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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