Buy an existing business
What are the advantages and disadvantages of buying an existing business?
The main advantages are time and money. You don’t have to build a business from the ground up. On the physical side, there will be ready-made premises, with all facilities, including computers and phones ready and working.
To find, and set-up new premises is both time-consuming and potentially quite expensive. There will hopefully be trained staff in place, while recruiting from scratch, and then training staff takes time and money. Most importantly, the business will have customers and suppliers, saving you from the arduous task of finding suppliers that excel in price, quality and service, as well as trying to build up a customer base from zero which is extremely hard work.
There are two main disadvantages, Firstly, one has to put down a sum of money to buy a business, and secondly, one needs to be careful not to get lumbered with a ‘failing business’, that looks good on the outside.