To be your own boss, you don’t have to start from scratch. Instead you can buy an existing business. One upside: less uncertainty about whether the venture is viable.
Bank loans can be easier to come by, since the business has a track record. Plus, seller financing, which is typically even easier to qualify for than a bank loan, is common. “Probably two-thirds of first-generation businesses sell with some form of owner financing,” says Jack Gibson, author of How to Buy a Business Without Being Had. And as long as the business is sound, you should be able to draw a salary from day one.
Still, this is most likely a major investment—anywhere from tens of thousands of dollars to millions, depending on the size of the business and the industry. Don’t let your passion blur your view of the bottom line. Tread carefully and follow this plan instead. Read more….