Would you rather start/grow a business from scratch or buy an existing business? - page 11.

dothebeats

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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.

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.

mindrust

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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?

I would buy an existing business but it should be reasonably priced. I don't overpay. I know how hard it is to start a business from nothing and I also know there are many business owners that want to sell their business. There are various reasons for that. Maybe he wants to move to some other business because he is not happy with the income of his current business or maybe he doesn't like to interact with people... Whatever the reason is, since he wants to get rid of that business, he should do a discount so it will attract potential buyers.

If you start a business from zero, you won't get a discount, you will get lots of other headaches and in the end maybe you won't even like that business...

Solosanz

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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.

lovesmayfamilis

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Quote from: WatChe on August 05, 2023, 03:52:37 PM

Why would someone sell a business that is giving good profit? The only reason for selling an existing business is because its not giving enough profit. So there is no point in buying an existing business unless the buyer is very much sure that its giving good return. Buying an existing business is like a copy trading, something that worked for other may or may not work for you. Its better to start a new business who fundamentals are known to you.

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.

GeorgeJohn

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If you buy a business you don't know how handle the business you will get lose by the end because you don't know the procedures of the business. On my own I suggest that a business you raise on your own without someone giving you the idea to handle the business will be more functions than a business you buy and you want to manage until it becomes propagate.

In other way round if you have a scope of business that's flourishing before you have to as well buy the business if you wish buying, because once you an idea of the business you will still maintain the business, but it have advantages and disadvantages for establishing a business by yourself and a business you buy, the disadvantages is that you don't know the business and you don't know either the reason the previous owner is will to sell the business, while the advantages is before you establish a business you most find out the population size of the environment.

nakamura12

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If the business is already running and the owner want to sell it due to quitting or doesn't have enough time now to manage more business then it will be good for thr buyer once the ownership of the business is transferred but if it isn't old or already running then there's some risk in buying it. If you buy it then you might get scammed if isn't a legit business onwer that plan to sell one of his business. When starting from scratch then there's a lot that you have to do in order to build your website and also getting license if you want to run a casino that is licensed.

Ayers

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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?

Elon bought Twitter and then made it his own. Although it will be expensive and challenging, he will also save a lot of things like Twitter already has a reputation and customers...And building a brand new brand will be more difficult and time consuming but there is no guarantee it will succeed. Twitter took over 13 years to get to where it is today, and if ELon had started building from the ground up, it would have taken him 13 years to build a brand like TW. Which one do you think will give you more advantage? And that's one of the big advantages of business if you have a lot of money.

Building a new brand or acquiring a brand, it will all depend on your business plan as well as the amount of capital you can spend.

Darker45

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It's quite hard to just give you an outright answer. There are so many factors to consider. If an existing business being offered is doing perfectly well, I could buy it instead of starting my own. But if I have an idea so strong that I really want it to be actually tested, then I would want to start my own business.

All this, however, could also depend on my financial capacity. If I were Elon Musk, however, and I want to acquire Twitter at the same time implement my own unique ideas, I'd rather just acquire Twitter, have someone run it as it is, and just create another platform to implement what I have in mind and call it like a porn site. LOL!

Latviand

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

They have their own advantages. You start your own business, you'll know the journey and challenges thoroughly. You also know personally who is involved in the business, employees, partners, etc.
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. But in this case, I personally prefer to work with business owners.

You're right, the only problem with buying an existing business though is why are they selling that business, there's a possibility that they're doing something illegal behind the scenes and they want to get out of it as soon as possible or they're facing financial hardships and they don't want the burden so they want to pass it onto other people. But if the business that you're buying is clean and there's no anomaly whatsoever, then I think that it's much better than starting from scratch because you still going to learn the ropes anyways so why not choose to buy a business that already has established contacts of loyal customers unlike starting from scratch, you're going to establish it your own. The only upside of starting your own business is that there's more glory to it because you've worked for it.

rat03gopoh

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They have their own advantages. You start your own business, you'll know the journey and challenges thoroughly. You also know personally who is involved in the business, employees, partners, etc.
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. But in this case, I personally prefer to work with business owners.

icalical

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If I have much money I would really prefer to buy an already growing business. Not the one that already established since it will cost too much, and there are already some fundamental of the business that I maybe I wouldn't like and I couldn't do anything about it because it will have bad effect on it. I would prefer buying a business that is growing but not too big, it should already has good marketing and good images but still trying to figure the other thing, so there I could make some change into the way that I like.

