It’s usually a mistake to believe in the fallacy of: “Find a need and fill it.” That’s too risky. It suggests starting a business.
Savvy people find a profitable business and buy it.
Remember what happened to the pioneers and settlers. The pioneers had a great idea, and while they were trying to prove it, they got arrows in their back. Later, the settlers moved in and built this country.
Starting a franchise can be faster than starting an independent, but purchasing an existing business bypasses the startup phase, which means you make money beginning the day you buy the established company.
Remember: Unless you buy an existing franchise location, you’re starting a business; you’re adding to the competition and the market share (pie slices) become smaller for most if not all the competitors!
Buy, don’t start, a business.
Buying a business is usually cheaper, faster, safer and more profitable than starting one. By purchasing a business, you don’t add to the competition. You get a business’ profit—from day one. When you start a business, however, the cash flow is from your pocket out the door. Think about it.
If you do a startup, you go into competition with everyone else in the industry. If you can buy cheaper, why start? There’s another reason not to start a business. Most of them fail!
Buy an existing winner if you want to win.
But . . .
You can’t BUY the right business if you can’t FIND it!
And then . . .
Keep in mind that finding winners doesn’t mean you’ll own a winner. You must buy it the right way.
Here’s a link to hundreds of tips, warnings, workarounds and profit maximization strategies for a winning edge when buying a small or midsize business.
So you can . . .
More safely go forth and prosper!
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Email Ted J. Leverette, The Original Business Buyer Advocate ® Since the 1970s.
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