The $100 MBA Show MBA896 Should You Buy a Business Instead of Starting One?
Most people think that being an entrepreneur means starting a business. But there’s another option, an alternative path to independent success: buying a business!
We don’t often think of this option, but with some capital and a smart purchase plan, it can be the right move. Pre-owned cars and homes can be great investments, so why not businesses? So much of the work that goes into building a business is done already. And while there is other work to be done when buying as opposed to building, that completed work represents a huge advantage.
So what does it take to be a successful business buyer? That’s the topic of today’s deep-dive lesson. We begin with the two essential questions every would-be entrepreneur should consider before they reach for their checkbook. First, is buying the right option for me? Second, what’s the right business to buy?
We detail where and how to find businesses with great potential, how to evaluate them, and how to determine what they’re worth. We walk you through the essential steps of identifying the right business, assessing what success you can reasonably expect, and calculating a fair price based on those expectations.
Whether you want the freedom and independence of profiting on your own terms, or the intrinsic creative joy of building a new brand and forging independent success, purchasing a pre-established business might just work for you. People are selling businesses every day, for reasons that don’t necessarily reflect a lack of success. Even failing businesses can make fantastic investments, if you’ve got the skill set the seller lacks!
All told, it’s worth considering.
The infrastructure is there. The overhead is established. The initial customer base doesn’t need to be chased down. Even if you plan on making drastic changes, starting with all the established baselines of a pre-owned business is a massive advantage. With today’s lesson, we’ll help you determine what a business is worth, what it should cost, and how much you should have in the bank when you take the reins.
Entrepreneurship is all about possibilities— especially the ones that people overlook! Tune in, learn how to evaluate the possibilities, and see if this entrepreneurial alternative is right for you. It just might be! Click Play!
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