Starting From Scratch Or Buying An Existing Business

Category: Entrepreneurship
Last Updated: 28 Feb 2020
Pages: 6 Views: 322

Starting From Scratch Or Buying An Existing Business If you're about to have a business, you'll think about how to get it, by staring a new one or buying an existing one. Anna Bryant bought an existing salon when she had the chance instead of starting her own.

The reasons for that are because she had no business experience or skills but she believes that she have the capabilities to run this salon, also she's an entrepreneur for the first time and this will save her the time of the stating period plus the effort of building the business name and make it stand in ground, it also have customers and taff and already been running for years so she can start making sales from the first day.

Before buying the business there are some steps to be taken, studies, plans and more, like knowing the first owner decided to sell the business and if there are major problems within the business and figuring out how to solve them. Appraising the business is a must too because she wouldn't want to pay more for the business. She should get help and ask experts about all the details as she also need to sit plans about how she'll run the business and about the changes needed to be made and ake expectations to be reached. Also evaluating the risks and see how to avoid them.

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After finding the reasons and applying the required steps before buying, Anna Bryant is now able to make her decision. Successful Entrepreneur Effectiveness A Successful entrepreneur have special characteristics, passion, willingness to take risks, Positive attitude, Confidence, respect, and trust are all needed in the entrepreneur character. Commitment, leading skills, team building and flexibility also makes a good entrepreneur. knowledge in markets and how to run businesses and ow to communicate with others, all these characteristics build a Successful entrepreneur.

Having no previous experience as an entrepreneur doesn't mean that the business won't be successful. Anna's first business succeeded because she had a lot of a successful entrepreneur characteristics, the first was her love to the business and her passion about fashion. Courage, Wisdom, and excitement all were in her heart, and the desire to take the business to the next level all made her a great entrepreneur. Anna didn't have an experience but she was determined to gain it by consulting and getting help from others. She sat goals and put plans, she had a vision and this is one of the entrepreneur characteristics. ne of the challenges that face any business is financial management, high expenses, low sales and insignificant protlts, these problems and more which were facing Anna's business can be solved by using analysis techniques and take the right action based on the analysis process. Anna was able to improve the business finance by hiring a professional team and using their help, also by working on herself and gaining knowledge about the business market and learning some marketing techniques,. By studying the businesses' hances, opportunities, strengths and weaknesses she was able to manage it Just right.

After that she started to make changes in the business and make it more effective and attractive, by offering new services and new fashionable designs that are desirable which brought her new customers, Anna didn't wait until she make the salon exactly as she wants, she stared to work and make profits right away plus working in making the needed improvements, taking an advantage of all the available opportunities of the existing business made in easier for her to manage all the financial matters and this made her a great entrepreneur.

My references Nitish. (2011). Main Reasons to Buy an Existing Business. Available: http:// accessed 29th April 2013. From E-library Slavec, Alenka-Prodan, Igor. (2012). The influence of entrepreneur's characteristics on small manufacturing firm debt financing. East European Management Studies. 17 (2), 22-23-24. The Advantages Of Franchising Owning and running a franchise instead of starting a business is an action taken by a lot of business people, John is one of them.

Franchising have advantages which makes it a better option, as for John, a franchise have a lot benefits to offer like having big known brand to stand by you and support you for different aspects like the product knowledge, training development and sales. It was way easier that staring his own business. A franchise makes profits quickly, and it have a proven business format and it's supported by the Franchisors. It have lower risks and worries and a help is available when needed from the Franchisors who have powerful motivation.

From my point of view franchising have five main advantages, Branding, it offers a strategic identity which impact on the market, big businesses spend millions on their branding and ranchisee gets the advantage of that, and the Franchisors are mostly well known for customers. Advertising, advertising takes a lot of the business expenses and a business can't survive without expensive and effective advertising. Name Recognition, which makes people guarantee the quality of the products and a known name gives them that.

Reputation, which enable the Franchisee to enjoy protectiveness against lawsuits or accidents or any issues with the employees. Support, running a business needs training, and by have a Franchise you'll get all the train you need, they want you to be successtul because your success is ll possible ways. A Successful Franchise Business their success so they'll support you in Acquiring a franchise is a successful business to run, as it's cleared by the advantages of franchising. t have the benefit of having an access to the franchiser established system which have been running for a long time, franchisers spend a lot of time to modifying their system to the best it can be and hand it over to the franchisees, the system includes information about the products or services and all the details of the market methods, plus they make research to determine the best ocation for the franchise and some of them also manage the building and the renting matters which leave less worries for the franchisees.

Another thing is, franchisees are not alone, the are supported by the franchisers who really want them to success, they train them to operate the business effectively , this is a very important reason why franchising can be a successful business. Moreover, franchisees' customers have a full awareness of the business and its products so they can trust without even trying it, means that loyal customer exists with any effort.

John made it in his business and he became very successful because he had the experience of running a franchise before, he picked a good company with sound model to franchise and he started with full energy and high confidence. He received different trainings in different parts of the company, and used what he have learnt effectively and ran the business properly, he succeeded perfectly and became one of the best too.

Here are a study which clears the success of franchising: franchises success rate is 90% comparing to only 15% of business staring from scratch, meaning hat a franchisees will surely succeed as long as they follow the franchisors the instructions and use the support system effectively. My references: Don Daszkowski. Higher Likelihood of Success with a Franchise Business . Available: http://franchises. about. com/od/buyingafranchise/a/franchise-success. htm. Last accessed 1st may 2013. From the E-library: Abell-Mark1. (2010). The franchising advantage. Managing Intellectual Property. 9 (1-2), 16-17-18.

GOING FOR A BUISNESS Starting a business is never easy whether it was a franchising, entrepreneurial enture or an independent small business. If I'm about to start my own business I wouldn't go for franchising, not because it won't be successful or because it's hard, it's Just that I'd rather to come up with new idea and add something to the world rather that applying the idea of someone else, franchising may be profitable and better option tor those who are seeking tor cash and high incomes but I'm one ot those who cares more about changing the world and putting my fingerprint on it.

Becoming an entrepreneur of an existing business is a good idea which will save a lot f preparing time in the starting period, still the existing business may not apply my own perspectives which means I'll have to do a lot of changes and this may cost me more that what I'll may pay if I started it myself, That's why my best option is to start from the ground. My new small business is about handmade stuff trade, not going to say it's growing fast but I follow the saying: think big and start small.

My band is LA FEMME TOM and it's a one-person business so far, it's growing slowly but it's giving me all I need at the moment, plus it's helping me to spread the awareness of the mportance and the value of the handmade stuff which is one of the business aims, it is about selling my handmade stuff, giving courses on how to make them and supporting those who have a talent in this field.

I sell my stuff online and in some places, I don't have my own shop yet but soon I'll do as it's planed for. The business approach is to grow and have many branches, it's in a progress development and aiming to have partners and hire working hands to take the production to the next level. Basically the business activities are about girls hobbies to fell the spear time with useful and beneficial things.

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Starting From Scratch Or Buying An Existing Business. (2018, Jun 27). Retrieved from

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