Topic: Would you rather start/grow a business from scratch or buy an existing business? - page 9. (Read 1543 times)
August 07, 2023, 04:08:54 AM
I will be very careful with existing business because it is not that safe compared to starting a business from scratch by yourself if you plan to buy a new car you have nothing to worry about because the car is brand new, it will come new engine, new body and new everything compared to buying a used car, if you are buying a used car you will have to check the engine very well and also ensure that the car has never been involved in an accident and that will determine how much you will be willing to pay for such car, it's the same with an already established business, there are things you will need to consider first, the location, the stat of the business reputation, past records and activities.
August 07, 2023, 02:53:05 AM
If I had an option to buy existing business or start my own business, I think I would choose existing business, but I would be very cautions about it. First and most important, no one sells good and profitable business. I must be either a specialist, that is able to recover dying business, or be able to pay a lot of money. I prefer existing business, because it will already have a history. I can make a research, find weak and strong points of it, examine market; in short, be prepared. Starting own business is much more difficult, and it will take extra time to figure out what is what.
August 07, 2023, 02:38:06 AM
if the business is running well then it is better to buy an existing business. create business from scratch is not so easy, sometime we need to create a pilot project before launch the real one, there are many things to do before launching the final business model to the market and it will spend a lot of resources. if we buy a good existing business then we don't need to spend money for that things. Elon musk is smart person, he know how to earn money.
August 07, 2023, 02:18:08 AM
Don't forget that, business is just like a new born baby that you need to grow before that baby will become mature in a way the owner of the baby will be happy, likewise business, if you can endure to go through the difficulty time just to do everything possible to make the business grow higher, I think you will not regret for the decision. But I prefer purchase existing business, if the location of the business is well okay because it will help me to recover my capital back and it can also help me to expand the business in a way I will begin to generate big income monthly or yearly. I have purchased some assets few months ago which I have hope of winning something big from them before the end of this year.
August 07, 2023, 01:57:46 AM
If you are a practical business person, you would only want to buy a franchise of a working business and continue to make it grow. As long as you have sufficient resources for that, owning a business will be very easy for you. But not all businessmen are given the opportunities like that. Even if they want to, but their funds won’t allow it to happen. That’s why some risk takers chose to start their own small business, and with perfect location and right business they’ll promote, surely the business will also become established after years of existence.
August 07, 2023, 12:54:36 AM
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 a new business and buying one entails one thing. Putting in a lot of work. Successfully building and managing a business for it to continue to yield profit for you and your shareholders is no easy task. When also buying an existing business no matter how successful the business may have seemed, there is always more work to be done in order to keep it up, running and still successful.
But now, if you’re incompetent or just lazy and you happen to be wealthy, you could easily purchase a business and get the right and best people suitable for managerial and other roles.
bottomline, it depends on your current financial situation and what are your goals why you are exploring the business side. some just go to starting their own business from scratch because they want to or they have limited resources. but if you have the money, and you've seen a potential business that is already thriving, you can buy if you want to. but each route has their own pros/cons, and you need to weigh them.
Though mostly those who purchase existing businesses are rich because those businesses that are already thriving have huge value, they also want to save time because it is really time-consuming if you start from scratch and tons of effort is needed to make them successful. I can only think of Elon buying Twitter because it will save him time rather than creating it from scratch. Though it is very expensive, time is gold for them; they don't want to waste it.
August 07, 2023, 12:08:18 AM
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.
Depending on the opportunity and the extent to which we have sufficient financial resources to help achieve what we want. Some people have a life that is much more difficult for financial capabilities and some others have finances but do not have the ability as a business development.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 the opportunity and we shouldn't be able to take a general example like what happened to Elon Musk and not everyone has the same opportunity as him. Elon Musk is a businessman who has reached a long process stage and he can acquire any business he wants because of the availability of capital and tools for its development.We may not necessarily be able to do the same as him, both talking about finances and supporting tools to reach the stage of business development that we will acquire. If allowed to choose, it is certain that people will take the opportunity to buy an existing business and will try to make the business grow more. My question is is it possible that everyone has the same opportunity?
August 06, 2023, 07:42:27 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?
Starting a new business and buying one entails one thing. Putting in a lot of work. Successfully building and managing a business for it to continue to yield profit for you and your shareholders is no easy task. When also buying an existing business no matter how successful the business may have seemed, there is always more work to be done in order to keep it up, running and still successful.
But now, if you’re incompetent or just lazy and you happen to be wealthy, you could easily purchase a business and get the right and best people suitable for managerial and other roles.
bottomline, it depends on your current financial situation and what are your goals why you are exploring the business side. some just go to starting their own business from scratch because they want to or they have limited resources. but if you have the money, and you've seen a potential business that is already thriving, you can buy if you want to. but each route has their own pros/cons, and you need to weigh them.
