The entrepreneur in you is screaming at you to take action. But you’re torn between acquiring an existing business and starting one on your own. A startup is exciting, and it uses a lot of the business owner’s creativity to be successful.
An existing business, well, already exists and all you have to do is continue operations. Are you the type of person who’d rather buy a business here in Utah than start one up from scratch?
Here’s a look at four benefits of buying a small business.
1. Your chances of success are higher.
The business is established. Your customers are already there. And it’s probably already successful even before you buy it. All you’ll have to do is continue the business and find ways to improve it over time.
2. You can enter the market immediately.
Startup owners have to work hard during their first few years just to establish a name in the market. An existing small business helps the new owner make his way through all that hard work and enter the market in a shorter period.
3. Makes it easier to get financing.
Banks hate uncertainty, especially with loans. A set business plan and a working business strategy make it easier for you to obtain financing. It assures that bank that you have stability and a constant source of income.
4. The system is already in place.
It may take long weeks of brainstorming and meetings just to come up with a system that works. You can say goodbye to late night meetings with an existing business because the process is already there.
Everyone has a businessperson’s blood in them; it’s just a matter of what type of business you’d want to have. If you have the time, creativity, budget, and longing to start your own business, go ahead.
But if you like to continue an existing business and make it thrive, you can go ahead and look at the market of businesses for sale.