Buying a business

[CeeCee123]

Hi,
I'm thinking about starting my own business and I'm not sure whether to start from scratch or buy an existing one. I'm thinking about online retailing. Has anyone bought a business before, specifically from a site like UK Businesses for Sale? I've no idea about any of this!

Be careful.

If you look at many businesses that are 'For Sale' they are not actually businesses. What they are in fact is a just a low paid job dressed up with a shop front.

Don't buy yourself a job, you can get one of those by just working for someone without the investment and risk of 'buying a business'.

In fact there are people out there who make their living by setting up businesses and selling them as quickly as possible after trading for 18 months.

There is no real value in most online retail businesses. What they do is buy from wholesalers and have a website or just go and sell on Ebay. My sister has one and she makes a good living but it is just really her and a website hosted by a third party. My sister still holds down a full time job for an employer as well in an unrelated field. You can do that for yourself. You don't have to go to someone like my sister and pay her for the privilege.

I suggest if you want an online business set it up in your spare time, as my sister did and keep on working for an employer in an unrelated field and if it grows just stop working and work for yourself full time. If you are employed elsewhere and the business you set up grows slowly that is a lot less risky than going on your own with no other source of income.

Don't be tempted into buying a franchise either without a lot of advice and a lot of research. Again you are paying someone else for the privilege of buying yourself a low paid job with a lot of risk.

I have looked at both buying businesses and franchises. I also invest in very large stock market listed companies for a living.

An awful lot of online businesses for sale on websites like that are just dressed up affiliate schemes or simple websites using dropshipping, that anyone can do with a few hours research on the internet. Be VERY careful, don't get sucked in, and get professional advice before you commit, from both an accountant and a solicitor. Yes, professional advice can be expensive, but buying a dud can be a lot more costly!

start your own doing what you know

Thanks for your advice everyone, it does seem like there are a lot of dodgy scams out there! Guess I will start small and see where it takes me.

I haven’t bought a business but I’ve sold mine through the help of business brokers UK based. It was bought months after we’ve asked their help and it went really well. But be careful when looking for a business to buy. Just look for businesses on sale from professional and reliable brokers.