Traditional full time employment typically offers the benefit of job stability and predictable career progression, but comes at the cost of a lack of control and can leave employees experiencing burnout or stagnation.
This has left many adults in the UK with ambitions to start and manage their own business, allowing them to implement a lifetime of experience and expertise in their chosen field for their own benefit.
Owning and managing your own business can be extremely rewarding, potentially offering a better work-life balance and more financial opportunities, but after a lifetime in the workforce – going it alone can be extremely daunting.
Our latest blog post digs deeper into the growing number of UK employees that want to quit their jobs and start their own companies and explains why buying an established business could be a safer and equally lucrative alternative to starting from scratch.
Why More Employees are Looking to Business Ownership
The UK is an entrepreneur nation and many of us have ambitions to be our own boss, the most commonly cited reasons for setting up a business include:
Financial ambitions – As well as getting a ‘bigger slice of the pie’, being your own boss allows you to control other costs across the business.
Work-life balance – Many entrepreneurs look to self-employment as a means of achieving a better work-life balance.
More control -After a career of working under management, the independence and control that self-employment offers can be an attractive prospect.
Expertise – With years of experience in the field, individuals may feel they can do a better job as a business owner rather than an employee.
Fatigue – Burnout and fatigue are not uncommon for those that have been working in their respective fields for years.
Buying an Established vs. Starting from Scratch
When it comes to running your own business, many overlook the prospect of buying a business, despite the fact that it can actually offer greater benefits benefits over starting one as you are buying into a proven and established model.
Buying an existing business allows you to pursue your ambition of being your own boss, often with a lower risk of failure and without the early years of zero profitability that is often the case when starting a business from scratch.
Finding the Right Buying Opportunity for You
Buying an established business can be extremely lucrative if the opportunity is well researched and the right fit for your requirements. If you are planning on buying a business, consider the following:
Do your research – Research is essential for any purchase, particularly one of this magnitude. Valuations, sector growth, the reason for the sale, and management requirements should all be considered before buying a business.
Finding opportunities – With the number of places to find a business for sale, finding suitable opportunities can be overwhelming. Creating a requirement list can help screen opportunities quickly.
Have a plan – When the idea of starting or buying a business sets in, it can be easy to disregard the comfort of a monthly payslip. If you are considering starting your own business, ensure that you have a plan (and a backup plan) in case negotiations are unsuccessful.
Financing options – Exploring finance options early in the process will give you a better idea of the businesses you can purchase.
Assemble a team of experts – Business brokers, lawyers, finance brokers, accountants are all essential contacts to have when acquiring a business.
Case Study – Finding a Buying Opportunity for an Entrepreneur
After a longstanding career in a corporate position, our client was looking for an investment opportunity to buy as their first business as part of a future portfolio.
We guided our client through the process of buying a business and identified a successful manufacturing company that met all of the requirements.
Our client is now the owner of the business and works according to his schedule, with minimal management required due to the strong team that was in place.
Why Use a Business Broker?
Using a specialist business broker offers several benefits over trying to manage and execute a deal yourself, the key benefits include:
- Access to high-quality opportunities that meet your requirements.
- Business brokers often have access to opportunities that are not openly marketed.
- Ensures you get the best price with less risk of being conned.
- Frees up your time to make other preparations for business ownership.
- Ensures that the correct legal process is followed.
- A good business broker will be able to introduce you to other trusted professionals such as lawyers to ensure the deal goes through.
Business Opportunities That Meet Your Ambitions
Our approach of pairing ambitious buyers with motivated sellers operating businesses that meet their requirements, improves the chances of long term success.
To have an honest conversation about finding a business opportunity that matches your ambition, get in touch with one of our team today on 0117 379 0117, fill out a contact form or take a look at the businesses we currently have for sale.