Just to be sure you have the “right stuff”, answer these questions from one of the best business FSBO sites –
- Do you have adequate working capital to get you through the first two years? Even if you plan to buy an existing business, the best laid plans can fall through when you are undercapitalized.
- Do you have the 100% support of your spouse? The last thing you will need is to hear an “I told you so” if things are not going well at first.
- Are you someone who can deal with the complexities of managing people and handling HR issues?
- Are you aware of your own strengths and weaknesses? How do they fit into the rigors of running a business?
- Are you comfortable sharing your financial statements with a CPA, banker or attorney and taking the advice of others in this area?
- How hard is it for you to admit it when you make a mistake? Do you remain in denial or are you someone who rolls up your sleeve and deals with it?
Your answers to these questions are just the beginning, of course. Working with a qualified business broker or searching through the listings on a Business FSBO Directory can go a long way toward helping you find an existing business that is right for you.