Would you rather start/grow a business from scratch or buy an existing business? - page 12.

Viscore

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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?

It depends. If the existing business has already established its name to the people and is gaining huge demand from its consumers, then I would say buying it is certainly worthy. But still you have to be ready to handle a business, which means you need to be highly knowledgeable on the business so that you can also contribute to its continued growth. However, if you have doubts on the existing business if it will continue to prosper or not, then it’s better to start from the scratch. Have your own business that is align with your passion and skills, so that you’ll be able to manage it properly with the help of your supporting staff.

teosanru

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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 think it depends on the situation and nature of the business. So if it's a business in which entry into the market is easy, which means the setup is not that cumbersome process to do then obviously it's better to start your new business. For eg. by providing software services to big companies, here you can provide a better product and easily make your name in the market. However, if it's a consumer product like a cosmetic business, it does take some time to actually build your rapport therefore it'll be better to buy that rapport at a fair price. Similarly some people like to buy the setup & Network because it's difficult to create that setup & Network.

Abu-Naim

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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 believe it is dependent on the sort of business and the condition and state of the business at which you are prepared to acquire it, since occasionally you might get the opportunity to buy an operating firm or business because they went bankrupt and can't hang on to it anymore, which is a wonderful deal. Otherwise, I'd rather create my own business.

Adbitco

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

It's risky, but why bother settle for a dying business if you can buy the one's that's still continuously relevant. OP even indicated that assuming you have the given resources available anyway so there's that. In that case, it would be riskier to start new ones. Let's say that here in my area there's that monolith Starbucks in the center of my city and many business owners would just build coffee shop around it. Surely most of them would just crumble.

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.

isaac_clarke22

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

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Well Elon Musk is just straight up a rich guy, so I don't think that you could just do that same thing that he does unless you're in the top <5% of "those people" in the world. Since you mentioned that there would be given resources anyway, it would be better off just absorbing other businesses out there if that's what you can call it in "buying other existing business".

Why would you create something from the scratch anyway if there's an existing of it already, say for instance the trending Musk-Twitter saga. Unless you want to spend years of research in order to create the app that would replace the current Twitter, then buying the existing the business would be better off. It would save ya time, money and also you have the control to wherever the product would go in the next upcoming years.

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.

It's risky, but why bother settle for a dying business if you can buy the one's that's still continuously relevant. OP even indicated that assuming you have the given resources available anyway so there's that. In that case, it would be riskier to start new ones. Let's say that here in my area there's that monolith Starbucks in the center of my city and many business owners would just build coffee shop around it. Surely most of them would just crumble.

Adbitco

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Always Act Smart and Play Safe With Your Funds

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.

Maybe this could only be possible if you are already in that same line of business and you understand the prerequisites, the principle and regulations that governed such kinds of business otherwise if venture into you may not succeed just as what is happening to twitter currently. Building your personal business is more better you would know the foundation and the solidity of how you started, I mean the birdrock of your business will lay in your hands than what other started because when difficulties come you may not know where to start and where to stand to be able to control all every for your business to come back to life.

Sim_card

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The answer to your question depends on the funds that is with you and what kind of business that you are investing into. If it is a business that you already understand how to go about it in the past and you feel that you can run it,this isn't a problem. But if you have zero idea on the business,it is better that you start your from the scratch so that you will have more experience in the business and will be able to set your goals on how to overcome the challenges that will draw setback on the business. It is better to start any business from the scratch than buying an existing business.

WatChe

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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.

Unbunplease

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Usually, if a ready-made business is sold, not everything is smooth sailing - there may be problems with premises, supplies, problems with customers. Why sell a well-run business? Often they sell only that which in reality is unprofitable (reports can always be painted beautifully, but the reality turns out to be different).

Lanatsa

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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?

Actually you could be able to differentiate between these two and you could really be able to find which thing that suits out.

Buying an existing business

1.For sure it would really be that talking about huge investment or money to take out
2.It might be out of your passion
3.You would really be needing to learnt up everything from roots until to the top
4.New management, So new set of rules to be applied out
5. Adjustments
--------------------------------------------
Starting from scratch

1. Cheap
2. You do know those trials and errors
3. Getting in line with your own passion

This is why if im the one who would really be tending to choose out then i would deifnitely be making my own business start from scratch rather than on making myself on buying a business
that its already established yet this wont really be talking about cheap prices but rather huge ones.Plus, you cant really be sure that on the time that you had bought it,
It would really be still continuing to be that way specially if the new management kicks in. You wont know on whats up into your clients mind or users on the time that they do
know on such huge changes which it might really changed up some impressions.

inthelongrun

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But X is the only business that Elon bought right? Elon built many projects before that were successful.

Given that capital is not a problem, both are good depending on the situation and type of business that you want. It will be a combination of both as I want my businesses diversified.

I am also planning to have my own business probably by 2026 which is after the bull run, so it's cool to read some useful insights here. I have no problem starting from scratch or buying an existing business like paying for a franchise.

Ultegra134

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Quote from: Ever-young on August 05, 2023, 02:58:57 PM

Quote from: Zlantann on August 05, 2023, 01:05:27 PM

The reputation of the existing business should also be a factor. Businesses with good reputations and wide clientele might be good to buy because they don't need much expenses for advertisement and others. And making profits can be instant or take lesser time when compared to starting a new business.

