Are you thinking about self-employment but don’t necessarily want to take on the risks associated with starting a completely new business?
Whilst going self-employed can involve a great deal of uncertainty; buying an existing business can often present a reduced level of risk, since the business is more likely to have an already established customer base and brand.
Nevertheless, you should consider the financial cost involved as buying an existing business often entails a much greater financial investment. The ability to see the actual profit and loss account should allow you to make a more considered decision and gain some insight into the business’s future potential.
One common fallacy regarding existing businesses is that if the owner is selling the business, there must be something wrong with it. Whereas business owners may sell their businesses for a variety of reasons.
Here are our top tips for taking over a business;
Neel Singh has been successful in taking over an existing business after his 10-year career in the Royal Navy which included 2 active tours. This acquisition has been a great success and, due to a recent rebrand and building new partnerships, Neel has doubled the business’s turnover.
The independent multi-award winning brewery is located on the Surrey border. The business is constantly improving and developing to bring new, exciting beers to the UK.
Neel has successfully managed to make an existing business his own and offers a word of advice to anyone considering this route. “Taking over an existing business offers a unique opportunity. With the help of X-Forces, taking over an existing business can give you a solid foundation to grow. Having an existing client base and product range (no matter how small!) can give you a useful leg up.”