As business brokers, we often hear that people’s dreams are to be their own boss. Making money doing something you love and grow through your own efforts is one of the most common desires of someone purusing the entrepreneurial dream.
Here’s the thing—many people are too afraid to pursue business ownership because they have have misconceptions about what actually goes into owning a successful small business. Sure, working work is a given, but hard work is a requirement for any worthy (and lucrative) endeavor.
We would like to help demystify the myths that abound around small business ownership. Here are 3 of the most common fears, and why these fears shouldn’t be a roadblock to following your dream.
“My full time job provides me with great benefits/good salary, and I don’t want to risk losing that.”
The great thing about small business is just that—it’s small! A small business could be run as a side hustle IN ADDITION to your day job, or it can be a replacement, that is up to you. Not every business needs, or can, be an empire, which provides flexibility and options. Not all businesses can be run as a side business, but we can help to find the one that fits your situation.
By purchasing an existing business, you are purchasing an operating entity that is generating cash flow from day one. The former owners have established the company, proven success, and developed internal systems. So, as the new owner, you can choose how involved you want to be in the day to day operations. Owning a small business can mean many different things, and a good business broker will have a wide variety of businesses available for sale at any given time.
“Small businesses can’t compete against big chains!”
Have you ever considered that many small businesses often masquerade as big businesses? Franchises across the country are owned and operated by local people who had a desire to own their own business. It’s all about how you present yourself.
Small businesses have the flexibility to adapt to the local market and change quickly to meet new demands. (Which if Covid taught us anything, is essential for survival.)
“The small business market is just too unpredictable.”
If 2020 taught us anything, it’s that no one has a crystal ball, and things can go sideways at any moment. But I also saw firsthand the resiliency of small business in the midst of a huge crisis—and how communities rallied together to put small business first.
In the last Market Pulse report from the International Business Brokers Association (IBBA), businesses are still being bought and sold at almost every price point, and the majority of these buyers stated they were “buying a job.” Big business often cares more about its bottom line than its workforce, and owning a small business has become a shelter for those looking to protect themselves long term.
I hope this helps you understand how accessible owning a small business could be, and the opportunities small business ownership offers no matter what your long-term goals may be.