The idea of running a business is appealing to you, and it's easy to understand why. Business ownership means independence, being the master of your own destiny, and it can create a greater sense of freedom. But knowing that you want to have your own business isn't enough; you need to have clarity on what your dream business looks like so that you can take the necessary steps to turn it into reality.

What Are You Looking For In Business Ownership?

If you are crystal clear about what attributes the business you want to own must have, and in which areas you have more flexibility, you'll be able to save lots of time and zero in on the opportunities that fit your criteria. To help you gain that kind of clarity, here are a few questions you can ask yourself if you want to buy a business.

Do I Want To Build A Business From Scratch Or Buy An Existing One?

While starting a brand-new business will allow you to shape it exactly the way you want to, buying a business has the distinct advantage of coming with a built-in customer base, having an infrastructure already in place, and employing a business model with a track record of success. When you buy a business that already exists, you can hit the ground running since there isn't a lengthy process of putting everything in place before you can start to get clients and generate revenue.

What Industry Or Field Of Endeavor Do I Want?

For some business owners, the thrill and the passion come from successfully running the business and what the company does has less importance. However, for most business owners, it's critically important that they feel connected and passionate about what it is the company does.

It's not necessary to focus your attention on the field in which you have the most experience through your working career, especially if you're not particularly passionate about it. Think about the things that you love to do, the things that you can spend hours doing and not notice the time pass.

Do I Want To Manage Employees?

A company with employees means more administration because of things like payroll. However, business ownership that includes employees is more easily scalable and therefore has a greater potential for growth.

If you prefer not to have employees, you need to buy a business that can be run by a single individual, and that means you'll have to wear several hats. Of course, some functions such as bookkeeping can be outsourced.

How Much Do I Need To Earn From The Business?

Everybody's situation is different. The amount of money that you need to get from your business every month to cover your living expenses may be quite different from someone else's. When you keep that figure in mind, you can filter out business opportunities that might not be able to provide what you need.

Taking Action

Armed with a clear picture of what your ideal business looks like, you can now take the necessary steps to make it happen. If you're opting to buy an existing business, you'll need a resource that will help you find the businesses that are for sale in your area. Transworld is that resource in Minnesota.

The last piece of the puzzle is to figure out how you're going to finance the purchase of your new business. For more information on that, consult our blog entitled Buying a Business Financing: Where to Start.

Find the Minnesota-based businesses for sale that meet all of your criteria by consulting our current listings.