Would you rather start/grow a business from scratch or buy an existing business? - page 10.

mu_enrico

copper member

Activity: 2324

Merit: 2142

Slots Enthusiast & Expert

Quote from: Cryptomultiplier on August 05, 2023, 12:26:46 PM

So, given that the resources are available or not and you are presented with the opportunity to start/grow or buy an existing business just like Elon Musk, which option is more preferential and benefitial to you?

It depends on what state the person is. I mean if I'm already crazy rich, it doesn't make sense for me to build a business from scratch with all the hassles and problems. It's more convenient for me just to buy a business and tweak it here and there to get it running like I want.

Conversely, If I'm young and have little capital, I'd be better to start a business from scratch, to become crazy rich.

Gozie51

hero member

Activity: 2478

Merit: 621

Leading Crypto Sports Betting & Casino Platform

Quote from: rat03gopoh on August 05, 2023, 08:30:57 PM

If you buy an existing business that's great too. Suppose you see other people's businesses going flat while you have a creative idea that you think will add potential for increased sales.

To buy over someone's falling business requires two things. One of it is that you need capital to refurbish the business because most likely it is lacking in management which is the reason for the sale. So you have to be ready to pump in money in a business that is failing if you are buying it. For example take twitter, to the best of my knowledge was not failing but Elon musk bought it, he turned it to his taste, employed new hands and all that requires money.

Another point is you need to be experienced in it or your money will help you employ the best heads who are experienced to rejuvenate the business back to the public. So if one does not have those two criteria, they may not be able to buy over failing business.

Bloodseekers

full member

Activity: 769

Merit: 108

Quote from: 19Nov16 on August 06, 2023, 10:28:07 AM

Buying a business that certainly requires a large capital, if we can master at least 51% of shares then we can easily control the business, and in my opinion making a new business is something I like more than buying a business, building a business from scratch will make us know The best time to take action, different things if we buy an existing business will make us worry about being able to interfere with company performance.

There is nothing wrong with managing a business from scratch for those who want to enjoy the process of a business journey. We will definitely be very satisfied if the business we start from scratch can develop in the future. Maybe if you have enough money to buy a business you can buy a business and of course you are not a beginner in business.

isaac_clarke22

sr. member

Activity: 1596

Merit: 264

Quote from: Adbitco on August 05, 2023, 04:44:20 PM

Quote from: isaac_clarke22 on August 05, 2023, 04:35:39 PM

Quote from: Adbitco on August 05, 2023, 04:19:48 PM

-

Be it dying or not any business you don't start from onset is always risky to buy to start growing it yourself, especially when you are not into that line of business you would face challenges, as far as I know there are many people who had barely bought some businesses within my knowledge those business are no place to stand again because the new owner is not knowledgeable enough as the previous owner.
So I am not specifically emphasizing on a dying business, both active and running are prob to face same challenging.

They're rare and usually you'll just hear this kind of stuffs from large companies that continues to consume and absorb companies. Small business owners just have limited resources to risk in running another business and yeah you're right that it is specifically if you're not into line of business that you're running even if the business itself is profiting so much that it would just require change of owner.

It doesn't matter anyway if it is dying or still a relevant business. Even Apple just came back even if it was in the edge of bankruptcy.

19Nov16

sr. member

Activity: 1722

Merit: 252

Buying a business that certainly requires a large capital, if we can master at least 51% of shares then we can easily control the business, and in my opinion making a new business is something I like more than buying a business, building a business from scratch will make us know The best time to take action, different things if we buy an existing business will make us worry about being able to interfere with company performance.

marlo1001

full member

Activity: 359

Merit: 100

It's all depends on how much free money do you have and your expertise. So many variables to answer here

bitzizzix

sr. member

Activity: 2366

Merit: 448

Buying an existing business must be supported by a return on profits or income that can return your investment in a short period of time, and it must also have a well-known, well-established brand and also have a good reputation in the market. And the most important thing is that the business already has a lot of customers, especially initial customers. Because they are a steady source of income that must be maintained after you buy an existing business and do not change the convenience and comfort once you own it.

but usually the business is not cheap and it also takes time to learn it, but it will be in accordance with the profit or income that will be obtained and it all depends on you in managing it as a whole without reducing the good things before and it would be better if you improve things positive from existing business, thus getting more customers.

