Entrepreneurship tips for existing business

The most important thing in entrepreneurship is to master the business in which we intend to invest our capital and be well advised.

Whoever decides to start a business often wonders if it is better to buy an existing business or create one from scratch.

This dilemma is very particular and its resolution will depend on the specificities of each business.

If someone decides to buy an existing business, they must first assess why the current owner has decided to sell it. In the answer to that question, you can find the business inheritance that the new entrepreneur will acquire with the purchase.

It is good to know in advance the profitability, the turnover rate, if you have outstanding debts, the taxes you pay, if you have had previous owners, the competition, the market conditions, the assets you have, customer loyalty, the brand recognition, and other important aspects.

If you start from scratch, even if the challenge is greater, if you master the activity and have created an adequate market plan, success is among the variables for the future.

The advisable thing is that, when someone makes the decision to buy, they do it in the hands of professional advisers, among whom an accountant and a good lawyer cannot be missing.

According to some experts, it is preferable to buy the assets of a business instead of the shares. Because, when buying the shares, one also acquires the debts and commitments of the sold corporation. And for now, you should take on customer demand or a provider’s failure to pay from the previous owner.

What all specialists agree on is that, when acquiring a business or creating one from scratch, a basic step is to have owner insurance. This guarantees the investment against any future claim.

Contact Univista Insurance and protect your dream against unforeseen events. Remember that the best guarantee of success for your company is to completely dominate the business in which you have decided to start.