Published on 23/10/2020 by Any Business.Com.Au

Why Do You Want to Own a Business in Australia?

Owning your own business can be a daunting prospect, especially if you know little about the process. Before you delve into the murky world of business ownership, it's a good idea to seriously consider why you want to start a business.

Ask yourself: what is your reason for buying a business? What outcome do you expect from owning one? Only once you've answered these questions can you begin to consider what you hope to get out of your business.

Why do I want to own my own business?

The benefits of owning a business are numerous. Below are the main reasons often cited for starting a business:

Investment and Income

For many people, buying a business is first and foremost an investment. Some choose to buy an enterprise and leave it to someone else to run. Others seek out a business as both an investment and a primary income.

Going into business was once considered a risky venture. While the same can still be said today, it can sometimes be riskier working for a traditional corporation in a time when downsizing and redundancies are common. A lot of people choose to work for themselves because of greater job security than working for others.

Independence

A lot of people buy a business so they can run it themselves. There is an implied freedom in running your own business. You don't have to work under anyone else's rules. You are in control of every matter in your company, so you can steer it exactly in the direction you want. You can even choose your own staff (and sometimes your clients).

Flexibility

Owning and running your own business often gives you much greater flexibility, so you're able to manage a better work/life balance.

Yes, you will undoubtedly have to put in a lot of hours, especially when you're just starting out, to keep the business going. But you can at least choose which hours you wish to work – and often also where you want to work.

Challenge

Running your own business can be challenging and demanding. If you're starting a business from scratch, it can take endless hours of work to build it into a profitable enterprise. But even when you buy an existing business, you will have to expend a lot of time and effort into learning how things work and even more energy into improving or expanding what you have.

But many people love this – indeed, a lot of people like to own a business just to see if they can meet the challenges associated with running your own business. And needless to say, if you succeed the rewards are endless.

Pride

Nothing is more satisfying than watching something you created grow. Whether you've built a business from scratch or improved on an existing enterprise, your company will inevitably evolve into something you can call proudly call your own.

Intimacy

In your own business, you have direct links to all the people around you, from the local electrician to (more importantly) your strongest client or customer. You're able to form a deeper connection with these people, which fosters loyalty from them and makes it far more rewarding for you.

Passion

Many people who have bought their own businesses will choose a field that aligns with their passions. This is an essential part of owning your own business: you get to focus on what you love.

You may put in the hard hours to make the business successful, but it can be worth it all in the end. Many business owners have said their work is so enjoyable it doesn't feel like work at all.

What can I do with my business?

Once you've determined just why you want to own a business, you'll have a better idea of what kind of a business you're looking for and what may suit your needs most.

In Australia, there are three primary reasons people buy a business: 1. To have it as a managed investment; 2. To get an Australian visa; and 3. To confront the challenge of owning and running a business.

Buy a Fully-Managed Business

If you'd rather be removed from the operation side of owning a business, you may choose to buy a business as an investment. In this case, you own the business, but leave its management to someone else.

Little is required from you, but it's worth remembering the business has to earn enough to provide salaries to you, the manager, and other staff members.

Investing in a business comes with risks, but if you're successful, the pay-off can be hugely rewarding.

Buy a Business to get an Australian Visa

For many foreigners, owning a business in Australia can be an open door to Australian permanent residency and subsequent citizenship. Many foreigners look to buy a business so that they can get the Business Owner Visa.

You and your family may be eligible for the Business Owner Visa if you manage your business in Australia for the past two years. For more information about buying a business to qualify for an Australian Visa, read this article.

Buy a Business to Run Yourself

If you like the idea of more independence and flexibility in a workplace that challenges you and aligns with your passions, then you are likely looking to buy an owner-operated business.

In this business, you are intimately involved with the overall management of your business. It is arguably the most rewarding way of owning a business, because its growth directly correlates with your own hard work and money.

Once you decide whether you'd prefer a fully-managed business or one you can actively run yourself, you can begin to think in greater detail about what kind of business you may want. Find out what you need to know about owning a business or you can start browsing business for sale.

AnyBusiness.com.au

Mary is the founder of AnyBusiness.com.au. She has a degree in Business from Monash University and been helping showcase businesses for sale for over 10 years. In the course of running her own business and working daily with business owners and brokers she has developed a keen sense of the Australian market for businesses for sale and shares her knowledge on this blog and others such as female.com.au

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