If you’re convinced that starting up a new business is ultimately a risky business, there is another foolproof option. Buy a ready made business.
Figures show that many new businesses don’t even make it past the first five years of trading before folding but with ready made businesses, you get a proven track record of trading as they will have already filed in the country they are operating from.
That means, choose wisely and you’ll be able to buy a business that already has a strong cash flow, a committed and hardworking workforce, an established customer base and reputation within the market. All in all it’s easy to see this adds up to greater potential for future business success.
Along with all these instant benefits already highlighted, purchasing such an established company, means instant added credibility for the investor.
Think about it – none of the financial worries, physical pressures and time needed to babysit a budding business. Buy a company and save yourself all the headaches and necessary time involved.
With the Internet opening up business possibilities on a global level, it’s a simple matter to look into the thousands of businesses on offer around the world. It’s proving particularly popular to buy ready made businesses in Australia, Europe, the United States, the Caribbean and the UK, but the processing of buying them is slightly different in each country.
With this in mind, it’s advisable to find the right professional team of experts who will take all the pressure off the big decisions you will have to make along the way. Make sure to choose a team that has a lengthy track record of buying and selling companies overseas, as this means they’ll know all the tax and corporate issues relating to different countries.
After sealing the deal, these same experts will be a mine of information in the crucial early stages of you owning the new business. They might be useful in helping you to schedule the handover period with the original owner, helping with training of employees and implementing changes while keeping the workforce on side.
And finally, devote lots of time before you start looking into available ready made companies, to do a bit of deep soul searching. You might think you will instantly know if a business is your kind of business or not but consider what strengths and weaknesses tell you from all your past experience.
It’s worth thinking about what worked and what didn’t in your past, and what is it that you feel really passionate and excited about. What drives you on. This will all have a bearing on what makes you tick and what you personally can bring to the table to enhance and make that new business fly.
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