LOOKING-WANTING-NEEDING : A CHANGE PROCESS

There are many people in the market "looking" to buy a business, however do these people "need" a business? When it comes to acquiring a business there are three stages of buyer preparedness and a transaction does not occur until the buyer gets to step three. Many prospective buyers never progress past step one or two and a frozen in a perpetual state of desiring to become a small business owner, never making the crucial steps to become one.

The first step to becoming a small business owner is a desire for change. It may be unemployment, dissatisfaction with current job, a want for more money or independence, or just a view that the grass is greener on the other side. Desire is an easy emotion to engage and often kicks off an endless search of the advertisements for what businesses are available. Ad watching becomes an enjoyable past time. Lookers may even make a few phone calls and ask a few questions, but perpetual lookers do not buy businesses.

The next step is committing to change. Stepping from the world of nine to five into small business is likened to climbing Mount Everest. This may be an accomplishment you want to do in your lifetime, a sincere intention, but are you committed? Have you prepared for the journey? Have you worked to gain the necessary knowledge and experience to be successful? Many buyers rush into this step finding themselves ill prepared for the tasks ahead of them, hence they find ways not to buy and keep wanting to acquire a business. For wanters time is not of the essence when it comes to buying a business.

The final step is preparing for change. A buyer committed to buying a business has prepared themselves for the acquisition process. They have a plan laid out, knowing the steps they are going to follow to reach their objective. They have educated themselves on the industry they are planning to buy in. They are confident in their abilities to run the business. They know their financial status and capacity. They have formed a group of advisers and mentors to help them along the way. They have a true need and burning desire to succeed. Needers are ready to buy.

If you are bogged down in a perpetual state of looking or wanting and would like to to progress forward, click here to see what the SBA says about "Buying an Existing Business" and then let me help you prepare for change!