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Going into buisness (Purchasing an existing buisness (Advantages (The…
Going into buisness
Purchasing an existing buisness
Disadvantages
You may not be able to make the same amount of profit as the previous owners as they may of had a better business structure than you and may of run the business better
The business may have be poorly managed before and require a lot of investment to make a profit
Factors out of your control may affect the profit of business such as increasing completion in the area
Advantages
The business will already have a financial history which gives you a better idea of what to expect in terms of profit and loss
You acquire the existing stock, premises and existing customers
Going into an already established business market
The work of setting up a new business has already been done for you
setting up a new business
advantages
More profit than if you were and employee
Increased independence as you get to make majority of the decision regarding the business for example you can choose the amount of our hours you work and who you choose to employee in the business
You have control over the business and decision regarding it
Disadvantages
A lot of time commitment is required to run the business
You gamble the risk of major financial loss if something goes wrong with the business
There is a lot fincial comitment require to the buisness this c