Should you buy an existing business or start one?
Question:
Should you buy an existing business or start one?
Answer:
Buying an existing business can be easy if you have the financial fund and ability to sustain a pro-existing body.
As you know, that entrepreneurship is lifestyle and so is buying an existing business, a purchase of an existing lifestyle.
When you buy a company, you probably bought everything, both their workers, customers, promoters, interested-teams, fame, properties machineries, etc. you bought in general, their level of operation, their old strategies which you will use to sustain their old customers. You also bought their schedules.
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You bought hard areas and lofty areas, in short, you bought everything. It will surely take time, to redirect a purchased business towards your own style of operation, but your willingness to do it can help you achieve it.
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Some people say it is easier to buy an existing business, while others believe in the opposite. Those who believe in buying suggest that starting from scratch require more expertise, delay more and is more likely to fail and thereby wasting their money.
While those who believe in starting from scratch suggest that it would be better to build the foundation of their business by themselves.
They start failing from the start, so that when they will be taking higher risks, they can be able to rise after falling.
These people unlike those who buy, see buying an existing business as “buying a strange thing, or corrupt organization; -what you don’t know; Basing their claims as thus: “the existing business might have a lot of unpaid debts, negative social values or reputations, bad policy, unsustainable environments and many other hidden reasons for selling their business”.
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Long story to be cut short, I am here to assert that I am not standing for any of the two, to here suggest for you. But be attentive now to identify the one fit for you.
People who have a lot of money, more than enough for their business, who also have found a company or business, with the same vision as them, should buy an existing business, being very ready to solve any issue that might arise therein.
Few factors can suggest on your decision, they are: your age, your financial status, your job at the initial planning true, your mentality. Older people should consider buying if they have the money.
However, according to LEGALVISION® , Buying an existing business offer an entrepreneur the following advantages.
1. Established infrastructure and customer based.
2. Proven track record.
3. Brand Reputation and Goodwill.
4. Cash flow and immediate revenue Generation.
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