PURSUIT OF THE PERFECT BUSINESS

PURSUIT OF THE PERFECT BUSINESS by: James Minter

With over 21 million non-employer businesses, 5 million single established companies, and over 160,000 multi-established companies in the US (Business Registry), it might be a challenge to find the right business model that checks all the boxes regarding personal and professional goals as well as family time. Entrepreneurs generally have three or four options to consider when pursuing a new business adventure - purchase an existing business, take over a family business, build their own business from the ground up, or buy a franchise.

There are pros and cons for each business model with different levels of risk involved so how do you decide which business model to choose. Is there a perfect business out there waiting for you? As with any potential lifechanging decision, weigh out the pros and cons of each business option. Make a true comparison of a start-up vs buying an existing business vs buying a franchise. Which model provides the best opportunity for you to accomplish your professional, personal, and financial goals? Which option provides the most family time. Do you have an option to be a semi-absentee owner and manage operations for 20-25 hours per week?

What support systems do you have for customer support and operations? Are you able to evaluate the performance metrics of the business and review sales and revenue from documented records? These are just a few of the items to consider when looking to start or buy a business. It’s helpful to have a business coach, consultant, or mentor by your side during the process.

Regardless of whether you buy an existing business, start your own business, or consider purchasing a franchise, it is highly recommended that you enlist legal counsel to review all legal documents and tax records to make sure everything is as advertised. Two other great resources are the Small Business Administration – www.SBA.gov and Service Core of Retired Executives – www.SCORE.org. These organizations provide lots of FREE resources and will assign a business mentor to you who can assist you with market research, business plans, finding funding, evaluating marketing and advertising goals, help with business name, domain name, business structure or restructuring, and provide ongoing support and training.

Market research and conversations with advisors will aide in the validation process throughout your journey in finding the perfect business. Evaluate the competition, dive deep into the concept to see how it’s performing across the nation, every city is slightly different. It’s good to have a passion for what you do just make sure it’s not the only factor you consider. Running a profitable business that will help you reach your personal, professional, financial, and family goals is very important for long-term sustainability. It ultimately determines the success of a business and whether or not it checks all the boxes in providing the lifestyle you desire.

James Minter