The COVID-19 pandemic has affected every business in some way. Many have been forced to close. Others are struggling to make ends meet to stay afloat. While this may deter some away from opportunities to buy right now, there may never be a better time to do so. If becoming your own boss is something that you want to accomplish in 2021, consider the following reasons for buying a business vs. starting new in Charlotte, NC.
THREE ADVANTAGES OF BUYING AN EXISTING BUSINESS IN CHARLOTTE, NC
Many small business owners in North Carolina are looking to sell due to the current economic landscape. This is an excellent opportunity for those looking to buy low on existing businesses. Consider the following points below, and see why buying could minimize some of the headaches that come with a startup.
IMMEDIATE CASH FLOW
Buying an established business will allow you to create cash flow immediately. A startup will likely take months, perhaps years, before actually turning a profit. Buying an existing business with an established track record will allow you to worry about making the previous business plan better instead of worrying about establishing one from the start.
The previous point spills into our next and perhaps most significant advantage of buying an existing business. The prior owner’s established customer base will allow you to hit the ground running with an audience of potential customers who already know the product or service. A good brand name is invaluable. Although there are always opportunities to find new niches, a startup will leave you with a much smaller customer base to rely on as your business grows.
OPPORTUNITIES TO GROW
As a new owner, you will have to find new business ideas to enhance the previous business plan. Not having to worry about starting from the ground up will allow you to devote more time to find new opportunities that the previous owner didn’t. For example, there could be room to grow the brand on social media and reach new audiences. Perhaps the former business owner did not look to expand past the town of the business. Consider if there are opportunities to get a more significant customer base in uptown Charlotte or Mecklenburg County as a whole. Another great opportunity for potential growth, if this is a retail-based business, is finding alternatives the current distributors offer to enhance the product’s profits or quality.
Buying an existing business will allow you to immediately start looking for new opportunities rather than putting all of your focus in establishing a brand and product.
These are just three advantages of buying an existing business to consider. While a startup will force you to build everything from the ground up, buying a Charlotte, NC business can simplify your ownership process through and through. No matter the type of business, from healthcare to real estate, these perks can have a large impact on your entrepreneurial journey, so they should be considered in your decision.
VR Business Brokers – Charlotte is a brokerage firm that will provide you with the guidance you need throughout the business buying process. From prospecting new business opportunities all the way through negotiations, we will be with you throughout the entire process. Contact us today to learn more.