When you are starting out in the business world, your entrepreneurial dreams laid out in front of you, the question is bound to cross your mind. “Should I buy an existing, possible sure thing, or do I build from the ground up?”
As a small business, you’re trying to compete with big brands, local small brands, businesses on a regional scale, and so forth. The truth is, there’s a lot of competition out there. People talk about owning a business like there’s one “better” path, and that’s just not true.
Starting from scratch gets treated like the bold, exciting, respectable option; that’s the version with all the glory attached to it. Buying a business, meanwhile, often gets framed like taking a shortcut. However, buying the wrong one can still wreck somebody’s sleep schedule, bank account, and patience just fine—plenty of boldness and excitement to be had.
This really comes down to fit which might be the most generic answer, as it really does vary from person to person. But, here are some other things to consider.
Starting from Zero is Great if You Actually Want Zero
This is the first thing to get honest about. Again, it’s not for everyone (which is totally fine), some people genuinely love the blank page. They like coming up with the concept, shaping the brand, testing ideas, fixing mistakes, and slowly turning something invisible into something real. But clearly it’s a lot of work. It requires lots of patience, trial and error, and there is a high risk of failure to consider.
The problem is that part gets romanticized way too much. Starting from scratch can be rewarding, sure. But it can also feel like constantly making decisions with incomplete information, while money drips out in a constant flow. Some people are more than okay with managing the risk, but not everyone can, of course.
Buying Can Make More Sense for People Who Want Traction
For some people, building from the ground up is the smartest choice for them, and others will think that buying is the best way to go about it. Again, one isn’t better than the other. But with buying a business, at least, that business already has customers. There are already some systems in place, a steady income flow, and a name that people recognize.
Clearly there are some benefits there, and it can help to just look through listings of businesses for sale. See what’s out there, what could work for you, look through the information (and ask questions) to the business owner. There is a lot of transparency (and legal protection) from buying a business that you don’t get when you’re starting from scratch.
But What Matches Your Energy?
Not everybody is in the same season of life, and not everybody has the same appetite for building something from the studs up. A person juggling family life, financial pressure, burnout, or a full-time job may not have endless energy for the chaos of a start-up. So, for one person wanting a quick escape, they might want to buy, which might be the most realistic. Again, theres no right or wrong answer here.
Your Strengths Matter More than the Fantasy
Fantasies can definitely be fun to think about, but they don’t always come to life. Some people are creators. They’re good at spotting ideas, shaping something original, and getting it off the ground. Other people are much better at improving what’s already there. They’re stronger with structure, systems, decision-making, tidying up loose ends, and making an existing operation run better than it did before. Think about your options realistically and there’s no place to go but up!
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