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Leaving the Corporate Rat Race
Quite a few nine-to-fivers express an interest to buy a business – no more bosses looking over their shoulder and no more asking permission to take a day off for personal reasons.  These days, however, people are just as likely to be pushed out of Corporate America as opposed to leaving of their own volition.  With businesses going bankrupt or simply cutting costs, worker layoffs are reaching a level not seen since the early 1980s.  Whatever the reason, many of these ex-corporatists are turning into entrepreneurs, anxious to make their own way in life and achieve financial success.  The biggest question is probably, “What business to buy?”  There is no single best answer, as every person’s experience, ability and finances are different.  But being a corporate dropout does not mean your business life is over – in many ways, it’s just starting!

Best Business to Buy – Some Criteria Worth Considering
Striking out on your own as a business owner can be scary, but the rewards are great.  Your first thoughts should revolve around what type of business to buy.  There are five elements to consider before looking any further:

• Business experience – Writing coaches always tell first-time novelists, “Write about what you know.”  The same advice goes for first-time business owners.  If you’re a computer expert, look at the IT industry.  If you’re a registered nurse, think about a health clinic.  If you’re a plumber … well, you get the idea.
• Hobbies – Analyze what you like to do when you’re away from the job.  Do you enjoy working in your rose garden?  Perhaps a landscaping business would be a good choice.
• Personal skills – The corporate world is home to many workers who do not possess specific technical or licensable skills, but that is no obstacle to success.  Sales or marketing ability will serve you well in any business, while general mechanical aptitude can translate into any number of fields.
• Management skills – can also lump into this category the concept of “people skills,” which simply means that you get along with many different kinds of personalities.  Having your own business generally means you will be supervising others (your employees), and how well you manage them will directly affect your own financial success.

Buying a Franchise Business
Once you have settled on a field of interest, the next big decision involves choosing between two different kinds of opportunities – a franchise business or an existing business.  Which is the best business to buy?  A franchise is part of a larger corporation, where owners generally control one location (although it could be more over time) at the direction of the parent company.  You enjoy instant brand recognition, a proven business methodology, extensive training, and group purchasing and marketing power.  On the other hand, your relationship with the home office requires you to follow each one of their rules to the letter – and there are lots of rules to follow – as well as tying you to a specific product or service as long as you own the business.

Buying an Existing Business
An existing business has a track record of success – otherwise, you shouldn’t be buying it – and an existing client base, plus an owner who might be willing to stick around after the sale to show you the ropes and ease you into running the place on your own.  You can change the focus of an existing business at any time.  For instance, if you buy a take-out pizza restaurant and decide you want to turn it into a sit-down place that also offers pasta, you can do that.  If you buy a car wash and elect to pick up additional business by doing windshield repair, there’s no one around to deny you the effort.  But the down side can be a bit scary.  You are truly alone, with no outside support and plenty of competitors gunning for you.  Every decision you make will be your own – both good and bad.

A Third Way – The Hybrid Opportunity
One possible alternative is to buy an existing franchise.  Over time, franchisees decide they want to move onto something else and sell their location independently of the parent company – or perhaps they had expanded in the past and now want to sell off one unit of their franchise empire.  While this means you will still be required to “follow the rules,” there are some definite advantages to buying an existing franchise operation.  First, you will be taking on a business that has proven itself.  Second, the acquisition most likely comes with a fully trained staff.  And finally, the franchise owner may be willing to provide you with financing options the average corporation does not typically offer to new franchisees.

Looking for the best businesses to buy?  We have over 32,000 Businesses For Sale and 100s of Franchise Opportunities!  Whether you are looking to buy a business or buy a franchise, you can get FREE information today.