Owning a Business

Buying a Business 

Have you been thinking of buying a business?  From managing a business to marketing it, owning a business can be both exciting and overwhelming.  If you’re thinking of taking that step to start looking at ‘being the boss’ and owning a business, here are a few tips to help improve your chance to be successful.

Realize that not everyone is cut out to be a business owner:  If you haven’t already considered and explored whether you are suitable with running your own business, take the time now.  Some people are better off financially (and happier) getting a paycheck from someone else.

Get your finances in order: Before taking on a new venture, make sure your personal money matters are set straight.

Know which hats you wear best: After purchasing a business, there is much to learn and many new skills to acquire.  Gain the background needed to oversee all the angles of the business and then determine what tasks you should outsource or give to employees to manage.

Pay attention to your customers: No matter how busy you are, especially in the early years of owning the business, be sure to spend at least a quarter of your time with customers. What are they thinking? Are they happy with the service/product you’re providing? To make the right business decisions, you need to understand the customer’s point of view.

Keep your focus on the people:  Whatever happens to a business, happens at the hands of the people who work for it.  It’s the people that makes the company.

Develop a passion for learning:  As you grow the business, you need to change and grow with it. Marketing is one area that needs to be checked monthly on what’s working and what’s not working.  To continue building the business with new customers, you need to learn new ways to get the word out.

These are just a few tips to start considering as you begin looking at your goal of becoming a business owner.  The team here at Lakes Business Group is available to answer questions you may have as you begin the search for the right business to own.