Buy vs build. What are your thoughts?

[Jbrow327]

Do you think it's better to buy or build a business? In terms of success rates, buying a business, growing it, then selling it have much higher odds of becoming a millionaire than starting from scratch. The hardest part of starting any business is getting it off the ground and profitable and getting a customer base. This is already done when you buy a business.

The hardest part however for most people is going to be getting funding for the business. I don't know if you can use things like kickstarter for existing businesses but I think there are a lot of options out there for funding.

What are you overall thoughts on this subject?

 

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[Kevin88660]

Do you think it's better to buy or build a business? In terms of success rates, buying a business, growing it, then selling it have much higher odds of becoming a millionaire than starting from scratch. The hardest part of starting any business is getting it off the ground and profitable and getting a customer base. This is already done when you buy a business.

The hardest part however for most people is going to be getting funding for the business. I don't know if you can use things like kickstarter for existing businesses but I think there are a lot of options out there for funding.

What are you overall thoughts on this subject?

IMO buying a business is terrible if you

1) Accept it to be a passive income investment and it will become your nightmare
2) You don’t know how to run the business and the previous owner washed his hands off there is no one to teach you

Buying a business is wonderful

1) You are acquiring your competitors
2) You are taking over from someone who has a vested interest to teach you and guide you. Distant relative. Father or your best friend. Both of you have trust and can work out some agreement.