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Starting a business > Buying a business > Considerations
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One way of getting started is to buy a business that has been operating for some time. The advantage is obvious - most of the start-up pains should be over and it should have an established customer base.
But be careful: don't think that you won't have to write a business plan. On the contrary, it is a crucial way for you to get to know your business and to make sure it survives the change of owners.
Also, do you know what you are buying? Nobody is going to sell a business that really makes a lot of easy money, even though it might be presented to you that way.
If you feel that you can make more money than the previous owner because you are a better business person, it can be a good buy. But what if there are problems with poor location, a declining number of customers or a development that will affect the business negatively?
Do a thorough investigation and hire a good lawyer to help you with the deal.
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