King bell
VIP Contributor
The decision to start a business can be one of the most difficult decisions you'll ever make. On one hand, it's exciting to think about what your company will do tomorrow, but on the other hand, you might feel overwhelmed as tens of thousands of dollars race through your mind. If this is the case, then ask yourself these important questions: Are there already other people doing what I'm interested in? What are their plans for the future? Will they go away soon?
Buying a business is also called "buying a franchise" when the owner has started the business, been in it for 10 years, or more. It's also called "buying an existing business" when you want to start doing something similar yourself, but with slightly different plans. The process is the same though.
Starting your own company from scratch then you'll likely have more opportunities than if you're buying one. Therefore, you'll have a bigger chance of being successful. The reason behind this is that there are more startup businesses every year than there are existing businesses. On the other hand, if you buy an existing business then it's likely that you'll have only one option to choose from. This means if you don't like it, then your only option will be to create your own business from scratch; which is often more work and time consuming. Another thing to consider is buying an existing business has greater risks than starting one because another company is already doing it successfully. So much of what you want to do might be almost exactly the same as what the company does already or something very similar.
Buying a business is also called "buying a franchise" when the owner has started the business, been in it for 10 years, or more. It's also called "buying an existing business" when you want to start doing something similar yourself, but with slightly different plans. The process is the same though.
Starting your own company from scratch then you'll likely have more opportunities than if you're buying one. Therefore, you'll have a bigger chance of being successful. The reason behind this is that there are more startup businesses every year than there are existing businesses. On the other hand, if you buy an existing business then it's likely that you'll have only one option to choose from. This means if you don't like it, then your only option will be to create your own business from scratch; which is often more work and time consuming. Another thing to consider is buying an existing business has greater risks than starting one because another company is already doing it successfully. So much of what you want to do might be almost exactly the same as what the company does already or something very similar.