August 06, 2023, 07:17:41 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?
Starting a new business and buying one entails one thing. Putting in a lot of work. Successfully building and managing a business for it to continue to yield profit for you and your shareholders is no easy task. When also buying an existing business no matter how successful the business may have seemed, there is always more work to be done in order to keep it up, running and still successful.
But now, if you’re incompetent or just lazy and you happen to be wealthy, you could easily purchase a business and get the right and best people suitable for managerial and other roles.
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August 06, 2023, 07:09:44 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?
Well, lets just say that, for me, if assuming the resources is already available as you pointed out, buying an existing business will be the best option for me, though I cant just move on to buy a business just like that, there are some factors or consider before I decide if buying an existing business is the best or if starting my own business from scratch is the best, and also depends on the type of business we are talking about.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?
Using Elon musk as an example, Buying twitter was a good move, because if he had decided to start a new social app like twitter from scratch, trust me when i say that, there is every chance that his new social app will take years to come to the limelight, and the chances that it might never become as big as twitter is also very high.
So, sometimes, it is always best to buy an existing business that already have a good userbase, than starting a new business from scratch.
August 06, 2023, 07:09:37 PM
I believe deciding whether to start from scratch or buy an existing business depends on certain factors. When the existing business has good record, no existing complaints from its customer and its service is doing well, and that the reason the owner is selling the business is that they needed an extra fund for their other business to upgrade, then I believe that it is good to buy that business because its user base is already established and the new buyer just need a minimal effort to keep it going compared to creating a business from a scratch.
August 06, 2023, 07:01:26 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 also do the same like Elon Musk. Buying an established business company will be easier to grow because you will only follow what had made it prosper for a long time, without giving yourself a hard time thinking how your business will not left in vain. Unlike starting a business from a scratch, you should deal about its financial risks, you should stay on top of its high competition, and the most important thing is you should be aware of all the business processes and strategies because it will be a trial and error at first so you know which strategy will work and which is not.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?
August 06, 2023, 05:56:37 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 also do the same like Elon Musk. Buying an established business company will be easier to grow because you will only follow what had made it prosper for a long time, without giving yourself a hard time thinking how your business will not left in vain. Unlike starting a business from a scratch, you should deal about its financial risks, you should stay on top of its high competition, and the most important thing is you should be aware of all the business processes and strategies because it will be a trial and error at first so you know which strategy will work and which is not. 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?
August 06, 2023, 05:32:04 PM
Buying an existing business does not just happen out of thin air, as there are a lot of things one will consider before making that kind of step. You need to have knowledge of how the business you want to acquire works and if you could actually benefit from buying it.
For starters, I will advise building up your own business from the start, studying the market condition of your desired business, and seeing the stress and process of running that business from scratch, as such a process will give you all the information you need in terms of decision-making, market demand, customer relations, and all that. By so doing, you will be able to gather the experience you need, and then if you desire a bigger brand that is already existing in the market and you have the financial capability to buy it, you can go for it. then you will be rest assured that you will not mess up the business or rely on the existing company's employees to make things happen.
He's probably talking about Franchising which is as close as you can get to buying a business name outright. There's benefits to it but there's also caveats as you can tell. For one, the fact that you're basically borrowing the brand's name to expand your wealth is a massive plus as it saves you millions in marketing, brand campaigns, and upfront costs since most franchising brands provide you with all the basic tools and amenities that you may need. The biggest downside of it all is the fact that you're making someone else richer by borrowing their brand name, with percentages of the profit cut for them until the contract expires, and by then you have the choice of either continuing with another contract where you would once again need to pay them money for the brand name and the stuff that they've provided you, or move on on your own which is very risky especially for restaurants. For starters, I will advise building up your own business from the start, studying the market condition of your desired business, and seeing the stress and process of running that business from scratch, as such a process will give you all the information you need in terms of decision-making, market demand, customer relations, and all that. By so doing, you will be able to gather the experience you need, and then if you desire a bigger brand that is already existing in the market and you have the financial capability to buy it, you can go for it. then you will be rest assured that you will not mess up the business or rely on the existing company's employees to make things happen.
its a good move to be made but if you do sees out that it was never been that known nor popular then it would really be just making yourself be wary on what are the possibilities for your business whether it would fail
or succeed but we cant really be able to deny that dealing up with these potential business could really give out that kind of chance for you to have a business on cheaper way rather than on making your own brand.
This is why we do see that there are still business minded person would really be touching up these things since they do really know those capability and chances for them to be that able to succeed on this business.
