Have you been contemplating starting your own business and be your own boss but was not sure which route to follow?
There are two options that are open to you.
The first is to buy an existing business or a franchise, and the other option is starting your own business from scratch.
Buying an existing business is a better option because you will be acquiring a viable entity that has a track record and a pre-established business model and clients.
These two things put you in a better position to secure a loan or a grant. Most banks and other financing sources will want to see past financial and tax records. They will also want to know what assets you currently hold.
Buying an existing business reduces the stress of convincing the financier that you have assets as the business already has the required assets and infrastructure.
However, you may have difficulty in finding an existing business with a track record in an industry that interests you.
Under such circumstances starting your own business can be a better option. The benefit is that all the decisions will be made by you and the entire business can be based on your interests and desires.
On the other hand, there are many things that you will still have to deal with, such as having a viable business plan, a marketing strategy and researching your market and the competition.
However, getting into business involves risk and it is up to you as an entrepreneur to work on a strategy to minimise this.