You Don’t Have To Start Your Business From Scratch

Posted on Feb 14 2017 - 6:47pm by Editorial Staff

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You might think that opening up a new business on the market requires doing everything the hard way. For instance, you will need to decide what your business plan is and then work to attract a customer base. You’re going to have to pour a lot of money into investments as well, and there’s no way around the heavy costs. Is this completely true, though? Actually, there are ways you can start a business without entirely starting from scratch with a blank page.

Buy An Existing Company

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You might want to think about purchasing an existing company that has already found success on the market. This is something to consider if you have the capital. Or, if you are willing to borrow a lot of money because already successful companies don’t come cheap. You can think about purchasing a business that has seen better days. But this is still going to require a lot of work to get it up and running. So, it might not be the best idea, particularly if the business brand has been damaged. Sometimes repairs can be even more tricky than starting from scratch.

To buy a company, you should contact a business broker. They will be able to inform you of any companies currently on the market looking for new ownership. After that, they may be able to introduce you to current owners and see what kind of deals are on the table. Bare in mind that most companies sell for millions, and if you do buy one, it’s best to keep the existing owner on staff at the start. That way, you can have someone who will help you through difficult areas of the transition.

Join An Existing Franchise

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Did you know that Mcdonald’s began as a little company selling burgers until it was franchised and sold out to other owners? There are lots of companies operating on the same business model today. The company is one massive franchise, but there are lots of different franchises owned by private individuals. For instance, with an in-home care franchise, you can work to set up care for the elderly and the disabled. But, rather than starting without a customer base you’ll already be working under a name that customers know and trust. Any research online will bring back results based on the existing franchise that has already seen success. It’s almost impossible to fail with this type of business model.

Open Up A New Branch

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Perhaps you’re thinking about quitting your job to open up your own company in the same industry. If that’s the case, you may want to rethink your strategy. Rather than opening a brand new company, ask your current boss whether they’d be interested in opening a new branch. This is a business expansion that you could lead. It would be exactly like running your own company except you would have a strong name to build off. 97 percent of new startups fail, but if you are using an existing brand, your business won’t be one of them.

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As you can see then, there are lots of options if you don’t want to start from scratch with a new business. You can easily build on one that already exists.

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About the Author
Editorial Staff

Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.