Best Businesses to Buy
Starting a business can be a rewarding ordeal.
Therefore, you must learn all the best businesses to buy before deciding which one better suits you.
Choosing the best business to start up with can be a daunting task especially if you did not do your assignment. Before making your choice on what business you will open up or franchise weigh the advantages and disadvantages of each one. There are 3 possible business opportunities for you. You can buy an existing business, invest in a franchise company, or start your business from scratch. They each have different pros and cons so you must weigh them well to determine which business is perfect for you.
Buying an Existing Business
This option offers great advantages that cannot be achieved in new ventures since the company will have track record of financial and operational history which can be evaluated at any time. Entrepreneur can learn from the history of the business and will prevent them from acquiring the same mistake from the past and also eliminates the need for a trial and error process inherent in the startup business. The sellers can be asked to stay with the business for quite some time to help the new owner. The advantages of this is that you can handle the full control of the strategic direction, you have a quantity or proven formula, training and owner transition is available, and you can review the past history or record of the company. However, the disadvantages of this are that the buying financing can be difficult to buy and the right opportunity is the same. Also, the significant changes can be difficult to instate and may have secret “stains” from the previous owner.
Purchasing a Franchise Business
This has a nice compromise between buying an existing business and starting one. The franchisors have developed a set business plan and offer simple guidelines for their franchisees. Assistance in financing can be obtained through the help of the franchisor and operational supports as well as trainings are provided. However, the disadvantage of this is there are operational boundaries such as financial, geographical, vendors, etc. Also, the choices of industry may not be offered in specific geographical areas. You must also pay the royalty fee which can be costly depending on the business you will franchise.
Starting a Business from Scratch
This option has the highest flexibility for an entrepreneur because he can control all the aspect to meet his own specifications of a business. The entrepreneur is the one who directs every business detail such as marketing, branding, location, etc. However, one of the most difficult problems for this option is the financing. The startup capital requires significant level so entrepreneur seeks for financial aid from venture capitalist, financier, bank, etc.
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