Starting your own business can be very rewarding, but generally requires an idea or concept that revolves around a unique product, technology, or marketing plan. Developing a business idea from scratch will usually involve less up front costs compared to buying a business, and can frequently be tested from a home or small office. You also won’t have to pay someone for goodwill. Keep in mind though that researching a new business idea is extremely important because frequently, ideas that seem to make initial sense do not after a detailed investigation. There may be little or no demand for the product or service, or competition may be so fierce that a profit cannot be made. Thorough research should tap as many resources as possible, such as the Small Business Administration, other business owners, the Internet, your local library, and relevant trade associations.
Buying a Business
Buying a Florida business can be a more effective way to business ownership, but is frequently more costly. Existing business owners will expect you to pay a premium for providing you with an existing customer base and location. In addition, there can be contingent liabilities associated with buying an existing business, although structuring the transaction as anasset purchase can usually protect you from these liabilities.
The advantages to buying an existing business typically outweigh the disadvantages.
Experts generally agree that, in most cases, paying the extra cost for an existing business will outweigh the risks of starting one from scratch.
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