Murphy Business Sales explains why buying a business may be better than starting your own

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Many people dream of being their own boss. They want to own a business so they can do what they love and set the rules.

If this is your case, you may think the best solution is to start your own business from scratch. However, many entrepreneurs find it makes more sense to buy an existing business than to start over.

Why buy a business rather than creating your own? Here are three reasons to consider:

  1. It’s easier to get financing

As the saying goes, it takes money to make money, and unless you have a lot of capital to start with, you will need financing. Those who start their own businesses often use their own savings, borrow from family and friends, and keep costs low so they can get started successfully.

Unfortunately, this doesn’t always work and it can limit how fast you can grow. Getting financing from an outside source is a better bet, but lenders and investors often look for signs of success before they’re ready to hand over money.

When you buy an existing business, you have a structure that is already working. You have customers and you generate revenue right from the start. This greatly facilitates obtaining financing.

  1. You have an established brand

Americans are exposed to 4,000 to 10,000 ads per day, and most people have very short attention spans. If you’re starting a business from scratch, it won’t be easy to get noticed.

If you’re buying an existing business, you’re starting with an established brand that already has repeat customers. If the business is successful, publicity is already in place and local residents have heard of the business.

Your job as an owner of an existing business is to amplify the brand and expand your influence, which is much easier than trying to break into the market from scratch.

  1. An established operating system

Setting up business operations is not as simple as putting an “Open” sign in the window. You need reliable and consistent supplier, accounting systems, customer service processes and other industry contacts.

Buying from a business that already has a working operation saves you a lot of time, money, and headaches. Even if you want to make changes, you have a working system to start with.

Is it time to buy a business?

Becoming an entrepreneur is a big decision, and you shouldn’t take it lightly. Instead, consider all of your options before moving forward.

You may have assumed that starting your own business was the only way to go, but the truth is that there are a lot of benefits to buying an existing business. If you want to know more, contact Murphy Business Sales today!

MurphyBusiness.com

Greenville Office — (864) 451-7418

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