Are you planning on starting your own business but aren’t sure how to start? Running a business amid a pandemic is a daunting experience, especially if it’s your first time. With the series of closures, bankruptcy, and layoffs we hear in the news, any aspiring entrepreneurs will likely cancel or postpone their dreams of starting a business.
The truth is, starting a business from the ground up isn’t the only way to jump-start your dream venture. You can buy a business or join a franchise opportunity with a proven business model and an established consumer base. This way, you avoid the many growing pains involved in starting a new business venture. One example is a printing franchise that offers a comprehensive strategy for launching a signage business.
The pandemic era is indeed a confusing time to decide whether you want to start your own business or adopt an existing one. While there’s no specific rule to start a business, we understand how keen you are to get things right from the start. If you’re deciding whether to start or buy a business, we’ll discuss the advantages and drawbacks of each approach.
Starting from scratch
Starting a business from the ground up is a good way to make your dream job come to life. Nothing feels better than doing something related to your expertise or passion. It opens countless opportunities to hone your creativity and entrepreneurial skills while allowing you to share your unique experiences and knowledge on a venture that really matters to you.
There are plenty of reasons why running your own business is the right path for you. First and foremost, you establish a business exactly how you want it. You always have the final say in all aspects, such as the brand voice, work hours, product/service lineup, and the people you choose to work with (e.g., employees and contractors). In other words, you have everything under control.
Perhaps the understated advantage of starting a business from scratch is the opportunity to understand the complexities involved in your business. Suppose you’re starting a business by yourself. You need to prepare yourself for all the work and challenges that come with it, such as how to build a website, how the sales funnel works, the requirements of customers and technical support, and all other smallest details that make up a business.
Still, there are also risks involved in starting your own business. For starters, investing your money, time, and effort in a new business idea that isn’t yet verified to succeed is likely to fail. Don’t expect customers will magically come to your business right on its first opening day. You have to spend months or even years to establish yourself as a reputable brand.
When starting your own business, you need to have a solid consumer base, even without a reputation or brand authority to back you up. You have to prove to your customers that you’re worth every money they spend on you.
Buying a business
If the idea of starting a new business from scratch sounds too much, buying one might be a better choice for you. It’s worth noting that not everyone has the passion or vision to start a new venture, but this doesn’t mean you’re not ready to be a business owner. This is where buying an existing business is something worth considering.
Basically, buying an already established business saves you from the pressures of the start-up struggle. It’s never easy to come up with a new business idea that requires validating. You’re always bound to fail and lose money in the process. With this option, the founder or the previous owner has done all the work for you, from the business model, policies, procedures, and hiring process. It also comes with an established customer base, so all you have to do is to keep those customers coming to your business.
Buying a business comes with an existing solid foundation, so it gives you more time to grow and improve the business instead of spending time, money, and effort in the early stages. You have to invest money to gain traction, which often takes years to materialize. Also, online businesses come in different types, so you have the freedom to choose which matches your skill set.
The bottom line
Whether you want to start from the ground up or buy your own business, your decision depends on personal and financial factors. Remember, plenty of energy, time, and money will be spent on it, so take your time to decide. After all, no matter how strong your consumer base is, the success of the business still depends on your skills and knowledge as an entrepreneur.