There are two primary ways to break into the textile industry as a business owner– starting your own company or buying an established textile business. While there are pros and cons to both scenarios, buying into an already successful business model tends to be the more attractive option for many entrepreneurs. Continue reading to determine whether buying a textile business in Charlotte, NC is right for you.
4 BENEFITS OF BUYING A TEXTILE BUSINESS IN CHARLOTTE, NC
If you’re deciding between starting a textile business or buying a textile business, consider the following benefits for insight into why so many entrepreneurs are opting for established companies.
1. ESTABLISHED BRAND
One of the greatest things about buying a textile business in Charlotte, NC, rather than starting your own is that you can hit the ground running. With an established client base, operations, machinery, and brand awareness, you don’t have to spend months, or even years, building the brand. Instead, you can focus on learning the ropes and then improving the already strong framework for the business.
2. EXISTING EMPLOYEES
Oftentimes when you buy a business, you’re buying more than just the brand name– you’re also getting the existing employees and potentially training from the textile company seller. While it doesn’t work out this way in every deal, it’s a fantastic added bonus for buyers. Because it can take an enormous amount of time and resources to hire, develop, and assimilate a new employee into a textile business, any existing employees you can keep on board under new ownership will be a tremendous asset. Plus, with existing employees that don’t need training, you’ll be less stressed about taking vacation time, leaving the office early, or focusing your efforts on growing the business.
3. MACHINERY, INVENTORY, AND MORE
As mentioned above, you’re typically getting more than just a brand name when you buy a North Carolina textile business. While deals vary from one scenario to another, you can usually negotiate a deal that includes assets like textile machinery, inventory, materials, technology, and more. Having assets like this on-hand rather than buying them brand new can save you a ton of time and money.
Necessary machinery and materials will vary depending on what type of textile business you’re looking at, so be sure you have an expert negotiator on your team to help you get the best deal for the best price.
4. PROVEN BUSINESS CONCEPT
According to the Small Business Association (SBA), approximately 30 percent of new companies close in the first two years, 50 percent close during the first five years, and 66 percent close during the first ten years. If you’re trying to build a business that will last for decades to come, these statistics can be extremely discouraging.
Since the odds are not in favor of new business owners, purchasing an existing business is becoming an increasingly attractive option. If you’ve done your homework, and found a textile business for sale in Charlotte, NC that is stable and flourishing, it’s going to be significantly less risky than starting your own. With established operations, clients, and financials, it has a proven track record of success.
To learn more about buying a textile business in Charlotte, NC and beyond, or to learn about other opportunities in the area, contact our team of experienced business brokers. We have helped hundreds of buyers in Charlotte, Rock Hill, Florence, Columbia, and Hickory find their ideal business opportunities.