Do You Have Them?
Buying a business is the ultimate goal for some. However, people often approach business ownership with great trepidation, fearing they do not have ‘what it takes’ to be a success.
Yes, it is true that successful business owners do have certain ‘traits’, however, they are not necessarily born with them. The skills needed to do well, can be established through practice.
Refining the below skills before buying a business, can improve the overall chance of success.
Are you thinking of buying a business? How would you rank?
- Goal Setting: Are you focused on achieving? Are you capable of identifying what needs to be done, creating action plans and implementing them?
- Financial Management: Do you have the not just the finance to initially purchase the business (and then the capital to get the business underway after the transfer of ownership), but do you also have a basic understanding of accounting?
- Technical: Do you have a good understanding of technology, and how to ustilise it? Do you feel confident you can maintain contact with customers and vendors in a convenient way can integrate technology into the business.
- Tolerance: How thick is your skin? Are you able to tolerate the sometimes volatile world of entrepreneurship. Do you possess the ability to adapt to the ever demanding environment?
- Time Management: Do you have a systematic approach to tasks. Can you establish a routine to help maximise the efficiency of the business?
- Future Focused: Are you able to think big picture? Are you able to look beyond today’s success, and be aware of factors that will impact the long-term needs of the business.
If you are on the hunt for your next business opportunity but still haven’t found the perfect one, our team of professionals may be able to connect you to the business of your dreams.
Contact your local broker on 1300 466 455.