Going into business for yourself, huh? You can do it one of three ways.
3 ways to start your own business
1. Start a business from scratch
A dude that built himself a 66,000 square foot house successfully started a business from scratch. Do you have your own idea for a service or product? This is probably the hardest way to becoming an entrepreneur, yet it offers the biggest potential.
Starting a business from scratch also makes it the toughest way to obtain financing. Banks like to see a history, and may not be too willing to loan you money for an unproven business model.
2. Buy an existing business
If you decide to buy an existing business, the key word to remember here is patience. The process could take six to nine months, depending on how bad the lawyers and accountants want to wrestle with each other.
Things like waiting for the seller to release his or her financials, settling on the purchase price, obtaining financing (especially if the finances do not look great on paper!), and hoping the seller still wants to sell after it is all said and done, are just of a few of the hurdles that may come up.
Now, having shared those positive and uplifting words of encouragement regarding the purchase of somebody else's business, it's entirely possible that you may find it a real nice "touchy-feely" experience. After all, businesses are bought and sold every day.