Print Posted on 09/17/2017 in Business Buying

5 Advantages of Buying an Existing Business

5 Advantages of Buying an Existing Business

Owning a business is a goal of many men and women across the UK and, even with post-Brexit economic concerns, now is the best time to start your own business and become financially independent.

     While many people don’t know the first thing about starting a business and when they find out what it takes, they often back away from the idea. Perhaps it is more work than they thought it would be, or they just don’t understand how to go about creating a brand and selling that idea to customers.

     While starting your own business isn’t easy, it isn’t impossible. There is a way that you can start your own business in the UK and cut most of the work in half. How is that? I am talking about buying an existing business. There are thousands of businesses available for sale in the UK and many of them are already very successful. There are also a number of advantages to buying an existing business and we are going to look at some of them here.

1. Established.

     An existing business is already established and has a name in the industry. This can save you a lot of time when dealing with vendors and suppliers and you already have an existing customer base. They are basically “turn key” businesses.

2. Business Relationships. 

     Existing businesses also have existing business relationships with suppliers, vendors and other area resources. You have supplies, products and, usually, a full staff of already trained employees.

3. No Guesswork 

     Any time you start a new business from scratch, you are unsure as to whether or not your venture will be a success. When you buy an existing business with a proven track record, you know what you are getting and you already know that it works.

4. Price and Terms.  

New businesses can cost a lot of money and there are many aspects where the cost is unknown. With an existing business, you already know how much the business costs because you can look at past financial records.

5. The “Unwritten” Guarantee.

    In most instances, when you purchase an existing business, the previous owner is saying that he or she is confident that the business will be able to pay its bills, that they will provide support for the new owner and that the business will be able to turn a profit.

     If you are looking to start a new business in the UK, contact Business Trade Centre and let us show you how buying an existing business could save you time and money.

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