The Benefits of Buying an Established Business
The dream of owning a project is alive and well these days, especially in Colorado. As of 2015, the state hosts nearly 600,000 small businesses employing nearly 1 million people. Every day you hear about a new start or company based in Colorado. Good work! So, for today’s discussions, we thought it was important to address the benefits of buying a well-established business before starting a business.
In Colorado, 52% of small businesses fail during the first four years of its establishment (as of 2016). But this percentage goes down significantly with the purchase of a trading company due to a series of factors that we will analyze below.
The concept of work proved. Buying a well-established business is simply less risky than starting your own business. It has been proven that this concept works and has a history of this success. This is also useful when it comes time to finance a business, and banks are more willing to convince the buyer of a proven concept of financing a newly created business.
Established and recognized brand. By buying a well established business, there will already be a well-established brand, which can be recognized in society and has a history and reputation behind it. It is much easier to market an existing business in a community than to market a new business.
Staff instead. Recruiting employees takes a lot of time and is costly, and within the newly created company, all the penny charges! Firm work comes with staff who have been hired, trained and developed for business. These staff can not only help you move into your role in ownership, but also give you a more flexible timeline to focus on business and family strategies.
Customer base It is time to establish a trading company to develop customer relations and loyal public. Which means that the company will benefit from the income from the moment of purchase. With a newly created company, the owner will have to work harder to gain power within the community and attract customers.
Growth and planning. Instead of working to make your new company viable, as a new owner of a well-known company, you can focus on expansion and strategic planning. This only factor can alleviate a large part of the risk and pressure of an emerging company.
The decision to buy a business will make you a step closer to achieving your business goals!
For more information on how to buy a business or even how to buy a franchise, we invite you to visit our website for more information.