An interesting parallel is taking place in America. According to recent studies by the U.S. Bureau of Labor Statistics, the unemployment rate continues to rise in many U.S. cities and states, with some unfortunately surpassing 9.5 percent. The recession is also hitting the workforce in another way: The number of dissatisfied professionals who want to quit their jobs has jumped to 40 percent, according to a survey conducted by Regus, a workplace analyst. These "coincidences" are leading people to create their own business opportunities.
Choices and decisions can range from starting your own business from the ground-up, or buying a franchise or buying a business. Let's narrow the focus a bit to buying an established business and making it your own. First, consider your passion. Most likely your passion was not fulfilled in your previous position. In addition to passion, there are critical steps to making the right decision: financial commitment, family commitment, business valuation, leadership and human resource skills, operational experience and capabilities, and more.
Let's briefly discuss and weigh three very different business models: finding restaurants for sale, buying a gas station, and buying a website.
In the restaurant space, you have multiple choices, including independents, fine dining, family/casual, quick-service, bakery/café models, and everything in between. For instance, buying a deli may be a way to start smart and start small. Sandwiches are still a proven, healthy staple of the American way of life and your creativity can shine in running a successful deli that provides many cost-effective sandwich options. In addition to the financial proposition, your other big consideration will be location. You need volume and the most suitable location is in a high traffic area near or attached to a strip mall and within a 5 five-mile radius of industrial parks, small- to mid-scale businesses, and heavily populated residential areas. Plus, the hours can be quite favorable with a store open time of 10:00 a.m. and close time of 3:00 p.m. Monday through Saturday. If you desire flexibility as well as commitment, a deli can be an obvious target in seeking a restaurants for sale. Read more...