We’ve all thought about it – doing something with love, while making an income from it as our own business.
The dream is great, but when you start to investigate the reality, sometimes it can be a little bit daunting. One of those parts, is – who is going to pay me to do this?
An important question arises from this conundrum – is it better to build a business from scratch, or buy an established one?
There’s so many pro’s and con’s on both sides.
Buying a business means instant income, established processes and a lot less hurdles to jump through. It also means a reasonable financial outlay, and taking on the good with the bad. Not all businesses are thriving when they’re bought – some are sold cheaper when they need the love and attention to bring them back. Some staff may not stay on when there is a change, and that may also mean a loss of customers.
Meanwhile, starting from scratch – we’re back to those hoops. You don’t have to worry about someone else’s reputation you’re buying into, but you do need to build one up yourself. While the initial outlay may be lower, there are also a lot of costs to establish yourself.
Steve Finn of Finn Business Sales spoke with commercialrealestate.com.au to discuss the many aspects of how to decide what type of business you should go into. It’s a great read, check it out here.
Meanwhile, if you have found yourself the proud new director of a business that has been a dream until now – or just looking for a new space for your established one, get in touch with us to see how we can help you find the right place for your business!
