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its an ideal thing and very popular practice in Nigeria to start a business from scratch but times have changed so quick that that you can buy an existing business and perfect it.

buy business in Nigeria

There numerous advantages of buying an existing business I will share just 10 of them with you.

1. The business has immediate cash flow from day one.

You start earning as soon as you sign the purchase contract.

2. Existing customers are already in place.

Start-up ventures sometimes fail because customers do not come for some time despite the initial investment and the work you put in. Contrast this with an established business that has a loyal customer base. You should keep your customers by maintaining the status quo for some time before introducing any changes.
3. The risk of business failure is lower.

Buying an established business with ongoing cash flow, proven systems, a known brand, existing customers, and a good reputation is less risky than starting a new business.
4. People know the business brand and logo.

You do not need to introduce the product or service because the public is already familiar with the brand or image of the company. The company name and logo are integral to the value of the business.
5. The business has a reputation in the market place.

A business with a good reputation and a popular product or service is a good buy. A positive reputation in the market is a product of years of work.
6. Customers know the business location.

It is to an advantage to buy a business in operation for some time in the same location.
7. There is less need for training of employees.

The current employees are familiar with the internal workings and systems of the company. Make sure that the key employees who are well trained and knowledgeable in the operations of the business will remain after the sale. They will guide you through the transition.
8. Marketing, sales and operating systems are already in place and working.

It took trial and error and many months or years to fine-tune the sales and marketing, order of procedures, accounting, payroll, operations and inventory systems that are behind the success of the business.
9. Financial assistance is available.

An established business is usually offered better financing terms by banks and by suppliers. Even family or friends may be willing to finance part of your new venture, or the expansion of a business that has proven itself over time. Existing businesses or even franchise purchases are considered safer investments whereas start-up businesses are deemed risky.
10. Interest rates are low.

Most financial institutions offer low interest rates now that the dollar is weak. Established businesses with good credit are getting good terms.

Posted: May 24, 2020 07:49 am



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