Purchasing an established business is the preferred choice for many entrepreneurs. It is generally viewed as the least risky alternative to starting a new venture. Below are some of the reasons why this is such an attractive option:
*The majority of the groundwork will already have been done in getting the business up and running. Permits, licenses, registrations, zoning requirements, construction, staff, inventory, are only a few of the headaches that can be avoided.
*It may be easier to obtain financing. Bankers and investors generally feel more comfortable dealing with a business that already has a proven track record.
*You are starting with a proven concept, and a market for the product or service will have already been demonstrated.
*You will have customers walking through your door, buying your product; unlike starting a new business, where you simply may not be able to attract customers. Cash flow is needed to pay the bills.
*You have an established reputation and proven concept that you can capitalise and build on, growing with your talents.
*You have an established network of contacts.
*Vendors are already in place.
*A business plan and marketing method should already be in place.
*Existing employees should have experience you can draw on.
*Many of the problems will have been discovered and solved already.
an expert OConnor Business Broker now for more information on how you can benefit from buying an existing business, and view our list of available businesses for sale.