| There are many advantages to buy an existing | | | | knowledge and skill to get on with the job - which |
| business. In this day and age, starting up a | | | | in turn, means a greater level of productivity. |
| business from scratch is a lot trickier, due to an | | | | You also have an operating system in process. |
| uncertain economy and also the presence of | | | | The benefit of this is that, depending on how long |
| other competitors. | | | | the business has been running for, you will have a |
| When it comes to buying a business, though, | | | | tried and tested business system in place. It is |
| there are benefits. You have an established | | | | difficult to judge what business system works |
| customer base, experienced employees, an | | | | and what system doesn't. When you start a |
| established market position and operating systems | | | | business from scratch, it will very much be a case |
| that are all in place. | | | | of trial and error. You may find that you end up |
| If you are worried about what the customers will | | | | wasting time on trying to find the best system |
| think when the recognised leader has left, then | | | | for you. With an established business, this system |
| don't. There are many types of customers and | | | | is already in place, and hopefully is one that |
| clients who will still prove loyal even when there's | | | | provides the best results. |
| a new face at the helm. Providing that you handle | | | | You will be entering a business that already has a |
| the established customer/client base well, there is | | | | market position. The best case scenario is that |
| not a problem. You may find that customers buy | | | | the business is widely respected and known, |
| on a cyclical basis, ranging from a month to a | | | | maybe in the local area or even all over the |
| year or even a decade. If that's the case, don't | | | | country. With that in mind, more people are going |
| throw away that 10-year-old customer list. | | | | to want to buy from a business that is widely |
| Managing an existing customer/client base is | | | | respected for top quality service and product. |
| certainly preferable to getting customers on board | | | | Even if the business only has a strong reputation |
| when starting a business from scratch - which | | | | locally, this is still a good starting point, since you |
| can prove to be both expensive and time | | | | can use this as a springboard for a broader profile. |
| consuming. | | | | With a new business, you have to work hard to |
| You will also find that you have a valuable set of | | | | build up that level of respect, but with an |
| employees at your disposal. They are both | | | | established business, this is an easier process. |
| experienced and skilled, and will often know the | | | | Providing that you have enough money at your |
| business inside out and backwards. However, with | | | | disposal, buying a business is a shrewd investment. |
| the prospect of new ownership, this can | | | | Even if you don't, there are still ways around it, |
| re-energise them and give them a new lease of | | | | such as a loan made either from a bank or from |
| life. Certainly, compare this to if you had to find | | | | the business owner which can be paid back over |
| new employees from scratch. Not only do you | | | | time. It is still has advantages over a franchise, |
| have to be sure that they are the right fit for the | | | | because you can do whatever you want in a |
| company, you also have to train them up and | | | | bought business, whereas in a franchise, you are |
| educate them about every single aspect of the | | | | still marching to someone else's tune. Whatever |
| business. Sure, one day, they will be well up to | | | | your reasons and methods of buying a business, |
| speed, but with a purchased business, the staff is | | | | make the most of the advantages at your |
| already in place - meaning that they have the | | | | disposal and you will hopefully reap the rewards. |