If you’ve longed to run a business and work for yourself rather than putting up with a boss there are two options. Buy an established business by browsing online business sales websites or contact a business broker, whether you want to run a commercial cleaning operation or digital marketing agency – or start up a new one from scratch.
Both options have advantages and disadvantages, but whichever you decide on, it’s a good idea to consult with lawyers before signing on the dotted line. That way you’ll be sure that all is as it seems and your solicitors will be available to you whenever you need them to ensure everything is done legally.
While it may seem cheaper to start up your own business, there are several good advantages of purchasing one that is a going concern already. Here are some of them.
- There will be immediate income to help pay costs.
- Many lenders view an established business as a better risk than one still in the pipeline.
- There are fewer decisions to make as everything is already there. For instance, if you buy a coffee shop, you won’t have to decide on the decor, or how to set up the furniture.
- There is less work involved in setting it all up.