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    1 Reply Latest reply on Aug 10, 2009 7:33 AM by YesYouCan

    set up or take over

    huelmo Newbie
      what is the best option, buy an established business or install?
        • Re: set up or take over
          YesYouCan Scout

          Depends on the type and location of the business, what is included, and what it costs. A lot more information would have to be available to give a good answer.

          Consider what may come with an established business; name or brand - location or established niche if on line business - established customers - trained employees - established systems & procedures - possibly proven marketing and advertising techniques - inventory - plus you know that since all the required licenses and permits, etc. have been filed and approved once you can probably re-do them again for yourself (sometimes this is a real hassle in starting a new business).

          Question - do you get all these things and if so are they really positive or negative?

          Do you want to keep the same name (and what's the reputation?) or will you want to change it anyway - If a neighborhood business, what are the demographics (improving/declining) - is the business such that you can count on repeat business from prior customers and is there a list so you can readily contact them - will you want to keep esisting employees and will they stay - has the business been stable and profitable so you can at least start with existing policy and procedure and marketing and advertising methods until you get better ones set up - is the inventory fresh up to date or a bunch of obsolete stuff that will be hard to move ?????

          I would do several things:

          1. Try to get the answers to the questions above.
          2. Try to determine how long it would take. and how much it would cost to start from nothing.
          3. Rough out a business plan for a start-up business of your own.
          4. If there is a real business you have in mind buying get a sales proposal along with financial records.
          5. Contact SCORE (www.score.org) and follow the link to your local SCORE chapter and request counseling about starting a business. Don't worry it's free and confinential. Put all your questions and the answers you have - along with your rough business plan - on the table and get some good advice.