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Buy An Existing Business or Start From Scratch? Which To Choose?

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Buy An Existing Business or Start from Scratch? December 21, 2018  by  Michael Shea PA So you want to own a business. The freedom, autonomy, and rewards are attractive. So where do you start? You can start a  side hustle , buy a  franchise , or buy an  existing business.  With so many options available to you how do you know which to choose and what are the pros and cons? As a broker, I have seen each of these options play out both positively and negatively.  The side hustle allows you to hedge risk and make some money “on the side” but the time it takes to scale to actual “business” status is long.  Franchises bring proven processes, resources, and often brand power.  It requires more capital and you need to be comfortable with the restrictions and ongoing costs associated with being in “partnership” with a master franchisor. Finally, the one I think represents the best opportunity on many levels is the purchase of an existing business...
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