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Would You Start a Business or Buy a Business?

Discussion in 'Starting Your Business' started by Nunzio Presta, Feb 3, 2017.

Would You Start a Business or Buy a Business?

  1. Start a Business

    8 vote(s)
    80.0%
  2. Buy an Existing Business

    2 vote(s)
    20.0%
  3. Start a Franchise

    0 vote(s)
    0.0%
  4. Buy an Existing Franchise

    0 vote(s)
    0.0%

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  1. Nunzio Presta

    Nunzio Presta Member

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    Thoughts?
     
  2. Adam Toren

    Adam Toren Administrator Member

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    Nunzio, we have done both (starting a business from scratch and also buying struggling companies and overhauling them) several times.

    Great question!

    We've learned that the principles in starting a new business and taking over an existing business are very similar.

    It seems to always boil down to these three things.

    1) work ethic - understanding that whether you start your own business or buy an existing business you are embarking on an entrepreneurial emotional roller coaster journey. There are going to be days in both scenarios that you feel like throwing in the towel and giving up. The perseverance and problem-solving mindset that you incorporate in your day-to-day work ethic will help you get through the tough days.

    2) understanding and connecting with who your customer is - this is vital to the success of any business anywhere in the world. You need to be able to understand who your customer is and once you understand that you will quickly learn what they want. You can do this by ensuring you are a great listener and surveying your customers with various questionnaires or what is callled a survey funnel. This also is the key to quality customer service too. Get to know your customers to really learn what they want and give them more of that! That's where the strategic marketing comes into play too.

    3) Organization (proper legal set up, accounting/bookkeeping set up properly from the start). It's important to always ensure that you are iliminating any legal or accounting headaches from the start. Do all you can do to ensure you have hired the right professionals to assist you.
     
  3. William Clements

    William Clements Moderator

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    My answer is not actually up there. It really depense on the business/business idea. For example, for my Affiliate Network and incentive Get Paid To (GPT) sites are started by me. However, if I am looking for something like an app/other kind of website and I can find a existing business for sale (even if no traffic) for it such as what I have done for an Buying/Selling video games on my website/mobile app.

    However, if I were to be looking for a business with a large amount of traffic/sales, it would cost significantly more to invest upfront but worth the investment if it is something I am interested in and is already a money making, can make my money back in no time. However, have to be careful with those kinds of businesses at times they are not really making anything and your investment was not worth it.

    I never did invest in a big business that already exists and making money before due to issues with legit and truthfulness, among things. Does not mean I never will/would though.
     
    Nunzio Presta likes this.
  4. Nunzio Presta

    Nunzio Presta Member

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    Great reply!

    Would love to turn this into a blog post if you are okay with that - how can I reference you?
     
  5. Caitlyn

    Caitlyn Member

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    Excellent question! I was involved with a merger of 3 businesses, all 3 owners wanted to work as partners but not all were equally involved. Another party was sharing clients operating within the premises but given no say in the business plan. Tensions were high and I wouldn't recommend getting involved again.

    In another situation my relative was interested in buying an existing Pilates studio. Upon review, the business valuation it was much lower then the asking price. An offer was made to purchase existing client list and equipment. A new space was rented and refurbished to start fresh. That was 3 years ago and the company is very successful.

    From what I have seen I would choose to start fresh with the assistance of a locally owned formation company such as Company Bureau: Irish Company Formations with Company Bureau. Experience, Trust & Service

    Thank you for raising discussion this topic
     
    Nunzio Presta and djbaxter like this.
  6. VirtualGlobalPhone

    VirtualGlobalPhone Moderator

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    Anyone venturing first into the world of business needs to start a fresh business.

    Its simply because, the story board is completely empty and as a entrepreneur you have the "choice" of choosing where to start , which color of the pen to use to write the story, whom to make the actor whom to make the paying audience and so on.

    The journey will be filled with full of emotions .. and ultimately success is the self acceptance what you left with or leaving to the world.
     
    Nunzio Presta likes this.
  7. Nunzio Presta

    Nunzio Presta Member

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    Hybrid approach - interesting...thanks for sharing.

    NP
     

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