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Buying an Existing Business

If you think that starting your own business is too difficult or costly, you could consider buying an existing business. The main advantage of buying an existing business is that you are dealing with a known entity. You are purchasing stock, equipment, a location and more importantly, customers and reputation.

However, this has advantages and disadvantages.

Some of the advantages are:

Some of the disadvantages of buying an existing business are:

The steps involved in purchasing a business are similar to those you need to take whenever you make any major purchase, such as:

Use the Complete Business Checklist to get an overview of running a business - from deciding to become self employed through to the documentation required to sell your business.

The next step is to make a


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