When it comes to becoming an entrepreneur in Vancouver, most people think of starting a business from the ground up. Although that is certainly the most preferred method of becoming an entrepreneur, choosing to purchase an existing business through respected business brokers is also a viable option.
There are many distinct advantages to acquiring a business for sale rather than starting your own. These advantages can often tip the odds of success in your favour, especially if this will be the very first time you will be running your own business. With that in mind, here are some of the benefits you may enjoy when you choose to purchase an existing business:
Existing Customer Base
Since you are buying a business, you immediately gain access to an existing customer base, instead of having to research your market and adapt your business to potential customers. Similarly, customers would already know what to expect from your business. This results in the ability to start earning a profit much earlier on than if you had started a business from scratch.
In many cases, people who have bought businesses decide to keep existing employees instead of hiring new ones. This is highly advisable since you do not have to spend too much time and resources to hire and train new staff. Additionally, these staff members are more familiar with loyal customers, as well as know when the busiest hours of the day are. All of this leads to friendlier service that leads to customer loyalty and better profits.
Easier Financing Options
Many first-time entrepreneurs require financing to get their business up and running. This can often be a problem when starting a business from scratch as most banks will require in-depth business models, market research, and the like. On the other hand, convincing banks to finance your purchase of an existing business may be easier because the existing business already has a proven track record of success.
If you are interested in acquiring your very own business, be sure to work with respected local business brokers, such as Vancouver Business Brokers. Well-known local brokers have access to hundreds of businesses for sale in Vancouver, allowing you to take your pick of businesses that interest you the most.
Should You Start a Business From Scratch or Buy an Existing Business?, entrepreneur.com
Buy a business or start your own?, canadabusiness.ca