Okay, so imagine this: You walk into this old house that’s full of charm—like every creaky floorboard has its own story.
Now, picture designing your dream house from scratch, exactly how you want it.
That's pretty much the vibe when you're deciding between buying a business that's already up and running or starting one from scratch.
Buying an Existing Business
If you buy an existing business, it’s like moving into that old house that already has its foundation.
The customers are there, the processes are set, and you’re not starting from zero.
But, don’t let that fool you into thinking it's instant profits.
Even with an established business, you’ll still need time to understand how it runs, make improvements, and grow.
It’s not a ‘buy it and relax’ situation—it still takes time, dedication, and some serious patience.
You might be wondering, “How do I even find a business to buy?”
Easy, girl!
Here are some places to check:
- BizBuySell – It’s like Zillow for businesses, tons of options and filters.
- Flippa – More for online businesses like stores or websites that are already making money.
Of course, you'll want to check things like financials, customers, and any existing contracts before you dive in.
You can even hire a broker or a lawyer to help you out.
Better safe than sorry, right? 💁🏾♀️
Starting from Scratch?
That’s like designing your dream house from the ground up.
You get to create everything exactly how you want it.
But there’s no foundation, so you’ve gotta build all the pieces—customers, brand, products.
If you’re all about being hands-on and want full control, this might be the path for you.
But yeah, it takes a little more time and work upfront.
And just like buying a business, don’t expect to be rolling in profits right away.
Building from scratch means playing the long game—it’ll take time to get your business off the ground, and that’s perfectly okay!
The journey is just as important as the destination.
Pros and Cons
Let me give you a quick rundown to help you decide:
Buying an Existing Business
-
Pros:
- Quick start—no building from scratch.
- Existing customers and cash flow.
- Proven business model.
-
Cons:
- Less creative control.
- Might have hidden issues to fix.
- Could require more upfront money.
Starting from Scratch
-
Pros:
- Total freedom—you’re in charge of everything.
- Build your vision exactly as you see it.
-
Cons:
- Slower to build.
- You’ll need to create your customer base.
- More time and effort upfront.
How Do You Pay for It?
Money talk!
Whether you're buying or building, you’ll need some funds:
- Business loans: You can apply through a bank or credit union.
- Investors: Bring someone in to help fund the business, but they’ll want a say.
- Personal savings aka bootstrapping: If you’ve got savings, this could be an option—just plan carefully!
Questions to Ask Yourself:
Still not sure which way to go? Ask yourself these questions:
- “Do I like fixing up existing things, or do I prefer starting fresh?”
- “How much control do I want over every detail?”
- “What’s my timeline? Do I need something fast, or am I okay with taking time to build?”
- “How much risk am I comfortable taking?”
The Bottom Line
There’s no wrong choice here, girlfriend—it all depends on what feels right for you.
Buying a business gives you stability and a head start, while starting from scratch gives you the creative freedom to build exactly what you want.
Just keep in mind that neither path guarantees overnight success.
You’re in it for the long haul, but with patience and persistence, your business will grow into something amazing.
P.S. If you’re leaning towards starting from scratch but feeling a little overwhelmed, join me at the next Ladies Weekend Write-In Workshop!
We’ll get that business plan together so you can make it happen.
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