Quit Your Job and Get Ahead

Monday, 12 October 2009, 12:08 pm
Press Release: nzbizbuysell.co.nz

There is more to life than working for someone else from nine to five. Take control of your own destiny, step out and experience the rewards of owning your own business and following your own dream.

As at February last year, 471,000 businesses were operating in New Zealand with 12 per cent of these businesses being started in the February 2008 year. Business numbers were up 1.5 per cent on the preceding year. This demonstrates that self-employment is a growth area so you are not alone in your dreams of being you own boss.

But where to start? Perhaps you have an idea germinating in the back of your mind, or you are still searching, waiting for that ideal business opportunity to present itself.

Owning and operating a business can be a daunting prospect so when searching for a business, perhaps the single most important factor to consider is that it must be something that you will enjoy doing. Secondly, play to your strengths – determine how you will add value to the business to make it a success. Assess your hobbies and interests for alignment with the types of businesses available and ask yourself whether it is a business you will be passionate about.

The internet is always a good place to start. Sites like www.nzbizbuysell.co.nz list businesses for sale and provide helpful tips and information for people buying a business. Business brokers are often used in selling businesses; they may have or be able to locate a suitable business that they can show you. The print media including newspaper, trade journals and magazines may also list business opportunities. Research the business well prior to making contact and prepare a list of key questions to ask.

Do your homework, research the relevant markets and assess all financial and business information. Assess you funding options and know how much you can spend to purchase a business and how much you will need for operating costs during the takeover period. You should never go into buying a business without a plan in place. This plan is always a work in progress and is a map of how you will take your business forward and make a profit. If you are to apply for a business loan then you are likely to be asked for your business plan. Remember your plan is a valuable tool for driving your business to success.

Once you have found your dream business, bring in the experts – the lawyer, accountant and a business appraiser. Getting it right at the beginning can save you heartache and disappointment, not to mention money.

It takes courage to step out and become a business owner but the rewards are great. Self-employed people typically express greater satisfaction with life. They enjoy a flexible schedule, control their own destiny and enjoy greater financial freedom. Remember, no one ever got rich by working for wages.

Ends

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