The Benefits of Buying an Established Business

The dream of business ownership is alive and well these days, especially in Colorado. As of 2015, the state is home to nearly 600,000 small businesses which employ almost 1,000,000 people! Every day you hear about a new start up being launched or a company taking its headquarters to Colorado. Business is good! So for today’s discussion, we thought it would be important to address the benefits of buying an established business over starting a business.

In Colorado, 52% of small businesses fail within the first four years of being established (as of 2016). But this percentage dramatically decreases with the purchase of an established business for a number of factors which we will discuss below.

Proven Business Concept. Buying an established business is simply less risky than starting a business of your own. The concept has been proven to work and has a track record of that success. This also comes in handy when it comes time to finance the business, banks are much more willing to lend to a buyer with a proven concept than fund a start-up business.

Established & Recognized Brand. When purchasing an established business, there will already be a brand in place, that is recognizable in the community and has a history and reputation behind it. It is much easier to market an established business to a community than to market a new business.

Staff In Place. Hiring employees is time-consuming and costly and within the realm of a start-up business, every penny counts! An established business comes with staff in place that has already been hired, trained and developed to operate the business. These employees will not only be able to help you transition into your ownership role they will also provide you with a more flexible schedule to focus on business strategies and family.

Customer Base. An established business has had the time to develop customer relationships and a loyal following. Which means the business will benefit from revenue from the time of purchase on. With a start-up company, the owner will have to work much harder to gain traction within the community and attract customers.

Growth & Planning. Instead of working to make your start-up business viable, as the new owner of an established business, you will be able to focus on scaling and strategic planning. This factor alone can alleviate a large piece of the risk and stress of a start-up business.

Deciding to buy a business will put you one step closer to reaching your entrepreneurial goals!

To learn more about how to buy a business or even how to buy a franchise we invite you to visit our website for more information!

This article was written by the Managing Director of Transworld Business Advisors of Colorado. Transworld is the top brokerage firm in Colorado. Their team of brokers have the most and widest range of business listings for sale, inclusive of 100+ listings annually. Transworld Denver’s service area covers the state of Colorado, focusing on the Denver Metro, Boulder and Golden areas. They assist visionary entrepreneurs in buying a business or selling a business in Colorado, specializing in helping family-owned and closely held businesses with their strategic plans for the future.

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Business Coaching for Business Improvement

Business coaching can actually bring the much-desired changes to your business. Coach is a word which is derived from “kocsi”, a Hungarian name that means “carriage”. Today, however, the word has a wider use and it basically means transportation of people from one point to the other where they desire to be.

Business coaching, therefore, can be defined as a process that can be applied so as to move a business from its current position to where the owner envisions it to be. What a business coach does is to offer guidance and assistance to the owner in view of business growth, helping in the clarification of the business vision and how exactly it can fit well with the personal goals. This is a very important step and should be a point of focus.

Business owners should be made to understand the importance of reaching their goals for the business and how it can affect them personally. The business owner is responsible for the determination of the passion and speed in which goals are met. When the business owner has a passion for reaching a goal, he will be more determined to make it work by all means.

Usually, a coach will get to know the business owner desires and this helps in the prioritization of the goals and strategies that need to be put in place. It is the work of the coach to meet you with the owner on a regular basis so as to ensure they remain on track to all commitments that they may have made.

Accountability is a critical component of business coaching. It is important to understand that a business coach isn’t a consultant. This means that they don’t work for the business. The main aim is to help you with focus and keep on reminding you the importance of reaching the set goals. They also work to motivate the business owner to actually keep the commitments. They are the sounding board and can even hold a mirror so as to reflect all the blind spots that you may have missed.

Most of the success stories that you may have heard attributed it to amazing business coaches. For business owners who seek to have more time, more money and better relationships and health, it becomes important to have a business coach. The reason why the most business fails is that people are not really taught about ways in which they can actually win at life. Coaching, therefore, bridges the gap and enlightens the business owners in ways that only a coach can achieve.

It is the dream of every business owner to have a winning team around them. Also, anyone in business desires to have great profits in an effortless and exponential way. A winning business allows you to have time and money freedom. If you feel that you need to rethink your commitments and focus on the goals you had initially set out for your business, then getting a great business coach can actually help you and your business to a great extent.

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