This article are provided for information purposes only, and are not intended as legal advice.


Buying a business – is that a lifestyle change?

March 8th, 2010

When you buy a business, how many hours will you work?  When you are an employee, you may work from 9 to 5 and leave the office   At the end of the day, some of you may think about work, others will not think about work until they show up at 9 the next morning.  When you own your own business, you think about work 24/7 when you start out.  What things do you need to do, how can you improve things, what do you need to order, can you improve efficiencies in what you are doing?

 

If this is your first business, you could be totally consumed in your new business at the beginning particularly if you are overwhelmed by all the things that you have to learn.  If you have bought a business which is a well oiled machine, meaning that there are staff and the business can operate without the owner for a short period of time, it is easier to ease into the new position because you have someone/staff to fall back to.  If you bought a business and it was owned and operated by one person, you have to learn very quickly and there may not be a lot of room for error.  This puts added pressure on you as well because you do not want to make a mistake because it will hurt you and not someone else.  If you worked for a company and something went wrong and it cost the company money, it did not hurt you personally, it hurt the business. If you own the business, every mistake you make has a financial impact on your personally, that is a major change from before.

 

How much time do you physically or mentally have to work?  You do not have to be physically at the office but you can be thinking about things all the time.  If you are going from being and employee to business owner, that is a huge change in lifestyle.  Initially it may be overwhelming but after a few weeks, you will get the hang of it.  You will need to be prepared for a very rapid learning curve, the harder you try, the more you can take in, the shorter the time of the learning curve will be. 

 

Learning the business and the lifestyle change is not the same thing.  If you used to work 9 to 5 but own a retail store which is open 9 to 9 seven days a week, that is a large change in lifestyle.  Make sure the lifestyle of the business that you want to buy matches your expectation.


Filed under: Buying a business — Gary Landa @ 9:42 am


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