Skip the Startup: How to Fund Your Travels by Buying an Existing Business

Travelling the world is a thrilling experience, but it does cost money. While it doesn't have to be expensive, living abroad and travelling on a tight budget can get exhausting pretty quickly. For some, starting a business from scratch can be a rewarding path to funding a travel lifestyle, but it's not for everyone. If the idea of building a business from the ground up feels daunting or you feel overwhelmed and wouldn't even know where to start, there's another option: acquiring an existing business.

This approach allows you to leverage the hard work and established customer base of a previous owner. If you have strong marketing and sales skills, you can use those talents to take the business to the next level and generate income to fuel your travel dreams.

After travelling the world for over four years, we reached a point where we wanted extra income. We had tried many different income models. With a lot of these models, we made some profit, however, some of these didn't feel sustainable in the long-term. We love our Master Resell Rights products and will continue to expand in this area going forward. We are also really enjoying building this (currently unprofitable blog), but we also needed something else.

When I learned that there are thousands of existing (and profitable) businesses for sale, I immediately started my hunt for our ultimate business. We thought we'd found one, but between our lawyer and digging a bit deeper, we've put that first one in the maybe not bucket. But, we are on the journey right now! And we have a few that are ticking the boxes!

Here are some advantages of buying an existing business to fund travel:

✨ Reduced Risk: An established business already has a track record. You'll have a clearer picture of the financials, customer base, and market position compared to a startup. Hopefully, you may even have an email list and some social media presence!

✨ Shorter Timeframe: You can start generating income much quicker than with a new business. An existing customer base and operational framework are already in place.

✨Proven Model: You're buying a business model that has already been validated. This reduces the risk of failure associated with untested concepts.

Here's what to consider when looking to buy a business to fund your travels:

💡 Business Alignment: Choose a business that aligns with your skillset and interests. This will make managing and growing it more enjoyable.

💡 Financial Health: Carefully analyze the business's financials. Look at profitability (check those profit margins), debt levels, and growth potential.

💡 Business Age: Check for the age of the business. If it's new and something someone has just pumped on social media for some extremely appealing results over a couple of months, you'll need to really dig in to find out if it will continue to be profitable long-term.

💡 Lifestyle Demands: Consider the time commitment required to run the business. Ensure it allows you the flexibility to travel while still managing day-to-day operations.

Finding the Perfect Business:

There are several online marketplaces where you can find businesses for sale. We're using Flippa which allows you to browse businesses across various industries and price points. They also offer tools and resources to help you navigate the buying process. There are great reports available and a service to help you transfer the business over.

Remember: Buying a business is a significant investment. It's crucial to do your due diligence, seek professional advice, and create a solid business plan before taking the plunge.

I'll update this blog with more news on our journey to buying an existing business in the coming months. We'll be excited to share all the ups and downs along the way.

With careful planning and utilizing your existing skills, purchasing an existing business can be a smart and rewarding way to fund your travel adventures!