You the Boss! The Perks of Owning a Business

Want to buy a business and be your own boss? The team at SOT Business Brokers Perth have detailed some perks (and downsides!) of owning a business.

Answer to yourself and own your destiny

You’re the boss, you make the calls. Your decisions are never under scrutiny from above and this can be incredibly freeing. Who hasn’t worked under an awful boss before?! And let’s not forget that you choose who to hire (and fire). You can surround yourself with talented staff who support you, keep you optimistic and make work enjoyable. You direct the company culture. You are in control.

Satisfaction

When our business brokers meet with potential clients who wish to sell a business, the pride and joy that comes with owning a business is often very obvious. We love to hear the personal background stories and their journey to success.

The satisfaction and fulfilment that comes with having ideas be implemented from conception is huge. Business owners find it incredibly empowering to take inspirations into fruition. You can help people by providing a needed/wanted product or service and be a part of an industry you feel passionate about. Watching your business grow and change under your direction is very satisfying indeed.

Lifestyle flexibility

You dictate what hours work best for you and the business. Maybe starting after the school run works perfectly well and gives greater work/life balance than a traditional 9am-5pm role. Working from home more might be an option too. Having flexibility counts for a lot.

If you’d like to buy a business which allows for flexibility on hours, talk to a business broker to see which businesses fit this requirement.

Financial reward

Sick of making money for someone else? Well, it’s time to reap the reward of your own hard work. You can generally make more money by owning a business than being employed within that same business. There are also potential tax benefits to be considered.

When buying a business you will have access to full financials (under NDA) so you can understand the historical performance of the business and set expectations around future performance. A good business broker will walk you through the financials in a manner that is easy to understand.

Personal growth

Being responsible for something start to finish is a sure fire way to explode personal growth and development. Every day comes with new challenges and will be a learning curve. Sure, you are guaranteed to make mistakes along the way, that’s all part of the process. Never let the failures get you down and stop you from trying new approaches. Push through your comfort zones and make that dream a reality.

On the flipside, owning a business can at times comes with stress and the undeniable fact that the business success starts and stops with you. For some people stress is part and parcel with any job and owning a business is no different from that perspective. As a business owner you are also responsible for the wellbeing of your staff. There is also the financial risk to consider, however no great reward comes without risk. If you are super averse to risk and thrive off 100% stability and consistency, full time employment can be more suitable in many cases. Many people thrive off routine and performing the same tasks day after day. Others love the variety that comes with owning a business.

 At SOT, we have businesses for sale in all industries and varying sizes. See our full list of businesses for sale here. If you have any questions or would like to learn more about buying a business, get in touch with SOT Business Brokers Perth today.