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Buying a franchise or pre-existing business
If you have a particular expertise and money of your own to
invest then buying a pre-existing business, or a franchise
might be a way into becoming your own boss. Currently in the UK
there are thousands of businesses whose owners are looking for buyers,
and many companies in all sectors are franchising their activities.
HOWEVER
Never assume that a pile of cash to buy a business with can
be a viable substitute for business acumen and hard work. A pile
of money can turn into nothing without all of the same effort
that would be required were a new company being formed.
BUYING AN EXISTING COMPANY
If you have expertise in an industry but the sector is difficult to break
into, then buying a business to which you can apply your skills might be
a good plan. Similarly, management buy-outs often lead to successful
continuation of a business.
BUYING A FRANCHISE IN THE UK
These days, all types of business are franchised. A popular misconception is
that franchises are limited to fast food and copyshops! In reality all types of
businesses - both B2B and B2C have been successfully franchised. Internet
companies are some of the fastest growing (and cheapest to get into) but always
be aware that if an opportunity looks too good to be true, then it
probably is! Always try and find a genuine franchise holder to discuss the
business with. For every franchise success story, these is probably a failure.
Take care to do your 'due dilligence' before signing up for anything.
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