Buying an Existing Business – the Advantages!

3rd December 2018

Real Business published an article this week on how to purchase an existing business, and we thought we’d share the information!

There is an apparent stigma surrounding buying a business, in that it makes you less of an entrepreneur than starting your own – however, there are many advantages to going about things this way. The Financial Times reported in 2017 that the number of self-starting entrepenurs had broken records, and that startups founded in the UK had gone up by £160,000 from 2015 to 2016. In 2018, it was reported that 5.6 million small businesses existed in the UK, and accounted for 99.3% of all private sector businesses that employed around 16.3 million people – so quite a few!

However, around 8 in 10 companies go under during their first year of operation in the UK; the Financial Times reporting that out of all UK startups founded in 2013, only half survived their first three years of life. And there comes the point of this post – how do businesses avoid floundering? Well, one option posed by Real Business is to become the owner of a business which is already operating! Now just because the company isn’t being started from scratch, it doesn’t mean that you are not an entrepreneur looking for creativity, impact and innovation – all of which can be found when purchasing an existing business – as long as it is the right one for you. So what are the advantages?

  • It’s easier to gain finance
  • There’s income from day one and less investment is needed
  • The brand is already known to consumers
  • You can get to know the business before you make changes
  • It’s less stressful than starting a startup

 

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