Sometimes Buying an Existing Business Beats Starting from Scratch!
Starting a new business is always a stressful time. All new owners wonder if their market research was adequate, did they develop the right business plan, do they have a recession-proof business and so on. Buying an existing business might be a better choice than trying to start from scratch, and Hallmark Business Brokers can help make that happen. Here are four reasons it may be a better choice to purchase an existing business:
- There may be less risk. Purchasing an existing business showing a successful history and having established customers means that business has already proven its value to the local community. There is, therefore, less risk than trying to begin with nothing but a business plan and a product or service that the community may not value.
- Cash flow can start immediately. Starting a new business means you may not make a profit for at least three years. Buying an existing business can provide the cash needed to repay your debt and still have the adequate cash flow to draw a salary and save some profits for future needs.
- You already have an established brand. A business’s most valuable asset is the brand that customers recognize and value. Creating a respected brand is the biggest hurdle new businesses face. Buying an established business overcomes this barrier immediately.
- You gain knowledgable people. Your customers may value your employees as much as the brand if the previous owner hired carefully and valued them. Having a strong employee base offering great customer service is something that takes time when you start a new business; you won’t have that hurdle when purchasing an existing business.
Hallmark Business Brokers in Venice Florida are experts in buying and selling businesses in the greater Sarasota area. Before you go looking for a business on your own or need to sell your existing business, contact us first at 941-445-4726!