Starting a business is a rich man's game, and buying an existing business is a poor man's game.  Most people would think that the opposite is true. 

There are many advantages to buying an existing business rather than starting a new business.  Statistics show that 96% of business startups fail within the first five years, with 80% failing with the first 3 years.  With the odds of failure being so high that you are going to lose your entire investment of time and money within 5 years or less, that is a rich man's game.  Anyone who can afford this type of loss must be pretty rich. 

Buying an existing business with an ongoing infrastructure of a provable business model, one that has been operating for a few years or more and is making a profit sounds like a much better deal.  Profits will flow immediately versus a startup where there is no way to predict when you will be showing a profit.  A solid customer base is already formed; people are familiar with what you have to offer, so there is no need for start up marketing.

The history of a business is in place and you can review it to determine potential profits for the future.  Policies and procedures are in place, employees are trained, and the business is operating.   Simply step into the seller's shoes, add some of your own personal touches, maybe a new product or service, and you're on your way to making your new business grow and thrive. 

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This article is derived from an interview between Lance Hood from SuccessInsiders.com and top business buying expert Richard Parker.

From Lance Hood - SuccessInsiders.com

Research, Investment, Buying Businesses, Business Brokers, Chambers of Commerce, Making Money, Wealth Building, Business Skills