Ever thought of owning a business?

Tuesday 3 September 2019, 4:23PM

By Business for Sale NZ - NZBizBuySell


Think for a moment what’s important. What would you do if you had the courage - life is about now so if you’ve ever dreamt about owning your own business, then "now" is good.

There’s a good reason New Zealand has over 584,000 Small to Medium Enterprises (SMEs).

All it takes to set yourself off on the road to self-employment is a spark. This spark may have been lying dormant for some time, languishing in the "too-hard" basket of your mind. Or it may recently have been kindled and is now lurking there in the darkness, waiting to be fanned with the right motivation.

Motivation to enter the exciting and challenging world of self-employment can come from many sources. You may have an idea. This small seed of an idea may germinate and eventually flourish to the point where motivation is not an issue with the idea developing a life and energy of its own, driving you onwards.

Your decision to become self-employed could be a more calculated one where you are simply tired or working for other people and have sufficient confidence in your abilities to back yourself and take the plunge - sensibly testing the water with a tentative toe first. After all, courage is one thing but without doing your homework you can easily shoot yourself in your rashly unprepared, self-employed foot.

You may be seeking the flexibility to work your own hours in your own style. Perhaps you consider you could make more money working for yourself. Either way preparation is the key! Start by writing down your ideas, consider what’s important, and then develop them into a plan. If you follow a plan, you will have more chance of succeeding. Having a plan will assist you in identifying the business that’s right for you, how to progress it, and in securing external assistance with issues such as finance or business advice.

“The advantages of starting or buying a business are well documented and top of the list for some people is the potential to amass a small fortune. Other advantages include choosing when and for how long you work; who you work with and who you work for; where you work from and the manner in which you produce your product or service” says Richard O’Brien from NZ Business for Sale website

On the flip side, the disadvantages must also be taken into consideration and assessed. It’s "goodbye" to the guaranteed weekly or monthly wage; you could end up working longer hours than expected in order to meet a deadline; if you fall ill, there may be no one to fill in; if working from home this could mean disruptions to family or social life; and of course, accepting work from customers you dislike or distrust in order to make ends meet.

“To improve your chances of success, make sure that the business is something that you really want to do, something you’re passionate about, and that you have the necessary skills to add value to the process. Successful businesses take a lot of commitment, together with support from others.”  Getting into business is a big step and can be risky, but the rewards are there as thousands of New Zealanders have shown.

"The fundamental unit of the new economy is not the corporation, but the individual" - Thomas Malone & Robert Laubacher.

For more information on becoming self-employed and buying a business visit Business for Sale website