Heading: Should You Start a Business or Buy an Established Business?

Are you considering becoming an entrepreneur? The age-old question of whether to start your own business or buy an established one is a common dilemma for many aspiring business owners. According to Josh Tolley, a nationally syndicated talk show host and author of “Acquisitional Wealth,” the decision can make or break your success.

Tolley points out that while starting your own business may seem like the ultimate American dream, statistics show that approximately 50% of start-ups fail within five years. On the other hand, buying an established business that has survived for a decade or more can be a safer bet with the potential for marketability.

However, Tolley warns against falling for the trap of following the wrong advice or trying to do it all on your own. Many aspiring entrepreneurs make the mistake of thinking they can navigate the complexities of buying a business without the help of professionals like brokers, attorneys, and accountants.

Another common pitfall is getting into retail or income-producing real estate without fully understanding the risks involved. Tolley emphasizes the importance of choosing a business that is not dependent on retail conditions but instead relies on market or business-to-business dynamics.

To prepare for buying a business, Tolley advises aspiring entrepreneurs to focus on developing a strong overall business skill set rather than industry-specific capabilities. By acquiring practical business knowledge and skills, you can increase your chances of a successful business purchase and operation.

In conclusion, Tolley’s advice for anyone looking to buy a business is to approach the process with caution, seek professional guidance, and be prepared to commit fully to the endeavor. With the right mindset and preparation, buying an established business can be a rewarding and profitable venture.