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how do you go from workin 9 to 5 to buying a business?

what should i take into consideration as a first time buyer?im looking at business's that are around $200.000 dollars,will i need a large amount of cash up front?how do i find out if i even qualify for financing ? what would be my first step? like i said im a first time buyer with no education on buying a business and i appricate any adivse.

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Answers (4)
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Aug 17, 2017
Steven St
World Business Partners, Inc
Los Angeles County, CA

Wow. Great question. I wish more first time buyers would really ask this question but unfortunately many do not.

Buying a business is more than just a job. Even though, most new business owners will work longer then anyone else in the company (and they should). Most new business owners are not mentally ready for working every day for 8-10-12 hours a day or more. And when you're not at work you will be thinking about work. It's a totally different animal than working for someone else when after you get off of work you're done.

When you own your own business you are never "done."

Next, I would say, think of what you would do if you had all the money in the world what kind of business would you do to be happy. That would be a good start to finding out what kind of business you would like to be in and then go to a book store and read a few books on buying a business (there are a lot).

The good news is most business owners only buy one or two business their entire life. So you do not have to be an expert at something you are only going to do one or two times. You just have to get it right when you do buy a business. You can get a lot of help from good accountants and attorneys who specialize in buying businesses.

And here's one big tip. Most businesses fail because of lack cash or funding sources. You have 200k. Don't put it all down on your business. Factor in how much you are going to need to live on and how much you will need to run the business efficiently for 6 months to a year.

Apr 25, 2009
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The BAF Group LLC
MD

With no education on buying a business, a Franchise might be a great way to start. Some of the Franchise people - like I imagine David would - usually are tied in to some semblance of financing. But Franshises are not the only way to go. And even if you decide on that route, the first thing you need to do is to determine what you want to do when you grow up! (That is supposed to be funny, not insulting.) What I mean by that is, decide in what kinds of businesses you would be interested. What are your skills? What are your interests? If you are a software programmer by background, and know nothing about automobiles, you probably don't want to buy a Gas Station with a set of Repair Bays. Be realistic with your own capabilities and goals, THEN look for specific Franchises, startups or mature, independent businesses.

Apr 14, 2009
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Franchise Advisory Group
PA

Jeremy, You ask great questions and I can definitely help you in answering them all. It would be a lot to type on here, so if you'd like, please call me at any time 1-888-241-6629 and I will be more than happy to discuss these and other concerns with you.

Apr 14, 2009