Should you buy or start a business?
Should you buy or start a business?
STARTING YOUR OWN BUSINESS
Starting a business from scratch is a great option, but it’s not for everyone. For a start, it’s far riskier than buying an existing business and you’ll need to make sure you really think things through and develop a business plan. You’ll need to think about whether people will buy your idea and do your market research. Most importantly though, you need to check whether the financial side stacks up and whether you’ll be able to make money.
On the other hand, seeing something that you’ve personally started grow into a business where people want and need what you offer, is one of the most rewarding things out there. It’s a real buzz to realise that you’re responsible from going a tiny seed into a glorious tree.
But, believe me it won’t all be plain sailing and that’s why you’ll need to make sure you have a plan in place to address the times when it goes wrong as well as celebrate your successes.
BUYING A BUSINESS
Buying a business, in a way is a safer option – if you buy the right one. What you’re buying is the reassurance that the business will be profitable as well as the existing customer base. In other words, you should be able to get the business up and running quicker than you would if you’re starting from scratch.
However, buying a business is pretty much like buying a house. Chances are that you’ll fall in love with the business and will be able to see all the possibilities and opportunities for it, but once you’ve decided to go ahead there will be lots of legal stuff that will be hard work and time consuming to actually make it happen. So be prepared for that before you start.
Just as with starting a business from scratch, you’ll need to plan thoroughly for all eventualities. You might also want to think about receiving some training from the current business owners so that you can hit the ground running on day one.
Whether you decide to start a business from scratch or buy an existing business, make sure that you do your homework, write a business plan and really think things through. It’s no accident that 90% of the businesses that write a business plan are still going 18 months down the line, so it’s well worth the time to do it.
For more help and advice on writing a business plan, why not contact us for our free factsheet by going to our profile and contacting us?
Should you buy or start a business - To learn more about this author, visit Helen Dowling's Website.
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If you’re thinking about starting your own business, there are always two options open to you – starting your own business or buying a business that’s already in existence. Each of these options has its pros and cons and it’s important for you to consider these before you make your final decision.
STARTING YOUR OWN BUSINESS
Starting a business from scratch is a great option, but it’s not for everyone. For a start, it’s far riskier than buying an existing business and you’ll need to make sure you really think things through and develop a business plan. You’ll need to think about whether people will buy your idea and do your market research. Most importantly though, you need to check whether the financial side stacks up and whether you’ll be able to make money.
On the other hand, seeing something that you’ve personally started grow into a business where people want and need what you offer, is one of the most rewarding things out there. It’s a real buzz to realise that you’re responsible from going a tiny seed into a glorious tree.
But, believe me it won’t all be plain sailing and that’s why you’ll need to make sure you have a plan in place to address the times when it goes wrong as well as celebrate your successes.
BUYING A BUSINESS
Buying a business, in a way is a safer option – if you buy the right one. What you’re buying is the reassurance that the business will be profitable as well as the existing customer base. In other words, you should be able to get the business up and running quicker than you would if you’re starting from scratch.
However, buying a business is pretty much like buying a house. Chances are that you’ll fall in love with the business and will be able to see all the possibilities and opportunities for it, but once you’ve decided to go ahead there will be lots of legal stuff that will be hard work and time consuming to actually make it happen. So be prepared for that before you start.
Just as with starting a business from scratch, you’ll need to plan thoroughly for all eventualities. You might also want to think about receiving some training from the current business owners so that you can hit the ground running on day one.
Whether you decide to start a business from scratch or buy an existing business, make sure that you do your homework, write a business plan and really think things through. It’s no accident that 90% of the businesses that write a business plan are still going 18 months down the line, so it’s well worth the time to do it.
For more help and advice on writing a business plan, why not contact us for our free factsheet by going to our profile and contacting us?
Should you buy or start a business - To learn more about this author, visit Helen Dowling's Website.
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey'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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