How to Buy an Existing Business

Looking to start your own business? Sometimes it’s better to buy an existing business rather than to start one from scratch. Besides, there are many legitimate reasons that individuals, families or partnerships are inclined to sell an existing business. Unfortunately, the majority of businesses are for sale because they’re not performing…

Therefore taking over an existing business demands evaluation, research and in-grown interest. So why should you consider buying an existing business?

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Misconceptions about Business Ideas

You need a business idea if you want to start a business. However, just by having a good business idea won’t necessarily guarantee instant business success. Here’re some misconceptions that people have about business ideas:

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Every Business Needs A Business Plan

Many small businesses start without a business plan. There is no vision (where do they want to be?); or mission (how will they get there?). Nor do they have any goals or strategies.

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