Should You Buy Or Start One Yourself?

If you’re looking to become a business owner, you can choose to start a new company or acquire one that is already open for business in Louisiana. The choice that you make will depend on the amount of startup capital you have as well as your confidence in being able to build a brand from scratch.

Starting a new company

Starting a new business may be ideal if you have limited funds or believe that you are uniquely qualified to meet the needs of your target market. Depending on what sector you’re in, it may be possible to start an online business for $500 or less.

You may also want to start your own company if you believe that you can serve the space better than businesses that already exist in the commercial space. Many of the most successful entrepreneurs are disruptors, bringing innovation to a tired industry. This way, you won’t be bound to a parent company’s hiring, marketing or other business practices.

Acquiring a company

Acquiring an existing business may be ideal if you want more certainty about a brand’s potential. As half of all companies fail in their first five years, buying a business that has been around for several years or decades means that it is less likely to fail.

Furthermore, you’ll have access to a customer list, relationships with vendors and other resources that can help you sustain or grow the organization going forward. Of course, you’ll also inherit any liabilities that an existing company might have after you buy it. Therefore, doing due diligence prior to closing on the deal may ensure that you are in compliance with business laws in your area.

Starting or buying a business may be an effective way to increase your earning potential while gaining more control over your career. Regardless of your choice, you’ll need constant oversight of your company to ensure that you are in compliance with state or federal laws. Quality oversight may also help you defend against any lawsuits that an employee, customer or vendor might pursue.