Buying an Existing Business Or Start Your Own?


The truth is either option may be right for you. You will have to examine the pros and cons of both and determine what works best for you and your situation.

Different situations both in your life and in your personality should determine what route you take, if any at all. Remember, the better decision you make, the better chance that you will have to succeed.

Current Job Situation

The current job situation that you are in should be a deciding factor when you decide to start a business or buy a business.

Existing Business- An existing business is the best option if you do not have the money to maintain a business and your personal life until the business become successful. Since an existing business should already have a client base and profits, then chances are you will not have a problem sustaining yourself on the money that is made from it. You should be able to quit your job relatively quick, provided that you find a company that has already passed the new phase, has a good client base, and is showing profiles.

New Business- New businesses typically take a minimum of a year to become profitable. Until then, you will have to have the money to not only sustain the business, but your personal bills as well. If you do not have the resources available to do this, then chances are you will not be able to quit your current job. A new business should only be an option if you have the money for a year, or possibly more. You will have to keep your job for some amount of time. Having 2 jobs, especially one that relies on your for success can be a very stressful situation, so be sure you are ready and up to the challenge. The rewards are great in the end.

Patience

Existing Business- An existing business should already have everything, and take very little effort to get up and going once you complete the sale. This means that profits will come in much faster then if you were to start a new business. If you do not have the patience to let a business grow, then buying an existing business is the best option for you.

New Business- most new businesses take a minimum of one year to start showing the first signs of profit. This means that you will have to have a great deal of patience. However, the satisfaction you get from starting your business from scratch is well worth the wait.

Your Local Area
New Business- The first step in making a new business is deciding what interests you and how you could use that interest to gain profit. This can cause problems, especially if the area in which you live in already contains a business similar to the one you are wanting to start. You may have to consider moving to a new location, or changing what you want to do in order to suit the area in which you live. Starting a new business gives you this opportunity.

Existing Business- If your roots keep you where you are, then it may be a good idea to start looking the businesses in your local area. Are there any for sale? Is there anything that interests you or catches you eye? Buying an existing business ensures that you will be able to sustain that business in that area, mainly because it is already being done. You will not want to buy an existing business if you plan on relocating it.

Stamina

New Business- A new business not only takes patience, but it takes a great deal of stamina as well. When you start a new business, your who life will change. You main focus will be getting that business of the group, because chances are that you will not succeed unless you do so, and not all businesses succeed at all. You will have to deal with let downs, especially if your business takes longer to become profitable then you expected. You may have to work on your business for 18 hours a day. You may have to work harder then you expected. These are all factors that you should consider.

Existing Business- Since an existing business already have the structure it needs to be successful, you will need much less stamina. You will only need the time and effort to maintain what is already there.

Other Small Business and Your Life Articles

Starting a Business 101
Investing Your Time to Make Money
How To Set Up Your Own Business to Attain Financial Freedom
Start a Business With Little or No Money- Part 1
Start a Business With Little or No Money- Part 2
Start a Business With Little or No Money- Part 3
Start a Business With Little or No Money- Part 4
Start a Business With Little or No Money- Part 5
Start a Business With Little or No Money- Part 6
Buying an Existing Business Or Start Your Own?
Buying a Business
Selling Your Business
Interviewing Future Employees
Business Employee Blunders
8 Ways to Manage Your Business Contacts
Accepting Credit Cards: Merchant Status For Your Business
Business Credit Cards and How They Benefit Your Business
Why Should I Separate My Personal Credit from My Business Credit?
Ways to Make Your Affiliate Website Successful
Top 7 Reasons To Have a Business Website
Your Business Website
6 Ways to Keep Visitors Coming Back to Your Website
Top 7 Business Website Mistakes
Making Money On Your Website
Using Myspace to Promote Your Business

Small Business and Your Emotions Videos









Site Index Page * Home Page * Privacy Policy * Conditions * Disclaimer * Contact

Disclosure: Advertisements are placed on this website to offset the cost of maintenance and to keep this site free for everyone to use. Owners of this website will receive compensation for products and services purchased through featured advertisements.
All claims of actual user results should be considered as a-typical.


© 2011 Copyrighted by OkiDoki - All Rights Worldwide Reserved!
Site and articles redirected and transformed by Hans Peter M. Mul