Steps to buying a business So you think you've got what it takes to be your own boss?  Buying a business is a very serious decision and can be one of the biggest investments you make in your lifetime.  This article looks at the steps involved in buying a business.  It provides a good starting point to ensure you've considered all areas before making the big commitment. Owning a business is certainly not for everyone. It's up to you to ensure you've considered all the options before making the decision to be your own boss. You have to identify and accept your strengths and weaknesses. It's always a good idea to put these down on paper. List not only your professional strengths, achievements and skills but also your personal characteristics, as these will play a crucial part to your suitability and success. SEEK offers a free self-assessment tool, SEEK Direction , to help understand your strengths, weaknesses, likes and dislikes. This can be a good starting point. If still in doubt, or you would like a more thorough analysis, there are vocational counsellors that specialise in providing a more formal assessment. Are you personable? A leader? Good with numbers? Comfortable giving presentations? Some of the important qualities of a business owner include: erseverance dedication entrepreneurship leadership self-belief and confidence If you're not a natural decision-maker or lack in confidence, then you may need to reconsider owning your own business. In conjunction with your accountant and lawyer you should consider your