to take charge and direct your future?
If you want to start your own business, then start drafting that business plan. If you want to evaluate buying an existing business, or a new franchise, then consult with your local business advisor on what is available in the market or how to make an informed decision.
I am in a business of helping people like you to realize on your business ownership dreams. Our team at Transworld Business Advisors of Ontario (or at any of Transworld's 250+ international locations) could walk you through what it takes to buy a business or a franchise. We could engage to find one for you as well if we do not have one in our current inventory of businesses available for sale.