Are you considering buying a business? Depending who you ask, you'll get a wide range of answers on whether it's the best or worst time to purchase a business. That is, during a worldwide crisis that has no definitive timeline.
During the height of COVID-19 (then again, we don't exactly know when the "height" is), we've seen many changes within the economy. Some businesses have taken a turn for lowered incomes, while others are booming, struggling even to keep up. Add in variables like government assistance, and industries have been drawing in stimulus funds and taking advantage of tax breaks.
Before you brush off the idea of buying a business in the status quo, stop and think about the logistics. Sure, it's easy to say, "It's an economic downturn. No way." But when you actually stop to look at the data, there are actually a lot of perks that can come from buying your business in the status quo. Look into the pros and see if it might actually be a great time to expand your career and pursue your dream of business ownership.
Why You Can Still Thrive in a New Business
The economy is such a tricky beast. There are experts who spend full time hours analyzing what will take place next within the United States or the worldwide economy. They can make educated guesses, but even they can become stumped with what will come next.
There are simply too many variables in play, and we can't accurately predict how they will play out.
However, we can still follow the basic outline of what's ahead financially. For instance, "essential" business have proven themselves to be even more important than we ever realized before. Grocery stores, utility companies, and service providers have found themselves busier than ever. Even months into the pandemic, these industries are thriving, and pulling in more funds than ever. This is especially true for businesses that have found a smart way to play up social distancing changes. Brands that have utilized delivery, mobile ordering or scheduling, and remaining sympathetic for customers have found far more success than those dragging their feet.
Need real life examples? Look at businesses who have failed to implement mask standards or limit patrons. If they're still in business, chances are they were slapped with a fine or earned poor press. Meanwhile, companies of all categories who did just the opposite flourished. This can be viewed on a national scale, too. Look at franchise companies and those who have closed locations vs. those who are making more money than ever.
By following the trends and crafty marketing, the latter have made an entirely new niche for themselves.
Yes, It's a Great Time for Your Dream
Buying your business – going after your dream of business ownership – is a common goal. However, there's always an excuse. If there wasn't the pandemic, there would be an entire list of excuses one could fall back on. The take away isn't how many reasons there are to NOT do something, but to find the good and use it to your advantage. The data is there – buying a business, even in a pandemic – can lead toward success. But the first step is actually going for it. Saying yes and purchasing a business of your own.
There are also a few things to consider. One, there is less competition in purchasing existing businesses. Whether an owner decided they wanted out, or the next guy is too afraid to deal with current financing backlogs of paperwork, you can easily swoop in and take the spoils for yourself.
Second, consider the business lessons we are all taking in right now. There are no flukes. Brands are either making it, or they aren't. And you can readily tell why. There is perhaps no other time in history when success rates have been so clear. You don't need to fret over whether your business will make it or not, but simply learn the facts and use them to your advantage.
Simply find a business model that's thriving in today's time, in an industry that's found continued success, and emulate their progress.
Resources to Find Your Way to Business Owner Success
Next, remember that you don't have to do this alone. You have resources at your disposal that will help you succeed. Take in expert help, and create a group of people who can help you in your business ownership journey. This isn't a path you have to take on your own. With resources like Business Broker, your contacts, and more, you can gather your platform to work in your favor.
Don't put off the idea of owning a business in the status quo just because there is an economic downturn. With smart research, following industry trends, and preparing your future business to changing times, you can set yourself and your income up for success.
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