Buy an existing business or start from scratch?

[Moseschidera]

As someone who started from scratch, it was very difficult at first but very rewarding when I saw my business grow. There are pros and cons to both but nothing beats the feeling of building something with your own hands from the ground up. For me personally I would prefer starting from scratch so I can shape the business and culture myself according to my own vision. Taking over an existing one means having to work within already established structures and mindsets which for a hands on person like me might be difficult to change completely. However if the business already possess the qualities I want like the right team, profitable operations etc then I will consider buying an existing one and focusing my efforts on scaling it up rather than spending time building all the basic blocks myself.

 

[Augusta]

I will take over an existing one. So that I work within already established structures and mindsets it will be easier as the business already have customers etc in place

 

[eLdavis]

If I have the means and resources to buy an existing business then I don't mind giving it a try as long as the business has potential.

 

[Suba]

I can't decide which is best, buy an existing business or start from scratch. Firstly, it will really depend on your goals. If you start from scratch, is your product really needed by the market? Buying an existing business is usually the same type of business with the aim of reducing competition and expanding the market. Many people buy business permits rather than taking care of it themselves, it will take longer.

 

[Starmix]

I cannot decide right away, I have to check my capital and the possible problems of the company. If it is sold at a high price, then it is difficult to manage to recover the capital.

 

[freelancermaria]

Deciding whether to acquire an existing business or start from scratch is quite challenging. I need to weigh the advantages and disadvantages of each option before making a final decision.

 

[saoussen5765]

Buying an existing business will save you a century of work and you have a database of customers, only people who doesn't afford the cost start from scratch.

 

[King Belieal]

You need real money, sometimes almost 3 times the worth of the business that you want to buy to actually be able to purchase an existing business. But it is worth it if you buy a viable business.

 

[magnus2022]

You must also remember that existing business also have its liabilities which you will also inherit. But all the same, an existing business is far more better than starting from afresh. Caution should be taken and proper calculation done before biying an existing business.

 

[SHAHID987]

Every individual could have their own opinion. But in my view starting from scratch is good as compare to buy a running business. When we start from zero than we may learn a lot.