Do you get that Monday morning feeling? Are you in a job that’s not fulfilling, or doesn’t give you the freedom you desire?
Maybe you’re well paid, but you’ve lost enthusiasm for what you’re doing, and you’re wondering if there’s more to life than this?
Do you look at friends who run businesses and envy them the fact that they’re not tied to the traditional 9 to 5? Or do you look at the crazy hours they work and their stress levels and think, “No way, that’s not for me!”
The truth is, a lot of business owners are doing it wrong. They have a lifestyle business – a business that can’t function without them. They might talk about stepping back and letting their team handle things, but they can’t or don’t want to let go. Or they’re so caught up in the day-to-day running of the business that they don’t prioritise the time needed to structure things differently.
Buying a business as an asset
So can buying a business help you to escape the daily grind? Well it can if you buy the right business. When I buy a business, I’m absolutely clear that I’m buying an asset, NOT a job. I might only go into that business a handful of times each year. And I recommend the same approach to our members.
Many of the people who work with me have a property investment or business background, but a good number of our members are employed and looking for a way of breaking out. They’re tired of investing their time in growing somebody else’s business and they want to work on building their own assets.
A business background is helpful, but it’s not essential. The most important thing is the ability to shake off the “employee mindset” and take on an “investor mindset”.
Ditching the employee mindset
It’s critical to look for a profitable business that is sizeable enough that you won’t need to get involved in the day to day running of the business. You don’t want to replace your existing 9 to 5 with something else that takes up your time, day in day out.
The key is to think like an investor rather than an employee.
This means looking for businesses with a tier of middle management who can run the business with little input from you. Typically you need to buy a business with a turnover of at least £1million to achieve this.
Clearly there’s a lot involved when it comes to buying a business, and I won’t go into all of it here, but it is possible for you to escape the 9-5 if you want to, you just need a step by step plan.
Buying a business is not a “get rich quick scheme” and it will take time to find the right deal and set the wheels in motion. But it’s a good medium-term strategy, and it’s a much quicker and less stressful route to financial freedom than building a business from scratch.
If you’d like to find out more about the business buying process, visit our website here, or click here to visit our YouTube channel.