Have you dreamed of turning your jewelry-making hobby into profits? Do your friends and family tell you that you are so good at baking that you should have your own Food Network show? Are your photographs professional quality? Does everyone you know ask you to plan their birthday, wedding, anniversary parties?
Or have you just fantasized—for years—about chucking your boring job and starting your own business?
Well, now may be the perfect time to do that! And you wouldn’t be alone. According to a survey from Prudential, since the beginning of the pandemic, 20% of workers have changed careers. And Microsoft recently reported that 46% of employees are considering a career change.
Last August, 4.3 million Americans (about 3% of the workforce) quit their jobs.
Many of these career changers and job terminators are trying something new—starting their own businesses. In 2021, according to the U.S. Census Bureau, 5.4 million new business applications were filed, easily beating the previous record of 4.4 million applications in 2020, and handily surpassing the 3.5 million filed in 2019.
Bottom line, this is a great time for budding entrepreneurs to step out on their own. Are you ready for that?
Read the feature article in this month’s magazine now to learn all about this growing trend and how you can act upon it yourself.
First, you get the ten-step list for buying a business:
- Step #1: What Can You Afford?: Learn the right way to calculate this number.
- Step #2: What Skills and Strengths Do You Have?: Figure out how to document your skill set.
- Step #3: How Much Disruption to Your Lifestyle/Family Can You Tolerate?: Get the short checklist of 4 key questions to answer for determining your ability to handle the pressure of owning and running your own small business.
- Step #4: Researching Business to Buy: Find out the best ways to conduct a search.
- Step #5: The Questions You will Need to Ask: 25 key questions you need to ask the seller of any small business you’re interested in buying.
- Step #6: Financial Due Diligence: Learn all about the 4 models for properly valuing the business you’re considering, so that you pay a fair price.
- Step #7: Inquire About the Company’s Reputation: How to get reliable and frank feedback about any selling company’s reputation.
- Step #8: Form Your Acquisition Team: Learn about the right types of people to include on your team, to ensure a smooth transaction.
- Step #9: Secure Financing: Find the best option for you, to finance your acquisition with the most advantageous terms.
- Step #10: Negotiate a Purchase Price and Sign a Sales Contract: Here is your checklist of items you need, to seal any deal.
When you read this article in the March 2022 issue of our Magazine, you’ll learn all about the key steps for buying your own small business. You get advice about how to start your own small business from scratch, too, including:
- Step #1: Explore Business Ideas: How can you best brainstorm what type of business makes sense for you to start from scratch? Get the answers in this article!
- Step #2: Get Your Market Research Hat On: Get the 5 key areas to research, plus ten free resources for compiling your research—in this article now!
- Step #3: Decide How to Legally Organize Your Business: Find out about all the different ways to legally structure your business, with pros and cons of each, plus 5 top online services for helping you form your business structure—all in this article now!
- Step #4: Build Your Professional Assistance Team: Learn who you need to rely on for getting all the necessary items to start and run your business.
- Step #5: Calculate Your Costs to Start and Maintain Your Business: Get the 19 expense line items you need to calculate for an initial budget for your business.
- Step #6: Calculate Your Estimated Revenues: How to come up with reasonable and accurate revenue numbers for your business.
- Step #7: Calculate Your Estimated Profits: A necessary step to determining whether your new business idea is viable.
- Step #8: Calculate a Break-Even Analysis: Another necessary step for determining when your business will start covering costs with generated revenues.
- Step #9: Write a Business Plan: Get a working template for all the sections you need to include in your business plan, to ensure your ultimate success.
- Step #10: Seek Financing: Find out about all the different ways you can finance your new venture.
Finally, this article in the March 2022 issue of our Magazine also includes details about buying a franchise. You get information about the different types of franchises, plus all the advantages and disadvantages to consider if you want to buy a franchise.
Read this article now to learn all about buying and owning a small business—and get everything else in this issue of our magazine, including:
- Be Your Own Boss: How to Buy or Start Your Own Small Business: How to buy a small business, start your own small business from scratch, or purchase a franchise.
- 2 Stocks to Protect Your Portfolio In Case of War: As simmering global tensions push peaceful corners of the world into open conflict, wartime spending—and the inflation that it brings—has already been around.
- This Oft-Cited Indicator Should Not Serve as a Buy Signal: Insider buying is all well and good, but it shouldn’t be treated like a primary buy signal because big funds, not CEOs, move markets. Learn all about when to buy when you read this article now!
- 3 Marijuana Stocks to Buy at a Big Bargain: After a year in the wilderness, these cannabis stocks are trading at bargain-basement prices—revealed when you read this article now!
- Why You Should Never Double Down on Losing Stocks: Doubling down is a viable option when it comes to gambling, but it’s best avoided with stocks and options. Here’s why—in this article now.
- 3 Recent IPOs to Buy in 2022: A lot of the leading IPOs suffered during the growth stock meltdown, but you can still find high-flyers if you know where to look. Check it out when you read this article now.
- Why the Ongoing U.S.-China Rivalry Matters: Most investors and consumers are well aware of how reliant we are on China’s economic production and consumption, but that reliance is far more important than many realize. Get the details now.
- Follow Activist Investors into these 2 Beaten-Down Stocks: Replicating last decade’s broad market returns seems unlikely, so where does one find winners for the next decade? Activist investors are a place to start. Find out more when you read this article now.
- Why You Should Invest in Stocks with Negative Enterprise Values: Finding stocks with negative enterprise values is a rare market anomaly that can generate big returns if done right. Read about it now in this article!
- The Best Way to Take Advantage of Sector Momentum in 2022: Although historically linked to broad indexes, today’s ETFs can allow you to take serious advantage of sector momentum if you play them carefully. Read about how to maximize your returns now!
- The Best Stock to Play the Energy Sector’s Present and Future: Energy consumption is growing and neither fossil fuels nor renewables adequately meet global needs, this company is a way to play both. Find out all about this company—in this article now!
This latest issue of our Magazine is ready for you to access now, to discover everything you need to know about buying and owning your own small business … and much more. Read it now!