Fact: 80% of new businesses fail in the first 3 years!
Fact: Most established businesses continue to be successful!
If you are motivated by personal accomplishment, stimulated by challenge, and want to be your own boss, then business ownership is for you. However, let someone else take the risk and high cost of starting from scratch. Buying an established business provides you with two of the three necessary components of success - a proven location (or customer base) and the right product. You provide the third ingredient - management.
The following are some of the likely advantages of buying an established business versus starting a new one:
The
market cannot support another competitor
Can get your
new business up and running quickly
A successful
business may stay successful while you get up to speed
Your new business
may already have the equipment and assets you want
Set-up and installation
costs are cheaper or non-existent
The old clientele
may well be your new clientele
Get
the "best" location
or acquire a favorable lease
Expenses and
revenues are known
Easier to get
licenses and permits
Easier to get
loans and other financing
Intangibles:
Goodwill / Brand Name
Supplier relationships
are established
Trade credit
may be established
Inventory is
in place
Get key employees
on your team
Get trained
experienced employees and staff
Prevent competitor
from entering area
Little competitive
backlash or reaction
May be able
to use the experience and advice of the previous owner
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