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What skills do I have, and can I apply these to other fields?.Which industries do I have experience in?.If you've always hated office environments, for instance, that can eliminate many sectors from your thoughts. Brief stints in many industries needn’t be worse than specialising and excelling in one or two you'll have a clearer idea of the range of fields in which you do and don't excel. Your past experiences can help you draw up a shortlist. If you're a lifelong accountant, for example, these skills apply to most sectors – accounts are an unavoidable part of any business. There are some skills that will apply to any business that you are running. bars, restaurants and, to a lesser extent, B&Bs or hotels. For instance, if you’ve worked in cafes, your experience will readily apply to the hospitality sector - i.e. You don't necessarily have to buy a business in the same sector - but it helps if there are at least some transferable skills to bring across to your next field. What industries have you worked in before? ExperienceĪn obvious starting point to consider is your career up until now. There are arguably three factors to consider that should take primacy over the rest when choosing the right sector. So, don’t take the commitment lightly and carefully consider the product or service that you will offer. You want to be confident in the decision you make – after all, you’ll probably be plunging personal savings and a lot of time into the project. You will need to spend time researching how to buy a business. Making sure this endeavour is a success, though, will still mean finding an industry that fits your skills, attributes and goals. You will find it easier to secure financing, you will be able to see a proven track record of the business and you will hit the ground running on an already existing operation. Have you decided that being your own boss suits you more than the 9-5 treadmill? Once you’ve come to this conclusion, there are plenty of factors to consider.ĭeciding to buy a business rather than start from scratch will have its advantages. If you’re stumped on which sector to enter, don’t worry – here’s a few questions you can ask to help you reach the right decision. What Industry Should I Buy a Business In?
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