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Is Buying an Existing Business a Viable Entrepreneurial Option - Term Paper Example

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This paper will evaluate the two advantages of buying an existing business as well as provide the demerits that come with this process. By weighing between the two aspects, the paper will determine whether taking this route is a viable entrepreneurial option or not…
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Is Buying an Existing Business a Viable Entrepreneurial Option
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Download file to see previous pages Starting a new business may be dreary and risky especially considering the statistics of failed start-ups available today. A buyer may thus benefit by buying an already established business which helps him/her to skip the first stage that carries the most risk. Buying a business means that the business has passed the test of time and that its model and operations are proven to succeed. Additionally, the buyer enjoys the assurance that comes with a near autonomy of the business operations with them having been honed by the owner during the start-up stage. The buyer of the existing business also does not have to hassle for employees and other vital resources in business since these may be part of the inherited properties of the business. This saves the buyer important time, energy and finances through processes such as recruitments and hiring. The saved resources can then be invested elsewhere in the business for expansion purposes.
One of the main considerations that a buyer should make before engaging in buying an existing business is to determine the business’ brand and popularity in its market. A viable business for purchase should have all these qualities which have been tried and tested for performance. This provides the buyer with an assurance that the business operations and processes are well-positioned to allow efficiency for good performance. With this, the business saves the buyer the necessary resources such as money and time which could have been spent in developing the same in a start-up business. Additionally, the buyer has an opportunity to make amendments to the new business where deemed necessary. On the topic of a brand, an existing business will probably have an easier time and use a little effort in reassuring loyal customers that their preferred services and products will remain unchanged in the new ownership. This is made possible if the business already has a respected brand that has a recognized reputation in its market. The buyer should, therefore, take note to ensure that the business has the right image and reputation, otherwise, it might prove difficult to convince the customers that the business is destined for a positive change in the new ownership. ...Download file to see next pagesRead More
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