One of the advantages of buying an existing business is it's less risky. You will take over an operation that is already generating profits and that has an established customer base. You don't have to create new procedures, systems, and policies. All you have to do is to plan for its greater improvement. However, in most cases, buying a business is more costly than starting from scratch. But it's easier to get financing support to buy an existing business than to start a new one. The best way to find the business that's right for you is to look for an industry that's not only you're familiar with but also passionate about. In this episode, Carl Allen talks about buying a business, important things you should consider, and more.
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No matter what type of business you’re in, your ultimate goal is always to succeed and make a profit. You have started your own business maybe because you wanted to be your boss or because you were passionate about your idea. It could also be that you just wanted freedom from a monotonous routine. But sadly, success is not only being determined by the reason behind starting your own company. No business comes with a fixed instruction manual. Success is everyone's dream, and to get there, concrete effort and focus should be done on oneself and one’s people—the two go together. There are also proven strategies for every type of business that can guarantee you a reasonably good footing in the market.
The financial crisis in business can be very challenging to deal with and navigate. Several companies have found themselves suddenly forced out of business due to liquidity problems. For business owners, it doesn't matter how many times they try to prevent this kind of situation—it will pop up periodically due to the changes happening in the market. Businesses are seeing rough spots due to broad market factors, such as excessive debt, overpriced assets, poor financial system and other issues. When you have been building a business or managing one for a while, you have to be prepared and equipped for this kind of situation. You should be aware that the financial crisis occurs in particular industries or even in confined companies due to limiting factors. In this episode, Justine Lalla shares what to do best during a financial downturn.