Most people go into business for several different reasons. One of the top reasons of course is that they want to make enough money to support their preferred lifestyle. Also, towards the top would be the freedom and flexibility that comes with being an entrepreneur. When you own your own business, you are the one who determines the hours you work, and you do not have to follow as rigorous a schedule as the typical employee.
It is great to have financial independence and lifestyle freedom, but these two ingredients alone are not enough to motivate most people to get into a business and stick with it. You must also have a passion for the type of business, industry, and the people your business will be serving.
Owning a business can be a grind at times. Yes, you can take time off when you want and need to, but you also need to put in the time necessary to make your business succeed. This can mean working long hours, staying late into the evening, and giving up time with your family, and dealing with the numerous headaches and frustrations that come with any type of occupation.
What is going to keep you motivated on those days when you are stressed out and things do not seem to be going your way? If you are making good money doing something you are not passionate about, this might keep you going for a while. But over time, you will become burned out, which could lead to a decline in the success of the business, health problems, and a lower general quality of life than you deserve.
Here is an example. Auto repair is currently a very lucrative business model for aspiring entrepreneurs. Much of this has been driven by the pandemic and supply chain issues, which have made it more difficult for people to purchase new vehicles. As a result, many consumers are holding onto older cars longer, which means a growing demand for repairs.
Starting or purchasing an auto repair business could be very profitable, but is it a good idea for you? That depends largely on what you think of cars. If you love cars and you have worked in the auto industry for several years, then this might be the type of business you want to look at. But if you are not really an automobile enthusiast and have no experience in the car business, then you should probably look for something else.
Table of Contents
- Finding a Business Idea That You are Passionate About
- What is the Best Way to Get into a Business That You Will Love?
- Contact a Local Business Intermediary
Finding a Business Idea That You are Passionate About
Figuring out the types of businesses that you would enjoy being a part of can be a difficult task, but it becomes easier when you ask yourself the right questions. Here are some questions to ask that will help better determine what you are passionate about:
- What skills come naturally to you? For example, are you a people person? Is it easy for you to mingle with strangers? Or do you have a more reserved personality? Perhaps more analytical in nature.
- What are some things that other people often come to you for help with?
- What tasks do you feel comfortable and confident doing? Going a step further, what are some tasks and activities that, when you are caught up in them, you enjoy so much that you lose track of time?
- Is there a problem in the world or an unserved need that you would really like to solve? Perhaps this is even something that keeps you up at night and consumes a lot of your thinking.
- What types of results bring you the most satisfaction?
- What would you do for nothing? In other words, if you did not have to worry about money, what would you want to be doing with your time?
The answers to these questions should give you a good idea about what sorts of things you are passionate about. Once you figure this out, the next step is to find out which of these can be turned into a business. Chances are, there are at least a handful of things on this list that could be monetized.
What is the Best Way to Get into a Business That You Will Love?
After you have determined which possible businesses would be a good fit for you, you need to decide how to go about getting started. There are two general ways to approach this:
- Start a business from scratch.
- Purchase an existing business.
If you are the creative type and you are working on a very limited budget, then the best option might be to start from scratch. But if you go this route, it is important to understand that it could take several months or even up to a few years or more (if you stick with it that long) to reach profitability. In the meantime, you will need to be prepared to put in long hours while maintaining another income source to feed your family.
This sounds like a high mountain to climb, and it is. Therefore, most small business startups (roughly 80% of them) end up going under within the first five years. But that said, it is possible to make it work if you are pursuing something you are passionate about and your family is behind you. Maybe just work part-time on your business at first and take it slow until you start to see some significant income.
If you have some available capital and want to bypass the grueling business startup phase, buying an existing business may be the right way for you to go. Taking over a business that is already established and turning a profit is far less stressful because you are plugging into a proven system. You just need to make sure that you have the ability and motivation to continue moving the business in the right direction.
Contact a Local Business Intermediary
Does purchasing an existing business sound like an option you want to learn more about? If so, your next step is to speak with a reputable CPA and accounting firm broker in your local area. Also known as “business intermediaries”, business brokers are professionals who work closely with buyers and sellers, and they can help match you with the right business to fit your unique skills and passions.