To start a business, you need to have an idea. No matter how much money you might have for your startup, no matter how much experience you have in business, without an idea, you won’t be able to get started, and your dreams of being a business owner will be ended before they’ve begun. 

There is a solution to this issue, however, and one that can create business owners overnight; you can buy a business instead of starting one. There are a great number of advantages to this idea, and if you want to run a business without the hassle of having to think of something new to do, this could be ideal. Read on to find out more. 

Immediate Income 

When you start your own business, there is likely to be a period of time – sometimes short, sometimes many years – where there is no income.

This is not something that should come as a surprise since there are many costs associated with starting a business, and these can eat into any profits made. Add to this the fact that no one will have heard of you and you’ll need to establish trust before they want to spend money with you, and you’ll see why it can take some time. 

When you buy an already established business with a customer base, you’ll have income from day one, allowing you to skip this difficult first part of business ownership which can spell the end for some, especially if they have over-invested. 

Of course, the amount of income you bring in after you buy a business will be linked to many different things, and it’s wise to carry out proper research to ensure the business is viable, but it’s a great advantage over being a startup whatever way you look at it. 

Established Network Of Contacts

A lot of time will be spent searching out useful contacts when you’re a startup business. You’ll need to find customers, of course, but you’ll also need to find various companies to outsource to, as well as suppliers to ensure you can give your customers what they want. 

When you buy a business, this network of contacts will already be in place. You won’t have to spend time and energy searching for tattoo furniture for your tattoo shop, or the right ovens for your professional kitchen, or a fleet of vehicles for your taxi company, and so on; the details will all be there, ready for you to use.

It’s amazing just how much time and energy this will save, and you can use that time and energy to work on growing the business instead. 

Easier To Secure Finance 

Not everyone is going to have the money they need to buy a business just sitting around waiting to be used; many people will need to borrow that money and secure financing for their venture. It is often much easier to borrow money to buy a business compared to borrowing money to finance a startup. 

This is because the lender or investor will be able to see exactly what the business is already and how much money it’s making. Add that to the plans that you, the buyer will have, and it’s a much safer investment than a startup with unknown costs and no track record (especially if you have never run a business before).