I see this part as one of the hardest part in buying of business, when business that have built a reputation changes hands, there will be lot of eyes on that business especially when they new owner is not a company that already have a good reputation also but a single individual. First the main purpose of the person buying the business is for profit making, but spending a huge amount of money into a newly acquired business usually will make the new business owner to looks for means of getting back their spent amount in a short period of time which could jeopardize the entire thing, as they will not have time to study the market properly, new favorable policy to the new owner will be implemented which might not be in favor of the masses which can cause issue in the business. Reduction in stock price, panic customers and all of that.. Let us just take Twitter as a good example.

It depends on the type of business, I guess. If we suppose that you wanted to open up a coffee shop, then I wouldn't see why it wouldn't be a good idea to purchase a pre-existing business. You'll have all the necessary equipment in place, and your business is pretty much ready to go with only minor changes, such as in decoration and your branding. Of course, that depends on how much the asking price is, but in general, I believe it'd be cheaper on this occasion. Reputation is something that will have to be regained if you choose to completely rebrand your new business. Even if that place had horrible reviews in the past, it can still be saved, and it's providing you with one more reason to bargain on the final price.

Generally speaking, in my opinion, buying pre-existing businesses as an average entrepreneur is recommended when the industry we're talking about is the same as the one we're aiming for. If you're hoping to come up with something completely innovative, then certainly start from scratch.

mk4

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Both are good — in the end it will just depend on which kinds of business you can start from scratch and which kinds of businesses you can potentially buy. There’s simply no one-or-the-other answer here.

Personally I prefer starting businesses on my own simply because I had zero opportunity to buy a business(that’s not in the stock market).

Ever-young

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Quote from: Zlantann on August 05, 2023, 01:05:27 PM

The reputation of the existing business should also be a factor. Businesses with good reputations and wide clientele might be good to buy because they don't need much expenses for advertisement and others. And making profits can be instant or take lesser time when compared to starting a new business.

I see this part as one of the hardest part in buying of business, when business that have built a reputation changes hands, there will be lot of eyes on that business especially when they new owner is not a company that already have a good reputation also but a single individual. First the main purpose of the person buying the business is for profit making, but spending a huge amount of money into a newly acquired business usually will make the new business owner to looks for means of getting back their spent amount in a short period of time which could jeopardize the entire thing, as they will not have time to study the market properly, new favorable policy to the new owner will be implemented which might not be in favor of the masses which can cause issue in the business. Reduction in stock price, panic customers and all of that.. Let us just take Twitter as a good example.

AnonBitCoiner

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It will depends on your thoughts and your experience that what you can handle easily. There are lots of people who buy the existing business because they have better experience in that business and they know that the existing business will give them more benefits as people are aware of it while some prefer the settle the foundation of business from start as they think that they will better continue from the starting point.

In my opinion settlement of new business will be better because it will be according to our own desires while in existing business we will make different changes according to our uses which will also take long time.

ZAINmalik75

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If i am new to some business then I will prefer to start from scratch because that's how I would reach a place where I would be able to buy existing businesses and would be able to run them. If I will not have the proper knowledge of how I could start or run the business then what purpose is in buying it if I can not run it.

So, I first would learn the basics and become a pro then I will start to own an existing business to enhance my portfolio but that's also possible only when I will have enough money so before buying some business I have to make some money too. And for you my suggestions are the same.

You must have the knowledge of running a business, You took the example of Elon I think you are referring to his Twitter buying, But I think the plan of him doesn't go as he must have thought. Because he is getting some hate for such bold moves. But still, it's just a technique to get some attention that's one of the techniques that can be proved by his history when he tried to fake the broken glass show in a live cyber tuck release. some might not agree with me but I think that was scripted.

AbuBhakar

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Buying a business is not fit for anyone because your improvement is very limited while you need huge capital to improve its current version because that original business will not gonna be close at the first place if this is profitable. It’s either a bad management or bad product which needs a total revamp before it will work.

I will go for strting my own business so that I will have freedom to choose what business I will do and have a fresh marketing to hype the market.

dothebeats

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Well it depends on a lot of things. Primarily you have to know that buying an existing business is more expensive than growing a new one (at least in most cases). Second, how extensive is your knowledge of the business you are planning to buy and the industry it belongs to (its market, target customers and competitors). Lastly, what is your reason in buying an already existing one?

Zlantann

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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?

Buying a business is more expensive than starting a new one. So the answer to your question might be determined by the funds at your disposal. Starting a business helps the owner to gain the needed experience and skills to run the business. Buying an already established business might lead to the failure of the venture because the new owners might lack the necessary skills.

The reputation of the existing business should also be a factor. Businesses with good reputations and wide clientele might be good to buy because they don't need much expenses for advertisement and others. And making profits can be instant or take lesser time when compared to starting a new business.

If I have the financial backup, I will consider studying some businesses and buying a healthy existing firm. But starting a business from scratch will be my option if I don't have the money.

Faisal2202

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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?

If you are asking this question for you like to take some help or ideas from fellow members than you must state your scenario here instead of sharing another scenario. Well, if give the answer in terms of Elon who bought a well sophisticated and popular business Twitter AKA X. Why did he do that it depends on the future changes he will made on X but according to current statements he wanted to make twitter just like China's WeChat (All in one app).

I as a SEO Content Writer, dealt with cases where one willing to buy existing website (its also a business AKA website flipping). Where some basics settings and set ups are already been done all those websites need is some extra touch of SEO techniques to increase its stats and then the owner sell them with some profits. Here we are buying existing business and than reselling them (its our motive).

What is your motive? Exact Answer depends on your motive. So, Poor Newbies don't want to buy a business instead they want to start from zero but poor experts wanted to buy business (existing). Vice versa for Rich ones.

Topic: Would you rather start/grow a business from scratch or buy an existing business? - page 12. (Read 1543 times)