Buy or Start a Business
In deciding whether or not to buy a business or start fresh ask yourself the following: What expertise do I have, what business do I want, and how risk adverse am I. These points will guide you in selecting a business that provides a challenge but does not become a significant burden.
Most small business owners would in all probability agree it’s smarter to shop for an existing business if you are able to. In short, your dream can become a reality a lot of quicker and with fewer risks versus beginning from scratch. You can begin a business with little or no capital however how long do you want to sweat and give away your earnings before seeing the payback. Furthermore, the danger of failure is far higher when beginning an enterprise than shopping for one that’s already up and running.
Let’s look at some benefits of buying an existing business. Here are six reasons that make buying an existing business a smart choice:
1. Personal or business related matters may be forcing the owner to sell. They may have to accept their losses and sell the business at a lower price to expedite the sale.
2. You eliminate start-up issues which may be expensive and unpredictable. You save the time and headache of shopping for fixtures, technology needs, suppliers, and many more operational items. Plus, customers are already at your door easing financial concerns.
3. Uncertainties are decreased. If you begin a new business you cannot know everything about the location, appropriate-size needed of the building space, tested advertising results and much more. But an existing business has an owner that can provide many answers in these areas.
4. The previous owner will offer you valuable data concerning demand, competitors, annual sales, suppliers, seasonal fluctuations, and different such variables.
5. You get a reliable list of suppliers and repair services. This knowledge alone will prevent lots of wasted time searching and potentially wasting hard earned income.
Parkside Invest would be happy to share these insights with you and discuss them in more detail. Contact us to take advantage of our expertise and desire to help guide your entrepreneurial spirit.
Most small business owners would in all probability agree it’s smarter to shop for an existing business if you are able to. In short, your dream can become a reality a lot of quicker and with fewer risks versus beginning from scratch. You can begin a business with little or no capital however how long do you want to sweat and give away your earnings before seeing the payback. Furthermore, the danger of failure is far higher when beginning an enterprise than shopping for one that’s already up and running.
Let’s look at some benefits of buying an existing business. Here are six reasons that make buying an existing business a smart choice:
1. Personal or business related matters may be forcing the owner to sell. They may have to accept their losses and sell the business at a lower price to expedite the sale.
2. You eliminate start-up issues which may be expensive and unpredictable. You save the time and headache of shopping for fixtures, technology needs, suppliers, and many more operational items. Plus, customers are already at your door easing financial concerns.
3. Uncertainties are decreased. If you begin a new business you cannot know everything about the location, appropriate-size needed of the building space, tested advertising results and much more. But an existing business has an owner that can provide many answers in these areas.
4. The previous owner will offer you valuable data concerning demand, competitors, annual sales, suppliers, seasonal fluctuations, and different such variables.
5. You get a reliable list of suppliers and repair services. This knowledge alone will prevent lots of wasted time searching and potentially wasting hard earned income.
Parkside Invest would be happy to share these insights with you and discuss them in more detail. Contact us to take advantage of our expertise and desire to help guide your entrepreneurial spirit.