WatChe

hero member

Activity: 882

Merit: 540

Quote from: lovesmayfamilis on August 06, 2023, 03:14:05 AM

Definitely. This is equivalent to an offer to buy the training for a particular course, which in the future will become a source of successful income for you. I always ask if there is a profitable business, and what is wrong with the seller who wants to sell it ?
I would prefer to start my business from scratch, although the idea of a new business is not necessarily new. But my own steps will be taken into account, as will the mistakes of others who are engaged in the same activity.

There are hundred and thousands of mentors and motivational speakers who are selling courses with claim that these courses have necessary skills that will make you rich. The courses owners never follows whats in his courses rather only earning via selling the courses.

There is analogous to signalling group also, they sell ideas with claim that if you follow them you will get rich. How many cases we have seen till date where people became rich by following these signal groups.

Lorence.xD

sr. member

Activity: 1624

Merit: 315

Leading Crypto Sports Betting & Casino Platform

Actually it depends on your budget and your time, some people would invest in business since they already have enough savings to start a business so they can retire and focus on their business. If you are already retiring having a business is good because you can focus on the business like taking care of the papers, equipment, plans and many more. If you can't afford to do than you can actually do start franchising of course it's expensive but all you need to do is to pay up as they take care of the plan, hiring people and equipment. For me franchising is more risky, why? Because despite there's a contract if you can see that the business are not even profitable in just months then you would lose money. Unlike in your own business where you can control anything like innovation and trying new things unlike the franchised one.

puloweh555

sr. member

Activity: 490

Merit: 302

Quote from: dothebeats on August 06, 2023, 03:54:44 AM

I agree with your list. Essentially, if op wants to buy without worrying about executive work then the third one is the best option. Franchising will keep you away from worrying about marketing and production. However, you need to make sure you have a good place for it where the product's target customers will be around. If op is a starting businessman without much background in business and only wants to gain quick profit then 2 and 3 are good options.

A little bit of experience sharing, I once started my own business and failed in my second year. Incidentally, the business that I am running is an online business and now I am trying a franchise business with a fairly large brand, which I can conclude is just as difficult to control because human resources are of course very difficult to manage, even though there are SOPs from central management.

The difference is that the system, SOP, management and suppliers (some things you have to buy and look for yourself) already exist, so we just have to run them but with a fair amount of capital. So I think it's better to start your own business if you dare to take bigger risks. Because usually the franchise business has its time, but if you just want to make money and never have the basics in the business, then you can try franchising.

kryptqnick

legendary

Activity: 3094

Merit: 1385

Join the world-leading crypto sportsbook NOW!

I must start by saying that I'm not a business person. Creating or managing my own business is not among my life goals, but maybe I will get there at some point. But just recently, a friend of mine wanted to give me her platform because she didn't want it to just die off but didn't want to keep working on it either, so I had a chance to reflect on a similar question. I realized that if I ever get into business growth, I want it to be my own thing, something I start from scratch, so that it feels fully mine, not just like something I worked on as someone's else's project. But that's just a personal feeling, whereas rationally, I think it's probably more likely to work out if a person gets someone's business and works on growing it rather than starts from scratch.

