According to the Newark Star Ledger, the state of New Jersey has gained the dubious distinction of the being the worst state in the nation for individuals unemployed for more than one year. The article goes on to state that many of these individuals have given up sending resumes and are now searching for work through networking. The problem that many of these job seekers face in being out of work for a long period of time is that many employers will choose those individuals with a shorter period of unemployment feeling that they are more current with changes in the work environment and have the up to date job skills to do the work more effectively. With no particular solution to high unemployment in sight, maybe it is time to consider a new approach to the problem like starting your own business.
At first the thought of starting your own business given today’s overall economy, might seem like jumping from the frying pan into the fire; and for some people, you would be correct. However, there is an opportunity for those of you who have been considering the possibility for some period of time. Today there are many businesses with essentially good potential that find themselves cash poor and are considering selling their operation. These are the businesses which you should consider in you search for the right opportunity. But, you must be sure to make the right approach if you plan to succeed by taking the following steps;
1. Find an ongoing operation which looks good on the surface and plans to sell. Your can hasten your search by contacting business brokers, bankers, accountants, lawyers who have first hand knowledge of ongoing businesses with this type of potential that plan to sell.
2. Have a professional (small business consultant or accountant) do a thorough review and assessment of the operation to insure the business for sale meets your requirements.
3. Work as an employee in the business for least 3 months or what ever time you need to understand all the pluses and minuses within the operation. As a potential owner you must be able to correct many of the ongoing problems if you are to succeed.
Buying an ongoing business has always been risky regardless of the economy. But the state of today’s economy has created some golden opportunities if you adopt a planned approach that leads to success.
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(The views expressed in this article are those of the writer and are not to be taken, implemented or used by other persons for any purpose without permission)