Should You Start Up or Buy Your New Business? 12 Pros and Cons

By | Bruce Hakutzwi |

The path to entrepreneurial success is wide. There are all kinds of intersections and offshoots that form millions of combinations, and no one path is going to be perfect for everyone. In fact, that’s a large part of entrepreneurship’s attraction for those who feel compelled to take on the business ownership journey.

But, if you hope to make it to the final destination—success—you can’t just run off blindly down any path that looks interesting. Starting and running a business requires intelligent planning and strategy. So let’s take a look at one of the first important decisions every aspiring entrepreneur needs to make to illustrate how this kind of strategic decision should be made.

To start up or purchase your new business

For most people, when they first consider the idea of owning their own business, the image in their mind is of a brand new startup that’s been built from scratch. However, once the planning and strategy period gets underway, many of these same entrepreneurs end up exploring and eventually settling on purchasing an existing business or franchise instead.

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