Younger retirees who move to Myrtle Beach are often looking for the next business adventure. Those who retire early have the finances to look for a new opportunity. They also have the experience, energy and drive to make a new business opportunity work.
WHY A START UP IS MOST OFTEN THE WRONG CHOICE
According to Embroker, about 90% of startups fail. 10% of startups fail within the first year. Across all industries, startup failure rates seem to be close to the same. Failure is most common for startups during years two through five, with 70% falling into this category.
Startups offer the highest level of financial risk. Startups also require tremendous energy on the front end. The learning curve of “everything new” is exhausting and often sinks most startups. Every system, every marketing idea, and every decision is an experiment and must be made without the data that comes from owning an existing company.
BUYING AN EXISTING BUSINESS – A WISER MOVE
Because you have reached an age where you don’t want to waste time and financial resources, buying an existing and successful business is a safer option. Investing in an existing business, such as an affordable franchise business is not a new concept, as it has been around for decades and is still going strong today.
There are many benefits to buying an existing business, but there are also risks associated with this investment strategy as well. An uninformed buyer should beware. Perhaps a previously successful business is just about to experience an interruptive technology change. Historically these interruptive technology changes were the undoing’s of Blockbuster Video, the yellow pages, traditional map sales, the pay phone among a host of many others.
HOW TO AVOID THE RISKS
When relocating, you don’t know the lay of the land. Everything is new including your home, your neighbors, and the local business climate.
A Business Broker can help you identify the best opportunities for you and guide you through the process of buying an existing business.
Buying an existing business can be a good option if you want to start your own company, but don’t want all the risk that comes with starting from scratch.
DO YOUR HOMEWORK BEFORE BUYING
Business brokers are intermediaries that help buyers and sellers of businesses find one another.
All Business Brokers aren’t the same, however. A true professional will assist you in a range of services including:
– Business valuation
– Market research
– Negotiations
– Legal advice
– Ongoing business brokerage services
Without question, you will want to use the services of Brent and Darlene Byer of Transworld Business Advisors, Myrtle Beach. Transworld is the best Business Broker in America.
When successful business owners are looking to retire and sell, they reach out to these professionals for help. These businesses have documented existing, ongoing positive cash flow, and solid year over year profits with unexplored opportunities for new growth.
A new business will be a new adventure. A business broker will help navigate the next season.