Starting or buying a business is a big step for most people and trying to find the right business for your particular skill set can be difficult. Becoming a VR Business Brokerage owner should be evaluated just like any other business you might consider. To be successful at VR you will need to have a clear vision as to what you want to accomplish from a career and financial standpoint. The responsibility of helping someone sell their business or helping someone buy a business can offer great financial rewards if you are successful. This is not a business for someone who is just looking to work part time or add on to an existing job. To be successful you will need:
Long term vision - this business takes time to build. Finding your first listings may take time and getting them sold will take even more time. You have to have the ability to see the big picture of what you are trying to accomplish and work your plan to get there. You need to be able to visualize where you are going.
Goal oriented - you must be committed to the goals that you set for your business and the ability to work toward them without immediate financial rewards. Big goals should be broken down into intermediate goals along the path to success. You will be 100% responsible for you success.
Consultative approach - you have to be able to help people really evaluate and determine if buying or selling a business is the right thing for them and if the timing is right. This requires patience and understanding on your part. Most buyers have never bought a business before and are justifiably nervous. The same is true for sellers who are probably selling the most significant financial asset they own.
Financial resources - while you may make some money early on the truth is that it can take months to close your first transaction. The commission on the sale of a business can be large, but it takes a lot of time and effort to get each transaction closed.
Attention to detail - business brokerage is a details business. Everything from asset lists, employee details, profit and loss statement, balance sheets, etc, they all require accuracy. This is sometimes a challenge for the small business owner to get their hands around, but it is absolutely imperative that you have accurate data to work with.
Process oriented - buying and selling a business is a process, not an event. The successful closing is the end result, but it is a process to get there successfully. You can't short change the process or the whole transaction is at risk of falling apart.
Sales ability - can you sell? You will be selling yourself, your services and VR. This is a 100% commission sales business with great rewards. Do you have the ability to sell to people? Are you able to deal with the ups and downs of sales? Can you handle rejection when sellers choose another broker?
Being a VR Franchise owner
is a great business to own. It provides you with the platform for unlimited personal growth and unlimited financial rewards. Plugging into the franchise model will insure that you have the best opportunity to succeed. As with any business purchase that you might consider; you will need to exercise due diligence on the road to business ownership. Once you decide to move forward, take action, and make it happen.