Picture of Paul Newton

Paul Newton

How To Figure Out What Type Of Business To Buy

Table of Contents

Owning your own business can be one of the most rewarding experiences that a person can have. Over 50% of Canadians surveyed reported that they would like to be a small business owner. If you are reading this article you most likely count yourself among them. What makes it so rewarding? Well, there are a few things that almost everyone agrees on:

Shape your destiny

Owning and running your own business is true professional freedom. You get to decide how your business operates, what products/services it sells and how you go about serving your customers. It can be daunting, yet being the person in charge means that every success is your success!

Choose the team

With the freedom of small business ownership comes the responsibility of hiring, training and recruiting people to work with you and for you. As the owner you get to decide who those people are. There is nothing more exciting than being able to build a team that works well together. Only small business owners can truly say they get to choose their coworkers.

Build your passion (and get paid for it)

We have all heard the overused phrase that you should “find your passion”. As John Coleman explains building your passion is the real path. As a new small business owner you have the opportunity to take your company in the direction that makes your passion sing. Imagine what you can accomplish with an existing business and the right drive to grow it.

Work / Life balance

Owning and running a small business is a big commitment that can come with long hours. However it also comes with the freedom to decide how and when you work. Depending on the business you may be able to work from home, from your phone or from the beach. It all depends on how you structure your world.

Help people & give back

Small business owners are one of the largest components of Canada’s economic engine. Over 70% of Canadians in the private sector work for a small business. As an owner you are part of that engine. Further you have the opportunity to give back directly to the community you live and work in. You can decide to sponsor a local sports team, donate to local charities, or work with local community groups to improve your neighbourhood. Where your company gives back is up to you

More to explore

Create Your Free Account Today

Otonomy Guide Buy Sell Business in Canada

Free ebook offer

With your free Otonomy registration, receive the Otonomy Quickstart Guide to Buying a Business in Canada!