The Advantages of Buying an Existing Business
Congratulations are in order as you have made the decision to buy a business and to become a member of the fraternity of business owners. You are not alone, as there are a multitude of entrepreneurs navigating their way through the process of buying their own business, weighing the costs and benefits of becoming being self-employed, versus a career working for someone else.
There is no doubt that there are a number of risks you will encounter once you decide to take the path to becoming a business owner; but when you buy an existing business as opposed to starting one from the ground up, there is a greater likelihood of achieving financial and emotional success. The primary advantage to buying an existing business are is that you are acquiring an ongoing stream of revenue, a proven customer base, steady suppliers, and if all has gone well, loyal employees.
Another option is buying a franchise that combines the starting from the ground up component with a time-proven product and service with a proven operating system. Once you make the commitment to becoming a franchisee, you will be following a corporate operating system that consists of rules, regulations, restrictions, and requirements. If you are creative and don’t like following rules, regulations and the such, a franchise might not be for you. You will also be required to pay to the franchiser such things as an initial franchise fee, royalty expenses, and advertising fees. Many of the best opportunities and most sought-after businesses in our market today revolve around established franchise businesses that can be incredibly profitable and allow for further expansion through opening multiple franchises.
In closing, the advantage to buying an existing business as opposed to a start-up business is that there is a great deal of quality businesses on the market to choose from. If you are flexible in terms of the type of business you wish to acquire and the geographic location, there are amazing possibilities to select from in any area. The key is to find the “right” business at the “right” price. This is where offices like ours come in, and where we can provide you a second chance to do what you love by helping you buy that “right” business.
If you are interested in learning more about buying a business, we can help. Get in touch with Tim Bellon a call at 813-260-3127 or tbellon@vrsouthshore.com for a no cost and no obligation conversation.
