1) First, you need to decide how much money you want to make. This should be the first question you ask yourself, because the amount of money you want to make determines what kind of business you are going to buy.
2) What do you enjoy doing? It is always better to be involved in a business you enjoy, and hopefully be able to make your “vocation your vacation.” You don’t want to acquire a business that requires you to be behind a desk all day long when your passion is to be outdoors.
3) Next make a list of all your talents, from the obvious to the forgotten ones. Don’t leave any out. If you are proficient at MS Word, Excel, and other computer programs write it down. If you know how to play a musical instrument be sure to put it on your list of talents. What you are going to do is to take a complete inventory of things you know how to do, which will be important in your search for the business you are going to acquire. Once I was coaching an individual who wanted to earn additional income because their job wasn’t producing enough money. After we did an inventory of their talents, we discovered that in their early years they managed rental properties for their father. I suggested they start a real estate management business. They did, and eventually owned and managed multiple properties, ultimately netting a six-figure income.