The best business to buy is the one which suits you the most. You cannot make a general comment which says, the best business to own is a fast food franchise vs a distributor of automotive parts etc. What suits you and your background may be totally different than someone else. Do you require help, do you like to be independent or do you need guidance. If you need guidance all the time, buying a franchise may be more suitable to you. If you want to grow the business and not be limited to the size and boundaries of the company, franchising may not be for you and you need to look at a manufacturing or wholesale company. Are you administrative in nature or a salesman. If you do not like dealing with the public, retail is not for you. Do you like small companies or large companies, do you want to be a one man show or do you want to have lots of staff?
There are so many different variations in businesses, as I mentioned in my previous blogs, no two businesses are identical, they may have similar traits but they will never be identical. No two investors have the identical background, each will have a different education, a different experience, differernt factors which influenced their upbringing and philosophy’s of life and ultimately running a business.
Whatever business which is purchased must suit your character, your goals, your price range. Remember, you need to enjoy working at what you do especially if you will be there 24/7. If you do not like what you are doing, then you bought the wrong business. The business could be too small for you and you need to grow the business but if your goals are achievable, then you will eventually get there slower than if you had the capital initially but as long as you are striving to achieve your goals, you have bought the right business.