BUYING YOUR OWN BUSINESS

Published : 7 January 2016

The latest Australian Bureau of Statistics (ABS) Retail Trade figures show that Australian retail turnover rose 0.5 per cent in October 2015, following a rise of 0.4 per cent in September 2015.

At the same time, the number of people looking to buy a business and become their own boss is also on the rise.

There are several reasons for the latter, some almost contradictory.

That increase in retail turnover is obviously one reason, along with a generally stronger economy and outlook.

However, there is also a very strong business buying group made up of those who have been made redundant - often in mining - and who now prefer to be their own boss.

Just as there are advantages and disadvantages  in being an employee, the same is true of being a business owner. But most business owners would agree that the positives outweigh the negatives.

One positive - especially for those who have been through redundancy - is that control your own destiny. Owning a business saves them from having to work for anyone else and, if they are a strong character type, that can be a major lure.

If you are in the driver's seat, you get to make the decisions on how best to run the company and strengthen its future.

Another advantages of buying a small business is that you can create your own work/life balance.

Wait up, you say, you work 24/7 if you have your business, don't you?

No, that's the point! You need to organise your business, and delegate, so that you exploit the benefits of being your own boss! And while you may very well put in the hours, what you get in return is flexibility, and time-off when you need it without having to ask permission!

You get to decide your own schedule, allowing you to go to the gym, or attend your child's school concert.

Now, here's a big one - you choose the people you work with! Seriously, how many times have you heard someone say I love my job, but there's this one colleague I just don't click with.

Choose people who understand your business and 'get' what you're trying to do. Surround yourself with positive, loyal staff - and treat then as team-mates - and you'll also achieve that balance between work and play in your own life.

There's no question that owning your own business can be risky but, with risk comes reward. Said another way, the better you are at managing risk, the more rewards you can reap.

Some people thrive on routine, and enjoy performing the same tasks day after day. But if you love a challenge, something different every day, you really should consider becoming your own boss.

As an entrepreneur, each day will be filled with new opportunities to challenge yourself, be creative and learn something new.

There are few things that get business owners more excited than interacting with their customers. Your customers are your business and you will soon see the benefits of giving great customer service.

And you also get to choose your customers!

As a business owner you also get the chance to give back to your community, and even make major changes in your neighbourhood.

This can be done by donating to charities and sponsoring events or, best of all, having the ability to create jobs and employ locals.

Your business becomes your creation. It's something to be proud of. Whether you run it until retirement, pass it on to the kids, or build it up to sell to finance your next project, it's yours.
There is nothing like being successful through your own leadership, abilities, ideas and efforts.

If you'd like to join the growing band of Australian business owners, it's time to talk to Coast to Coast Media, an Australian-owned company that helps people buy and sell properties and businesses WITHOUT charging commission.

Coast to Coast's Buyer Matching Service is the easy way to find your first or next business.