WannaCry

full member

Activity: 742

Merit: 101

Buying an existing business is more expensive, if that business doesn't go well on your desired place then you will lose a lot of money. Meanwhile when starting a small one, you can decide how much your capital and see if it will succeed then you can expand. Having a business is my dream and I want to establish my own brand from it. I can try what I want and what's on the trend since I am not bound to an existing business.

mvdheuvel1983

sr. member

Activity: 1022

Merit: 368

When you start a business from the ground, it is like your baby; you love it, feed it, nourish it, cater for it, and you are emotionally attached to it because you have given it your all and you'd go any distance to see the business flourish. A new business will stretch you, teach you new skills, build your confidence and boldness. On the other hand, there is no emotional attachment to buying a business. You just buy it to make money. Simple. And if it doesn't make money, you sell it off without having a second thought. Look at what Elon Musk is doing with Twitter. First he fired people who helped to build the company, then he starts to monetize the blue checkmark, and finally he changes the name to X. The company's shares has dropped since he buy it. That's the point I am trying to make.

demonica

full member

Activity: 406

Merit: 109

If you got the money, you know that an existing business has a great potential in the market, and if you know that you can do better in managing and handling that business for it to grow over time, then buy an existing business. But if you have a better business idea that you can think you can build from the start, then you can choose to start your own. I feel like having a successful business where you built it from scratch is more fulfilling. If I were to choose based on my opinion, I think I'd choose to start my own. Then if I already have an experience growing a business, then maybe I can start buying other businesses. If I'm just a beginner as an entrepreneur, I won't have much idea in running a business so it might be hard to maintain and adjust on the current flow of operation an existing business has

BenCodie

legendary

Activity: 1638

Merit: 1036

6.25 ---> 3.125

Quote from: Cryptomultiplier on August 05, 2023, 12:26:46 PM

I don't really have much to say as regards to this post. It is just an avenue to hear your thoughts on which is better to invest both time, energy and resources in, mostly for a season as this, where we are experiencing economic uncertainty and ill-timed government banking policies.

So, given that the resources are available or not and you are presented with the opportunity to start/grow or buy an existing business just like Elon Musk, which option is more preferential and benefitial to you?

Buying one is definitely the easier way. However you can never turn around and be proud/claim sole success. You can improve on an existing business and either continue success or turn it around (if it's not doing well) though creating one creates a whole new level of success. Not only planting the seed of the idea, but taking care of it until it flourishes into something lucrative, that is another skill.

The question does need some questions answered to properly give a response. It really depends on:
- What's on the table? Are there successful business out there to scoop up and continue on for easy income?
- Does the individual have any business skills?
- Is creating a business viable financially, in comparison to buying one?

If the limit was $1,000,000 and successful businesses sell for $100-$300k. Then why not a succeeding business while forming an idea on the side? Or just nice and easy, scoop those businesses up, improve them, take more profit, sell them, create your own venture later. Not everyone has $1,000,000 in their pocket though unfortunately, so much easier written than done. This example also a validates how much easier it is for the rich to get richer

Gyfts

legendary

Activity: 2744

Merit: 1512

Quote from: Solosanz on August 06, 2023, 03:25:13 AM

There are three ways to buy an existing business:
1. Buy all the ownership and you have full control over your business.
2. Buy the business's stock, but you're either have less or no control over the business.
3. Buy a franchise and all you need is sell the product.

If you want to buy an existing business, the best is the first one, the safer is the second, and the third is depend on the business. Nowadays many project are making money by selling their franchise, so you need to beware about it.

I'd say buy all the ownership of existing business or start a new business are pretty much similar.

You can purchase an existing business directly from the ownership and establish a limited liabilities company which would separate you as an entity from the business. Some countries handle it differently and there are instances where you and the business are the same entity but the structure can be modified. In any event, any debts incurred on the business remain that of the business, and creditors can't personally come after you in case it goes under. It's as safe as purchasing a business's stock and taking it private -- most business purchases work this way as most are private.

Now, if you do happen to go under, any assets the business owns are no longer under your control and the creditors own all of it.

michellee

hero member

Activity: 2604

Merit: 816

🐺Spinarium.com🐺 - iGaming casino

I prefer to start and develop a business from scratch rather than buy an existing one because we don't know how to run the business and what has been done or the plans for the future. But if we start a business from scratch, we must have short, medium and long term plans to focus on working and developing it.

