Why should I buy a business rather than start one?

When considering stepping into the business ownership landscape, the decision between starting a new business or buying an existing one can be pivotal. While the allure of bringing a fresh idea to life is undeniable, the benefits of purchasing an existing business are substantial and worth considering. Here’s why buying a business often edges out starting from scratch:

  • An existing business has a track record
  • The failure rate in small business is largely in the start-up phase
  • The existing business has demonstrated that there is a need for that product or service in a particular locale
  • Financial records are available along with other information on the business
  • Most sellers will stay and train a new owner and most will also supply financing
  • Finding someone who will teach you the intricacies of running a business and who is also willing to finance the sale can make all the difference