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LAUNCHING OR BUYING YOUR OWN BUSINESS

By on June 20, 2016 in Hints & Tips, Interesting Articles, Motivation

LAUNCHING OR BUYING YOUR OWN BUSINESS

LAUNCHING OR BUYING YOUR OWN BUSINESS

Australians love small business and the number of Aussies launching or buying their own business continues to grow.

A report from the Australian Bureau of Statistics shows that the number of actively trading businesses in Australia has increased for the second year in a row.
“Although there was actually a small drop in the number of new business registrations, fewer businesses closed, giving a total rise of one per cent in business numbers – an additional 21,000 businesses for 2014-15,” said Mike Booth from the ABS. 

Which Way to Go – New or Established?

If you are looking to get in on the small business game, the first step is to decide whether you are wishing to launch your own new business or to purchase an existing business, or even a franchise. Both have their advantages…

Buying an Established Business

  1. Established clientele – an existing business that is up for sae may have an established client base bringing in immediate income and cash flow.
  2. Financial history – an established business will be able to show previous financial data, helping you make an informed decision about purchase and financial projections.
  3. Possible franchisee Assistance – if you are looking at a franchise, there are a host of benefits including head office support and marketing.

Launching your own Business

  1. A fresh slate – starting your own business is a fresh start, starting something that is all yours and built from the ground up. You can decide who you work with and who you work for – the decisions are yours.
  2. All profits are yours – unlike a franchise where you’ll be looking at franchise fees, every penny you make with your own business will be yours.
  3. Endless opportunities – if you decide to expand or branch out your business, the choice is yours. You are only limited by your imagination (and funds!)

No matter which way you decide to go, owning your own business has many amazing benefits – both financially and professionally with a whole lot of intrinsic satisfaction to go with it.

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