
Would You Buy a Business or Start and Existing One?
Would You Buy a Business or Start and Existing One?
You might have a great business idea and you can actually visualize all that your business will be and more. You have a certain amount already set aside and you are raring to go. You feel it in your bones that you are going to make a success of this endeavour and there is no stopping you. However, you can’t seem to make up your mind whether you have to buy an already existing business or start a completely new one.
The decision is not an easy one because there are advantages and disadvantages for both and some would advocate for one and not the other. Mostly it depends on the person you are. How willing are you take risks for something you strongly believe in? The type of business you have in mind might be better started from scratch than inherited and we might also consider the level of business experience you have. Choosing to start a business with no prior business experience does not seem like a wise idea especially considering the percentages of new businesses which fail, and some of them being run by experienced persons too!
Considering the advantages and disadvantages of one over the other would help those not so sure about what to do to make an informed decision.
Advantages of starting a new business
The Disadvantages are
Advantages of buying an existing business
The disadvantages of buying a business are
The above points favour buying an existing business because the disadvantages of buying are outweighed by the advantages. This points in favour of buying an existing one if not for anything else but for the ease with which you can cruise into being a successful business person. Not to be forgotten or taken for granted is the fact that you might buy a dying horse. Be vigilant in checking every minute detail to do with the business before you commit.
Everything having been said and done, the ultimate decision should lie with you. All information is made as guides but the person who knows you is you and the person who thought of and came up with the business idea is also you. Put all you have on the table and make the best choice for you and what you hope to achieve. Where there is a will there will always be a way. And as someone I know would say, ‘It takes a little insanity to do great things.’
Manish Khanna is a serial entrepreneur, philanthropist and genuine Australian success story. In a decade he has built an online empire unlike any other. He is currently the Managing Director of more than 10 individual companies. These include the flagship Business2Sell which operates internationally in 6 countries. The others include CommercialProperty2Sell, Million Dollar Mansions, Netvision, BCIC Pty Ltd and Better Franchise Group, to name a few.
With more than 21 years’ experience developing web applications plus very successfully creating, managing and growing start-ups, he is forging ahead to turn more of his innovative ideas into future success stories.
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