Thinking of joining one of the millions of small businesses by buying an established brand?
Congratulations, you are on the first step to becoming a business owner!
That said, while there are many benefits to buying an established business as a startup or entrepreneur, there’s also a lot to factor in along the way.
In this article, I will give you steps to consider when buying a business in 2025 to decide if it is the right idea for you.
Short on time? Here are the Key Takeaways
Step 1. Find a job to buy: Look for a business that meets your requirements in terms of price, industry and profitability.
Step 2. Create a budget: Make a budget to ensure you don’t overdo or walk away from negotiations too early.
Step 3. Do your homework: Buying a business is a big purchase, so make sure you do your due diligence beforehand.
Step 4: Evaluate the work: Don’t just give a seller a face value appraisal. Get the business independently valued.
Step 5: Create a Business Sale Agreement: Work out a detailed business sale agreement to ensure you get all the assets and avoid future issues.
Why are you considering getting a job?
Now you may be asking yourself, why would I buy a job? I am an entrepreneur. Looking to start one! ‘
Well, getting a job doesn’t necessarily mean it’s not yours starting It can also come with several benefits that cannot be started from scratch.
For example, maybe you buy domains and trademarks associated with a certain name before turning it into a completely different business. Or maybe you’re interested in starting a new product or service in an industry and want to start with an established customer base.
Buying a business comes with some expensive upfront costs, but access to customer data, existing infrastructure, and brand recognition can save you a lot of money and time (and headaches!).
Also, it will help you invest more and scale your business faster than you start generating income faster.
5 steps to get a job in 2025
Step 1. Find a job to buy
First things first, you need to find a job you want to buy!
The easiest way to start would be to ‘search for sales jobs’, but this recommendation is as good as ‘Just Google’.
Instead, start by narrowing down these important questions.
- What knowledge do you have? While it can be tempting to jump into a new industry because of the profit margin, if you don’t understand the inner workings, you’ll struggle to sustain or improve on that success without steep (and likely expensive) learning.
- What do you feel passionate about? However, it’s not just about your knowledge, it’s about your care! After all, many people start a new business venture because they don’t enjoy the industry they’re currently working in, so there’s no point in taking a job in the same industry just because it’s convenient. If you enjoy working, it is easier to succeed at work.
- What is the end goal? Finally, consider whether you want to quit buying your business. Are you aiming to set up and run the business yourself, or do you plan to sell it for a profit in the future? Is the goal self-sufficiency or building a global empire?
Once you have answered these key questions, you can start looking for the right job that meets these key points.
But I still wouldn’t recommend doing it on Google! Instead, check out online marketplaces To snort, Flippaor Motioninvest. Or consider working directly with a business broker. They will likely receive a large payout, but they will also significantly reduce any risks involved.
Step 2. Create a budget
Next, it is also important to set your budget. For some, this may actually act as a first step, but personally, I think it’s best to cover what you’re looking for first. After all, if you finish a step and don’t want to buy one and realize you want to start your own, you don’t have to worry about pulling together the budget to buy one!
Creating a budget is very important for buying a business, because it prevents excessive and emotional decisions, not based on analytics.
Take note of your current financial situation and think about how you plan to purchase your chosen business. For some, all funds will come from savings and personal accounts, for others, this investment will come from external sources, for example angel investors or a bank.
When making your budget, don’t just focus on purchase prices. How much you can earn to start your business, how much you can lose, how much you can lose to start your business, and how much you can lose to start your business, how much you can lose if you leave your 9-5 to start your business, such as commercial leasing.
Step 3. Do your homework
Now that you’ve followed a few steps, let’s say one or two you’ve found a job that meets all your expectations. It’s in your ideal industry, has all the potential in the world, and comes under budget.
Now it’s time to get down to business. It shouldn’t be something you get a job and don’t do your due diligence, it’s important for everything to be as it seems. By doing thorough research, you ensure that there will be no nasty surprises when you get the jump.
Doing your homework also gives you more time to familiarize yourself with the business and decide whether or not you still want to sign on the dotted line.
Step 4: Evaluate the work
If the selected job passes all your checks, it’s time to evaluate it. Of course, the person selling the business will give you an estimate, but you should always do your own assessment if you think they want it.
Many small business owners have never had their financial documents audited to make sure you get an honest picture of business performance.
To really understand what’s going on behind the scenes, you need to see several years of financial records, cash statements and balance sheets.
Ask your accountant or bookkeeper to make sure nothing is being hidden.
Fortunately, most countries have several laws governing the disclosure of certain business information. To ensure that your chosen business vendors are acting in good faith, here’s what vendors should tell you before negotiating.
Step 5: Create a Business Sale Agreement
If everything is as it should be and your accountant is happy with the business records, you are ready for the final step: creating the Business Sale Agreement.
Your contract of sale should include every detail of the sale, no matter how small or how small the transfer of ownership.
This may sound quite complicated, and it is! However, you need a detailed business sales agreement to protect yourself from any potential issues. I always recommend getting an attorney to help you draft or review your contract, but it’s not always the most efficient approach.
There are also platforms like Nolo.com or LAWDEPOT.com that then offer templates for sales contracts tailored to your needs.
Why not try before you buy?
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