Life is a journey, but often we don’t think about this in terms of our career path. The path of our lives include study, relationships and maybe a family, and of course, our work life. From our first job we often progress into better jobs, or we may decide to start out on our own by either starting or by buying a business.
“We are fortunate in NZ to have a very good education system. However, by design, it tends to promote study itself, then study more to get a better job. This path works for many but doesn’t suit everyone,” says Richard O’Brien owner of the New Zealand Business for Sale website nzbizbuysell.co.nz. “Because of this focus, being an entrepreneur and owning a business is often overlooked as a career option. This is unfortunate when owning a business or franchise can bring some great rewards and opportunities.”
Having a job is low risk and may give you security, a purpose, and often respect and status. You may love your job - however research published by job website Seek found that more than forty per cent of the NZ work force are unhappy in their jobs. Many employees are financially constrained with set hours, work restrictions, and a boss to answer. And you can still lose your job no matter how good it is or how good you are – we have seen in recent months that nothing is guaranteed.
Buying a business can be a great option. You get to run your own show, and this can be hugely rewarding. It can mean a bigger work load and more risk, and the need to be across sales, accounting, managing people and resources. Sometimes the income may be inconsistent due to markets, competition, and trends, so you will need to be creative and disciplined to make it work.
If you are looking to replace a job, you may consider buying a franchise. Franchises generally have a lower purchase cost, and are less risky because they use well-developed business models with proven systems and support - complying with franchise rules, however, can mean less flexibility. Franchises can provide a good standard of living, a sense of community and you can later on-sell it.
Then there is buying a business - these range from simple sole operator type businesses where you do your own thing, to those with plant and staff where you will need to have more money to invest and strong management skills.
In today’s environment, finding a job that matches your talents, education and interests may not be that easy. Higher unemployment can make good jobs difficult to find, so self-employment can be a great alternative. If you have determined that self-employment is for you, it is important to choose a business that you can afford and add value to – one that you can get passionate about and that matches your skills.
To become self-employed means having the right mindset and being able to make that leap-of-faith from employee to entrepreneur - changing not only your lifestyle, but also the way you think. Do your homework, get advice from the professionals and be as prepared as you possibly can.
For further information on buying a business check out the resources on nzbizbuysell.co.nz