Either way you will need capital, and I'm not talking about Ottawa, I'm talking the big M, money. To buy a business you will need seed money, an initial investment of your own money that you can put towards a business. Hopefully you buy a business that has a decent cashflow that will enable you to pay your bills and support your family responsibilities.
There are two types of businesses to purchase 1) small business 2)Franchise. Both are a little different, a small business is an idea that has been created from scratch by its owner, this option offers you the flexiblity of doing things your way. A Franchise is a proven business model with brandname recognition. You own the your business but you follow a business model developed by someone else and manage your store. A true entrepreneur will be frustrated with a Franchise as there are too many policies and procedures that he has to follow. A manager type personality will do very well purchasing a Franchise.
If you are a true entrepreneur with a high risk tolerance and an idea that you are passionate about, you will want to start your own business. You will need enough money for start up costs and to live off until your business is able to provide you with a cashflow of its own. Most businesses don't start making money until the 2 year mark, so budget for a very dry income spell. The goal of most start ups is to become successful enough to sell the business or take it public. The payoff isn't so much in the monthly cashflow as it is building something that will have value when you are ready to sell it.
Looking for information on getting into business and where you can get funding? Check out the BDC website for lots of articles, resources and financing opportunities.
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