Buying an existing business is also related to the capital that we must prepare to buy and often, the capital must be very large. And is it worth it for us to do it? It will depend on your analysis before buying it. Elon Musk has a lot of wealth so he is fine buying an existing business and continuing with it and growing it. And he may be able to be more successful in growing that business than we can because our experience will be different from his.

So it all depends on our capital and how we can collect all the necessary data to choose what suits us.

LogitechMouse

legendary

Activity: 2422

Merit: 1036

Chancellor on brink of second bailout for banks

Buy an existing business? Do you mean franchising that business isn't it?
Because no businessman will sell their business especially if the business is doing pretty well. I mean if there are some internal issues around the business, or the business isn't working then maybe, but aside from that, I don't think that they will sell their business if it's profitable.

Or buy an existing business meaning be a part-owner of the company thru buying their shares in different brokers? Because buying their shares means you are buying the business, and the company. Either way, I will always go on buying an existing business thru either franchising, or buying their shares in the stock market. I'm not a business minded guy (which is kind of disappointing in my part), so if I will engage myself into business, I think buying one especially an established one might be a better choice for me.

Anyway, the question is subjective in a way because not all people here aren't a business minded person. Some might be successful in their own ventures already. Starting a business from scratch is really hard, and there are numbers to it already that most of the small business aren't lasting for more than 5 months.

superman184

full member

Activity: 658

Merit: 189

Quote from: Cryptomultiplier on August 05, 2023, 12:26:46 PM

I don't really have much to say as regards to this post. It is just an avenue to hear your thoughts on which is better to invest both time, energy and resources in, mostly for a season as this, where we are experiencing economic uncertainty and ill-timed government banking policies.

My thoughts on the current uncertain economic conditions are to continue carrying out activities as usual with much clearer goals or targets even though the banking policies were not implemented on time. Because I've never spent more time thinking about it so that it can make myself lazy in my own activities, besides that everyone can still trick different things to still be able to carry out their own work which has long provided income in their life.

Quote

So, given that the resources are available or not and you are presented with the opportunity to start/grow or buy an existing business just like Elon Musk, which option is more preferential and benefitial to you?

If this is the question, I think it doesn't matter if everyone can afford to buy an existing business because it's the same as buying stock so the benefits can also be very obvious. But for those who can create their own business at a more different pace than some other businessmen, I think it would not be wrong to try it because someone who can have their own business and is able to manage it well enough will also be more powerful than those who can only afford to buy an existing business. Although it also really depends on how the current economic conditions.

Tony116

legendary

Activity: 2072

Merit: 1023

★Bitvest.io★ Play Plinko or Invest!

Quote from: Solosanz on August 06, 2023, 03:25:13 AM

There are three ways to buy an existing business:
1. Buy all the ownership and you have full control over your business.
2. Buy the business's stock, but you're either have less or no control over the business.
3. Buy a franchise and all you need is sell the product.

If you want to buy an existing business, the best is the first one, the safer is the second, and the third is depend on the business. Nowadays many project are making money by selling their franchise, so you need to beware about it.

I'd say buy all the ownership of existing business or start a new business are pretty much similar.

Buying all ownership and we have full control will be a lot more expensive than the other 2 ways you mentioned.

One more thing, the only similarity between buying full ownership of a business and starting a new business is that you are both the owner. But there are a lot of differences between the 2. When you buy a business you own all the employees, customers, partners, reputation of the business…while building a new business you will need to build all of that from zero and It will take a lot of money, time and effort. Therefore, it is more profitable to buy a business than to build a new one. But note, I'm talking about businesses that are achieving steady revenue, I'm not talking about businesses that are in the bankruptcy stage.

Topic: Would you rather start/grow a business from scratch or buy an existing business? - page 10. (Read 1543 times)