What is the Best Business to Buy?
This article is all about choosing a Best Business to Buy. There are basically 3 ways by which you can own a Business. And I will discuss here pros and cons of each and every way of owning a Business. Here are these 3 ways.
01) Buy an Already Established Business
02) Invest in Franchisee Opportunity
03) Develop a Business out of Scratch
All of the above are the 3 unique ways to own a Business. If you have a money in your pocket than you can go for any one of the above options. But if you don’t have enough money than there is only third option left by which you can own a Business.
The Best Business to Buy # 1: Buy an already established Business -
There are several advantages as well as disadvantages of buying an already established business. The main advantage of buying an existing business is that, you don’t have to start it from Scratch. Because somebody has already put all the hard work of starting a Business from Scratch. So once the transaction is over, you will have a fully functional cash machine in your hand. Another advantage is that, an existing business has a past financial history as well as client base thus, you will have all the information about past mistakes and what your client wants.
At the same time the main disadvantage of buying an existing business is that, it’s difficult to find great deal at great price in the market. Sometimes you may end up with loss making business in your hand. Finding a profitable business at fair price is a very difficult task.
The Best Business to Buy # 2 Invest in Franchisee Opportunity -
I Love this. I advise anyone to go for this option if you don’t know anything about Business & How to run it? The main advantage of investing in Franchisee is that, Franchisees come with already established systems such as marketing system, staff training system, billing system…etc…
If you don’t know how to run a successful business than Franchisee Business is for you. The disadvantage of Franchisee Business is that, you have to pay high royalty fee. Another disadvantage is that, you have to put up front capital. Many Branded Franchisees come with extremely high up front investment.
The Best Business to Buy # 3: Develop a Business out of Scratch -
This is my most favorite way. In fact, It’s my PASSION to develop a Business out of Scratch only. This option gives highest level of Flexibility, Highest level of risk & Highest level of return. This option works best for those entrepreneurs who have an idea in their mind.
The main advantage of starting from Scratch is that, The Entrepreneur has started it from nothing and that’s why he will be rewarded with highest returns in the future. At the same time, the disadvantage is that, Statistics don’t favour start-up Businesses. Almost 99 out of 100 start up Businesses fail before it’s fifth anniversary.
Thus, you can own a Business by any of the above 3 ways….!!!
