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going into business (advantages (sales to existing customers will generate…
going into business
advantages
sales to existing customers will generate instant income
a good business history increases the likelyhood of business success
stock has already been acquired and is ready for sale
equipment is available for immediate use
existing employees still provide assistance
setting up a new business
advantages
owner has the freedom to set up the business however they want
owner's objectives can be matched more closely to the business
able to determine the pace of growth and change
flexibility to select the location, target market, range of products and level of customer service
no goodwill to pay for
if funds are limited it's possible to begin on a smaller scale
disadvantages
high risk and measure of uncertainty~ difficult to secure finance
time needed to develop: a customer base, employ staff and develop lines of credit from suppliers
if the start-up period is slow, profits may not be generated for a long time
potential customers may be difficult to attract
purchasing a franchise
advantages
disadvantages
disadvantages
existing image of the business may been difficult to change
purchasing an existing business