The Decision Matrix: Buying an Existing Business Vs Setting Up a New One

A consciously made decision to start or buy a business goes a long way in securing your position as a smart entrepreneur.

There are many ways to kick-start a brand new business. A decision that every entrepreneur faces at this point is – whether to start a new business venture from scratch or invest in an existing business and take off. The answer to this question is not easy, and one must analyse all the pros and cons to arrive at the right decision.

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Shrink, Wrap and Ship: Make Selling a Small Business – Hassle Free

Every successful entrepreneur knows that surviving in the tough landscape of business takes a juggler’s dexterity. The trick sometimes is not in catching a ball but in letting it go.

It is not a failure to let go of something that’s not working. It is rather a sign of prudence, resilience and agility to come to the right conclusion before the timing goes awry and things slip off in messy ways. It takes wisdom and courage to accept and adapt when things are not going as expected.

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Where and How to Buy a Retail Business

It takes years to build a loyal following of customers for your business. And in the case of a retail business, the process is all the more complex and demands patience and constant innovation. Showrooms, shops, hotels, restaurants, banquet halls or other retail businesses running for a long time clearly indicate that they have cracked the code of “customer satisfaction”. They know the customer, the right pricing, the product, the right vendors, et al. The period of teething trouble is over and trials and errors have resulted in a proper understanding of the customer and markets. This is the reason, sometimes, the best way to start a new retail business is to simply buy one.

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When to Stop and Sell Your Business? And How to Do it Right?

It takes a lot of courage and commitment to begin a new business, but an equal amount of bravery and wisdom is needed to think of stopping the business and investing the energy in a fresh direction. Before such a situation arises, a few symptoms appear and become quite tangible at least instinctually. When these symptoms occur, then it is time to pack the bag and scratch the head to find a new course of action that is different from the present one and gives one the chance to stop and sell the current business in a profitable and meaningful manner.

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How to take up the franchise or dealership of a brand or business

Establishing a business of your own may demand huge investment in terms of capital, human resource for micro and macro management of the processes and time and energy to buy the attention of the new customers and the target audience at large. A wiser way to make your mark in the market in this era of fierce competition is to take up the franchise of a well-known brand in your city.

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The Importance of Business Relationships

Running a successful business is not just about creating products and marketing them. That’s all fine and cool but the secret to a thriving business is a lot deeper than that. No business can succeed without fostering healthy business relationships and not just with the customers, with employees and other companies as well from your industry. A successful entrepreneur is someone who has built a company and their products on the basis of a healthy business relationship with their employees, business associates, suppliers, customers, and everyone else that contribute directly or indirectly to the continued survival of their business. On the other hand, someone who resists building such meaningful relationships struggles in their businesses.

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Buying an Existing Business- Benefits & Challenges

Buying an existing business is considered to be a better alternative to starting a business from scratch as it avoids all the hassles involved in starting a new business. But, there is no easy way out in the corporate world, where you might a ton of benefits, you might have a bunch of challenges too. Here are the benefits and challenges of buying an existing business:

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