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Start a Business Part 3 of 3

Posted by trinda On December - 7 - 2012

Start a Business Part 1 of 3 

In the last of this three part Series we are going to focus on buying an existing business.

Maybe you are at a time in your career right now where you are coming up to the new year and looking for a fresh start or perhaps you have been involved in a downsizing, been unemployed for sometime or simply have always had a dream to start a business. Whatever the reason there is some questions you should be asking yourself before starting the evaluation process.

  1. Do I look for a franchise with an existing system in place?
  2. Do I want to start my own business from scratch?
  3. Do I buy an existing business?

Buying an Existing Business – Pros

  • Funding – It can often be easier to obtain financing because the business already has an established track record.
  • Strategy Already in Place – Many of the problems that businesses run into have already occurred and have been resolved. The business will be more forgiving to the market than starting a new business.

Buying an Existing Business – Cons

  • Funding – You will likely need a significant amount of working capital to aid with cash flow. Generally, a large amount of cash is necessary to make the actual purchase.
  • Current Business Contracts – You may have to renegotiate or honor any contracts that are already in place with the current owner some of which had already been paid.
  • What lies beneath the Floor – Most business owner that is very profitable and successful usually don’t want to give that up. Look for the real reason the business is being sold.

If you would like to explore this in more detail you can request  a free information package here: http://bit.ly/requestinformation

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