When it comes to starting a new business, the choice is two-fold – start your own or purchase an existing one. There are pros and cons to both and it really comes down to what you are after, your long-term plan, budget and feasibility of both.
YOUR OWN BUSINESS
The main pro of your own business is exactly that – it is yours. It is a completely clean slate for you to establish what you want your business to be and how you want to portray it. On the flip side, owning your own business means that you are starting completely from scratch – you will need to penetrate markets, establish capital and build the business from the bottom up.
At the end of the day, the growth and longevity of the business comes down to you and how you manage, price and market it to your customers.
AN ESTABLISHED OR FRANCHISED BUSINESS
The benefits of acquiring an established business is that someone before you, or the franchise, has done a lot of the legwork for you. They have built the core product or service, built a customer base and brand for the business that you are inheriting. This can be both a positive thing, or one that comes along with its own unique challenges depending on how the previous owner handled the business and its customers.
At the end of the day, the choice is yours with many financial and practical considerations to be undertaken.