Is now the right time to buy the business I've managed for 7 years?
I am considering purchasing a small business that I have managed for the past 7 years, but am reluctant as our sales in 2006 were good but every other year they seem to be slipping. With the higher costs of health care, auto insurance, etc., is 2008 a good year to make this business mine?
Opinions expressed by Entrepreneur contributors are their own.
I'd like to refer you to a post I wrote a few months ago on titled Economic Dark Clouds. The point I was trying to make is that small business usually depends a lot more on very specific things related to your business, much more than on broad macroeconomic trends. For that matter, nobody really knows the economic future that well--experts always disagree--so you just can't look at larger trends to answer this question.
Okay, there may be exceptions. Sometimes certain kinds of businesses go through hard times, like maybe real estate brokers or mortgage brokers for example during a credit crunch. Maybe you're an exception.
More likely, though, is that you know much better than I do. You work there, you've seen the ups and downs, and you know the ins and outs. Don't look for magic answers somewhere else, find the answer right there with what you know and think and feel.
More from Entrepreneur
Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.