The advantages of buying an existing business

Written By Steps To Faculty Published September 30th, 2010

Have you considered starting a business recently? Given the economic slowdown and slow recovery, many people feel that a business is their only alternative.Having a business can mean being your own boss and controlling your own destiny. There is an old saying that those that control your paycheck also control your life. If you have experienced this control, you may be tempted to start your own business. If you are determining which business to go into or initiate you may do a lot of research on top industries. When you are deciding on whether to start a business have you considered the advantages to buying an existing business? This solution may be more feasible than you realize. The following steps can help you decide on the benefits of doing this.

Step 1 Reduce start up costs

Starting your own business can be expensive if you have to do it from scratch. Consider the cost of establishing a web presence ($1000 a year including basic marketing costs at plus supplies, temporary or regular employees, health care coverage, insurance, rent or lease, and heavy advertising. These can cost a fortune. But starting your own business means that you are on a shoestring budget and may not be able to afford these amenities all at once. If you buy an existing business, the name of the business is already established and the staffing and other expenditures are financially predictable. You only work with the existing business.

Step 2 Decrease your efforts

Since the business already exists you only need to focus your efforts on attracting new clients and finding new niche markets to grow your business. The legwork of finding the right employees and getting any customers is diminished.

Step 3 Have an existing customer base

When starting your own business, the ability to have an existing customer base is essential. Gaining new customers is not only costly but very time consuming and often yields few results unless the business is a food business with ready made clients that ended to eat. Even then heavy marketing is required. When you consumer base already exists, you can analyze the taste of existing consumers in depth and find creative ways to attract new ones.

Step 4 Get support

The owner that you purchase the existing business from know the ropes about operating the business. This information is usually passed onto you at the time of purchase. Thus you can continue operations with little downtime since you have immediate support until you are functional on your own.

Step 5 Make a profit quickly

Avoid having the trial and error period of a business start up. An existing business is already workable and you can run it with a basic routine. Often, when starting a business you must endure trial and error periods to see what works with your customers and what products should be promoted more than others. An existing business eliminates some of this as it has already been done for you by the previous owner.

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Roger Due

Investing in Your Destiny® & Coaching Program - Wealth Building Summit Dallas, Texas

My name is Roger Due and I am from Albuquerque, New Mexico and I am the owner of the Monsano software company. This has been an absolutely fantastic conference. This is the best I have ever been to.