You plan to become a business owner this year, but you’re simply not sure how you’re going to get there. Do you want to start a completely new company? Or should you look for one to buy?
Obviously, if you have a unique idea that no one is doing yet, starting your own company may be the only way to make this happen. The business you want to run doesn’t exist yet and you can’t buy it from anyone.
However, if you’re going to start a business in an already popular industry, then buying becomes a viable option. Maybe you want to run a bar or a sporting goods store or a restaurant. The list of possibilities is endless. It’s just all about finding the right business to invest your time and money into.
There are some advantages to buying a company. You already have a customer base. They may not even know who owns the business, but it’s a place they frequent and support. You can open your doors and know that you’ll have people there on the first day because it’s not really the first day at all to them.
Another advantage is that the business has a set brand and may already be doing marketing. There is general awareness about what it is and what it offers. You can tweak that brand or increase your marketing efforts or take it in another direction, but you’re not starting as an unknown.
No matter what you decide to do, whether forming a new business or looking to purchase one, make sure you know exactly what legal steps to take.