Asking Yourself the 7 Questions When Looking to Buy a Business - VR Business Sales Blog

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Wednesday, February 17, 2010

Asking Yourself the 7 Questions When Looking to Buy a Business

Peter King
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If you are looking to become a successful business owner, you need to be able to ask yourself if you have what it takes. First of all, if you are looking to buy a business just to be able to pay your bills and have no debt; then don’t bother moving ahead. When you make the decision to buy a business, your goal should be to become the leader in your industry, someone that is an expert at what they do in their field.  
Being a business owner should mean that you realize that there is an opportunity in everything and immediately have a gut feeling inside that tells you what you need to do to take advantage  before anybody else does.  
You see potential where others see disaster as a business owner, finding different ways to get the job done when other won’t, not buckling under from the challenge imposed on you and having that shiver of excitement running down your spine.  
A business owner is always thinking about their business and how to improve it. Their passion runs in their veins, showing itself in everything they do.  
Therefore, if you are looking to buy a business for the first time; here are 7 questions that you need to ask yourself:  
1.) Are You Full of Self-Confidence?
Do you believe in yourself and think that you are capable of accomplishing anything that you really set your mind to doing? Can you muster the passion inside you to burst through obstacles to reach your goals?
If you don’t feel this, you need to push yourself a little more than what you are comfortable with every day. Doing this, little by little, will soon have you performing tasks that were once well beyond what you thought possible.  
2.) Do You Have Confidence in Your Desired Business?
You have to truly believe that this business that you want to buy is what you can do. To become a success in any venture, you need to focus on it every day and night. You have to reinvent, fine tune and build your business constantly with full commitment in order to succeed.  
3.) Can You Make the Sacrifices Necessary?
As a business owner, you are going to be doing things different from the rest of the pack – not eating lunch at all if you’re lucky, working long hours day and night before anyone is up and after everyone is asleep. You have to be able to go well beyond what is considered the status quo, and go your own way, where you will find yourself in places that the crowd will never see.  
4.) Can You Make Hard Decisions?
If you need information on something, do you know how to go about obtaining it fast, without wasting your or anybody else’s time? Decision making is the same thing, where you need to get the facts fast and not procrastinate. Every decision that you make will affect your future in some way. When push comes to shove and you need to make a decision, always go with your instinct remember.  
5.) Can You See Opportunity?
Some of the most successful business owners always see opportunity in everything. They question everything such as how one concept or procedure works, no matter how minute and insignificant. They are always asking questions. They are wondering if there’s a better way to do something that’s already out there, and if they can do it themselves.  
6.) Do You Have Unlimited Energy and Stamina?
Make sure that you are eating the right foods and exercising; especially knowing how to balance stress, so that you can keep your energy levels high. Never overeat, and make sure what you eat is light and frequent to keep your metabolism moving constantly. Remember, you will never know when opportunity will knock, so be able to keep yourself going at all times.  
7.) Can You Carry the Flag and Lead by Example?
You have to remember that you cannot do it all yourself. There will come a time when you have to hire employees, apply for loans, speak to investors and overall play the role of the leader. Employees will look to your for guidance and support, media will seek you out for information, while the public will turn to you as the main field expert that provides the best products and services. When you become a leader, you have become a true success as a business owner.


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