Why buy an existing business?
Why buy an existing business?
Even if the company was not profitable in the past, your strengths may lend perfectly to turning it into a viable venture. Furthermore, you have the ability to verify what the company did in the past that resulted in the current status of the function. When looking at purchasing a franchise there are many business features you must look at. Some of the most important business features to look at are the franchises past activities, how it operated , the current status, how it competes against similar franchises as well as competing franchises in the area, and well as what kind of future the franchise will have. You will gather the facts and next try to ascertain how it adds up with you at the reins. This information collection will be much more accurate and efficient to obtain when working with a previously existing franchise or business, since you will have additional resources from which to get detailed information. A company that has an infrastructure, including customers, suppliers, employees, equipment and systems, you will have the benefit if you purchase.
Whereas a start-up or a new franchise must start at point zero, you have the advantage of concentrating your efforts on building the business. Most people think that purchasing a company or franchise that already exists will be more expensive than starting from scratch but this is not necessarily true. The fact is it usually costs less than opening a new franchise or launching a start-up. At least you know what you re getting if you investigate it properly, even in those cases where it may require a premium.
Why buy an existing business - To learn more about this author, visit Mark Gulf's Website.
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If you don't know which business ownership arena you should pursue, don't worry because there are many options that will be available to you. If you are looking to invest in or start you own business, take your time, it is overwhelming. Your chances of success are clearly best when you buy an exiting business or franchise resale for many reasons. Because with any new business you have 2 challenges: developing the product or service and then seeing what, if anything, people are willing to pay for it. Our decision will be based primarily on the history of an existing business or a franchise irrespective of the organization's past performance.
Even if the company was not profitable in the past, your strengths may lend perfectly to turning it into a viable venture. Furthermore, you have the ability to verify what the company did in the past that resulted in the current status of the function. When looking at purchasing a franchise there are many business features you must look at. Some of the most important business features to look at are the franchises past activities, how it operated , the current status, how it competes against similar franchises as well as competing franchises in the area, and well as what kind of future the franchise will have. You will gather the facts and next try to ascertain how it adds up with you at the reins. This information collection will be much more accurate and efficient to obtain when working with a previously existing franchise or business, since you will have additional resources from which to get detailed information. A company that has an infrastructure, including customers, suppliers, employees, equipment and systems, you will have the benefit if you purchase.
Whereas a start-up or a new franchise must start at point zero, you have the advantage of concentrating your efforts on building the business. Most people think that purchasing a company or franchise that already exists will be more expensive than starting from scratch but this is not necessarily true. The fact is it usually costs less than opening a new franchise or launching a start-up. At least you know what you re getting if you investigate it properly, even in those cases where it may require a premium.
Why buy an existing business - To learn more about this author, visit Mark Gulf's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Bernard ReberBack in late 1992, MS Access hit the streets. About that time the company I managed needed new software to handle their growing client base and I decided to try this new product. I had little difficulty writing and adapting a database to suit us and discovered a hidden talent for programming. A business was born. With business studies and 25 years of management experience in three different countries under my belt, I could offer a unique combination of skills and my customers agreed. From these humble beginnings my software 'invoiceit' emerged in 1999 and has since been taken to 49 states (hello Wyoming, won't you join us?), all across Canada and more than 70 other countries. From the very beginning the program included cashbook accounting, the simplest form of keeping financial business records. The Dictionary.com defines 'cashbook' as "A 'book' in which to record money received and paid out". For 'book' substitute 'simple software' and that's what I'm about. Now I have published Simple Accounting, an inexpensive spreadsheet solution which even you can master. For just $14.95 it costs less than a takeout meal! More at http://www.scrambled-card.com/simple_accounting_main.htm - Visit Bernard Reber's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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 Mark Gulf (Visit Mark's Website) Small business owner, business broker.
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