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3 advices before to buy a business

Posted by Karine Lacroix on 14 April 2015
| 0

You work in hotels, in restaurants as a professional. You want to open your own business: Dare !

This article has been written for all those who live day by day an experience in hotel businesses and wish one day to invest to open their own business.

You work as a butler, a cooker, a chef or a catering manager.

You have sales and marketing experiences, you are the director of an hotel… You often think about working as an entrepreneurship.

You feel able to complete the project to buy your own business, then this article was written by me to tell you : stop dreaming, start at least, you have the capacity to do so. But do it carrefuly ! This kind of decision or draft has to be prepared. Several steps are compulsory.

The 1st step, which might seems « superfluous » for you is nevertheless fundamental.

Be ready…

As you stand in the traditional speach « I dream to have my own business » : You are not ready yet to take the next step.

Your employment status is still more confortable than to undertake… This is understandable and quite justified. Don’t worry it is normal. It will come.

Be prepared leabs that you are deeply decided, motivated. You have choosed to question yourself and to take new initiatives, mixed with some risks, nothing else has importance.

You know that this day has arrived, you had « the click » : You know what you want : BUY YOUR OWN BUSINESS. You are ready to go to the next step and to drop your confortable status to a

situation much more pulsating !

Once begun, you won’t have anymore choice than succeed, because it is your nature : That is what is basically « strong », the fact to work for yourself…

Take the time to identify your ideal business.

The first questions you must ask yourself :

-Whats is my ideal of life and business for tomorrow ?
-What I want and what I don’t want at all.

Think about your own experience, your temperament to make clear the kind of business which would suit you the most.

You really need to do this true work « on you ». And don’t lie to yourself because you would lose your time and take a wrong direction !

All tastes are in nature, it is well known. All businesses don’t suit to you. You must find The hotel or The restaurant which would be the best for you, regarding your personal and professional profile, your marital status, your family status and your financial status and also your ideal of life for tomorrow.

Dare but stay realistic …

At the same time you need to be realistic about your ambitions and achievements possibility.

Identify carefuly the budget you can “spend” to live this new adventure.

What is your capital available when you decide to invest in your business? Would you invest it wholly or partially? Do you have savings? Do you have relatives who could and would be willing to

help you in this project? How much have you set yourself if you need to borrow from the bank? (read the article – source “dynamic-mag”: “prepare the first meeting with your banker”:

Look and study the various options available to you ! Do not omit any of them.

From these answers , you can deduce the type of business it would be quite reasonable to acquire for a first experience:

– Buy a goodwill of restaurant or hotel
– Or, more ambitious: the purchase of walls and funds business walls
– Or experience their first not by buying a trade, but by taking a lease management.

Take your white sheets!

You have clearly defined the parameters and general criteria of the project, the search for your “ideal trade” now can begin …

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