What Are the Advantages and Disadvantages of Buying an Existing Business?
If you want to start your own business, the number of choices available are almost infinite: starting from zero, buying a franchise, partnering. If you don’t have previous business experience, however, it may make sense to consider buying an existing business, which can put you ahead of the competition by throwing you directly into the business world. Before you make the final decision, though, here are some of the pros and cons of previously established businesses and how to deal with them. Some ADVANTAGES of buying an existing business include: • The main benefit of buying an existing business is the fact that all legwork has already been done for you. Getting a business off the ground is often the hardest part, so you are guaranteeing a head start by skipping the first stage. No need to file paperwork, obtain permits, and consult with lawyers. • Buying an existing business gives you the advantage of an established customer base. People will already know the place, so the costs of ad
