Choosing A Business

I hope you had a nice holiday weekend.

As a kid growing up in Canada, Labor Day Weekend was my version of hell because school started the Tuesday after Labor Day (or “Labour” as it is spelled in Canada, and properly so I may add).

My parents, in their efforts to ease our pain, were kind enough to let all the kids choose their favorite place to eat sometime over the weekend. While their intentions were loving, it only served to reinforce my belief that the weekend was what a death row inmate must go through in their last few days and hours.

From the onset of the weekend, my friends and I would all be muttering “I can’t believe the summer is over”. The Jerry Lewis Muscular Dystrophy Telethon (being watched on our black and white TV) was my version of the warden marching down the hall.

Even today, I can still get a brief pit in my stomach reflecting back how dreadful I used to feel, but at least I can laugh about it now.

What I find especially funny today is that Labor Day still plays a role in adult life, and especially so in buying a business. We are now nine months into the year. A lot of you started out 2008 with the goal of buying a business this year. If you’re still looking, you had better get moving.

It has been a tough year economically. There is much unresolved, and there still is a significant lack of confidence in the economy.

While most people’s concerns are well founded, the issues are temporary. I am willing to bet anyone, any amount, that the economy will reverse itself and we will again experience explosive growth. The problem is neither I, nor anyone else, has a clue when that will happen.

I would never suggest that you act recklessly. Nor would I recommend against the thought of proceeding cautiously. But, if you’re waiting for a good time to kiss employee life goodbye and get into your own business; there will never be a “good time” to do so. Just as there is never a prescribed “good time” to get married, start a family, buy a house, or make any major decision.

Successful people take risks. They take calculated ones. They make massive, life-altering decisions. Some work, some don’t. The difference is that they make them as a result of being well-informed beforehand and they are right more often than not.

A former partner of mine used to say that the difference between a genius and a loser is success. True enough.

So if your intention was to buy a business this year, you have time, but not a lot. Yes, there are plenty of garbage businesses on the market, but there always will be. Yes, there are plenty of businesses that have seen recent declines, but there always will be. Yes, financing from third-party lenders is tough right now, but it always will be. Yes, you really do want to go into your own business, so just make sure it is not something that you always will be thinking about.

If you want to “be” anything, then don’t be someone who waits for the “right time”. Instead, be smart, be prepared, be educated, but above all, be your own boss. If you’ve been looking for a business for a while, you will want to read this great article on how to get through this process effectively – click here now


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