Building a small business is all about bringing a new product or service to the market, disrupting an existing one with innovation and offering a value proposition to consumers. Small businesses also tend to have different operational issues than large corporations. They may have difficulty scoring business loans, be unable to compete for government contract work (unless they are specifically defined as a small business in their industry), and be subject to more scrutiny than larger enterprises when it comes to compliance with Affordable Care Act requirements.
Buying an existing small business can offer a number of advantages including reduced risk in some areas, a proven business model and an established customer base. Our article on How to buy a small business walks you through the important tasks you’ll need to accomplish in order to successfully purchase a company.
When you’re ready to begin your search for a company to buy, it’s essential to have clear goals in mind. This will help you assess potential purchases more sensibly, and it will be useful guidance for any professional advisers you might engage to assist with your search.