August 06, 2023, 03:54:11 PM
At this moment of my life I would very much like to start a new business without a doubt. Remember, you are paying premium because they already took the risk and built the business when they are selling you, unless they are crazy, they are not going to undervalue their company and certainly will not sell you for like one years worth of profit, it will take you sometime to recoup that investment unless you find something that could do much better, buy it, do what needs to be done, and then make a lot more. I think starting a new one is better, because at the end of the day if we are talking about actually being proud, I would like to start a business and grow it into a good income and feel proud about it.
August 06, 2023, 03:49:14 PM
The decision to start a business or buy an existing one depends on individual circumstances. Starting a business allows for complete control over the concept, strategy & culture but it requires significant time, effort, & resources to establish a customer base.
On the other hand, buying an existing business offers immediate revenue, established customer relationships & possibly a proven track record. However, it may involve a higher upfront cost & the need to adapt to existing processes. Ultimately, both options have their merits and drawbacks, & careful evaluation of personal goals, resources, & industry conditions is essential.
On the other hand, buying an existing business offers immediate revenue, established customer relationships & possibly a proven track record. However, it may involve a higher upfront cost & the need to adapt to existing processes. Ultimately, both options have their merits and drawbacks, & careful evaluation of personal goals, resources, & industry conditions is essential.
August 06, 2023, 02:58:38 PM
Buying an existing business does not just happen out of thin air, as there are a lot of things one will consider before making that kind of step. You need to have knowledge of how the business you want to acquire works and if you could actually benefit from buying it.
For starters, I will advise building up your own business from the start, studying the market condition of your desired business, and seeing the stress and process of running that business from scratch, as such a process will give you all the information you need in terms of decision-making, market demand, customer relations, and all that. By so doing, you will be able to gather the experience you need, and then if you desire a bigger brand that is already existing in the market and you have the financial capability to buy it, you can go for it. then you will be rest assured that you will not mess up the business or rely on the existing company's employees to make things happen.
He's probably talking about Franchising which is as close as you can get to buying a business name outright. There's benefits to it but there's also caveats as you can tell. For one, the fact that you're basically borrowing the brand's name to expand your wealth is a massive plus as it saves you millions in marketing, brand campaigns, and upfront costs since most franchising brands provide you with all the basic tools and amenities that you may need. The biggest downside of it all is the fact that you're making someone else richer by borrowing their brand name, with percentages of the profit cut for them until the contract expires, and by then you have the choice of either continuing with another contract where you would once again need to pay them money for the brand name and the stuff that they've provided you, or move on on your own which is very risky especially for restaurants. For starters, I will advise building up your own business from the start, studying the market condition of your desired business, and seeing the stress and process of running that business from scratch, as such a process will give you all the information you need in terms of decision-making, market demand, customer relations, and all that. By so doing, you will be able to gather the experience you need, and then if you desire a bigger brand that is already existing in the market and you have the financial capability to buy it, you can go for it. then you will be rest assured that you will not mess up the business or rely on the existing company's employees to make things happen.
August 06, 2023, 02:21:08 PM
It depends on your ability. If you are capable of taking that existing business further, you can invest in it/ buy it. But you will need knowledge and experience to make that happen. But I think it is better to build something on your own. Because when a business is willing to sell itself, maybe they are not doing good or having some problems in general. Not everyone is Elon Musk. So they can't just buy it. Another thing that I think is, if you have the resources to buy a business, why not make it on your own? Be better than the existing one. You will get experience and learn the step-by-step process of how it works, what's good for it, and what's not. Even if it fails, you can use that knowledge in the future to build a better business.
So I think doing it on your own gives you a much better understanding rather than just going and taking over an existing business. Those who are running the business know well what works best for that business. Because they have the experience that is required for that to go well. On the other hand, if you own something similar and have knowledge about it, then you can merge the existing one with your own by buying that business.
Overall, as I said, it depends on your ability.
So I think doing it on your own gives you a much better understanding rather than just going and taking over an existing business. Those who are running the business know well what works best for that business. Because they have the experience that is required for that to go well. On the other hand, if you own something similar and have knowledge about it, then you can merge the existing one with your own by buying that business.
Overall, as I said, it depends on your ability.
August 06, 2023, 02:01:01 PM
It depends I guess. Buyjng an existing business has a risk 'coz it won't be sold in the first place if it is really that profitable unless it is a franchise. But if for other reason such as migration, and you can see the potential on that existing business then you'd be able to save money from it than starting one. Starting from the scratch is not an easy thing to do simply because everything wpuld be raw from expenses to popularity. Popularity is the hardest part to establish when starting a business 'coz trust is not easily being earned. However, going back with buying an existing one, you may be caught on its downtimes if you happened to buy it and not be able to create improvements. So yes, it does depend on the circumstances when starting a business.
August 06, 2023, 01:52:59 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 worrySo, 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?
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