But saying all that is in the case that I have money, I wouldn't mind starting business from scratch, it's just I think it's easier to buy business that is already growing.

xSkylarx

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It really depends because it doesn't mean that if you buy a business, it will be successful. You'll need to know if the business is worth it to invest in, like how you would make it successful and what the way around is. But if you prefer to start from scratch and make it successful, then it is more fulfilling, and you can say that you built it from scratch, which makes you proud. If I were to choose, if I could see potential in an existing business, I will buy it, but if not, I'd make my own.

n0ne

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Business should be start from the scratch, only then we'll know about each and everything. When we buy a business we need to learn and we need to hire someone to take care of the business and we'll just be going around as the managing authority. This doesn't looks fair, so it is good to start from the scratch. It also lets you to do what you wish than buying someone's passion.

lousie9

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If I have a lot of money maybe I would prefer to buy an existing business but of course a business that has a good business reputation and prospects for the future.
I think it's easier to buy and manage an existing business because we just have to develop an existing business in our own way and we can get a lot of evaluations from this business trip beforehand.
In contrast to starting a business from scratch, it will take a very long time and will definitely face tough challenges because we build everything from the ground up.

JeffBrad12

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building from scratch is difficult, buying might be one way to fastly get some stand meanwhile you also learn in the process.
but then again it depends on whether you got a good deal or not, after all with business even if you start from scratch, if you are really talented in the field and offer your services or products out of the fact that its
truly products or services that could solve current problems society is having then its more likely that you will succeeds, but then again it honestly depends on you.
i'd say if there is some business thats currently gaining profits being sold at relatively low prices don't miss that chances.

usekevin

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Quote from: letteredhub on August 05, 2023, 06:30:40 PM

Not too many persons will want to start a business from scratch particularly when they have the financial resources and am one of those in that line of this school of thought. With the available finance I consider buying of franchise cut off those hassles and challenges peculiar to newly established businesses. With a franchise of an already established company with popular market saturation uncertainties about the future of the business are not a thing of worry

Business is different one from all the people perspective.The business need the capital which is essential one,before starting a business every one should rise the capital to the business.Even though it’s hard to start the new business,it’s better to start your own instead of getting in to the other people business.Because we don’t know why the other person selling their existing business.Most probably he will get huge loss from the business and it may be the ninety percent reason for selling the existing business to other people.

letteredhub

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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?

Not too many persons will want to start a business from scratch particularly when they have the financial resources and am one of those in that line of this school of thought. With the available finance I consider buying of franchise cut off those hassles and challenges peculiar to newly established businesses. With a franchise of an already established company with popular market saturation uncertainties about the future of the business are not a thing of worry

suzanne5223

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It's the type of business particular and the plan one has that will determine maybe it is better to start from scratch or buy an existing business. If you learn about a strategy and benefit an existing business which you can provide to make the business boom in the market you can choose to buy it because starting from scratch could take time.
Just like Elon Musk did when he bought Twitter and a lot of people see his decision for buying Twitter as lame. Meanwhile, with all the benefit he's crating for content creator, I believe he will make his money back this year.

Silberman

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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?

Starting your own business seems like a better idea to me, as buying an existing business will require a great deal of capital from the get-go as the seller will not like to sell for a loss, so you will have to buy for a premium, however if you start your own business you can start with a very low amount of capital as you can invest most of your spare time in it instead of using money for it, not only that you save yourself a great deal of legal trouble as depending on where you live it could be incredibly time consuming to finalize such a transaction.

Zaguru12

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Quote from: Lanatsa on August 05, 2023, 03:28:19 PM

Buying an existing business
2.It might be out of your passion
3.You would really be needing to learnt up everything from roots until to the top
--------------------------------------------

Not necessarily if you have a foresight into the business already, there are many people that have worked in some certain areas of business and have developed experience so they just simply sort out to buy business of same category and with prior knowledge they wouldn’t have too go through all the two listed above stuffs.

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

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

Buying and existing business is very risky and if you could have that chance and patient to nurture and start growing your personal business would be more better. Know this and have peace of mind, to every business there is a secret and if you buy a business you don't have the idea of or because you noticed there's much profits from that business and you think if you buys it you would also starts making such profits is something impossible, although sometimes it doesn't work that way.

This is associated to business in which you don’t have any idea about. But also starting up a business is also risky as you might ended up losing too probably if there are other people who do same business with you there and catching up with them will take way too longer time. But when you have the funds and also the knowledge too you can simply buy the business and there by reduce the number of competition you even face, most especially if the business is one of the most popular in that vicinity.

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