Many entrepreneurs believe that they need to start a business from scratch. But this does not have to be the case. Look at one of the all-time business owners: Howard Schultz. He did not start Starbucks. Instead, he initially worked for the business before leaving. After a time, he returned and bought the business.
Most studies show that start-ups fail within the first few years of their existence, where as buying a business that’s already in existence is much more beneficial with less chance of failure. Buying a business means not having to deal with some of the inevitable pitfalls of a start-up. You have a business with an existing product and customer base. There is an infrastructure in place.
Moreover, this is a tremendous time to buy a business. The seller will often finance a big portion of a purchase and interest rates are at a 40-year low. Additionally, valuations are much lower.