Millionaire Secret: Buy or Build? [Video]

New business owner? Wondering if you should build your company from scratch or buy an existing one? There’s no one-size-fits-all answer, but here’s a breakdown to help you decide!

Building Your Business:

Upsides: You’re the boss! You control everything from the logo to the work culture. Potential for high long-term rewards.
Downsides: It’s a marathon, not a sprint. Takes time and effort to build a successful business. No guarantee of success, even with a great idea.

According to Forbes, only about 10% of startups actually reach the 10-year mark. But the reward of creating something from scratch and being your own boss is amazing!

Buying an Existing Business:

Upsides: Faster growth! Gain a customer base and potentially shorten your success timeline. Benefits from existing structure and reputation.
Downsides: Merging teams and cultures can be tricky. You might inherit unforeseen issues with the acquired business.

Acquisitions can help you reach profitability 50% faster on average, according to a study by ACF Investors.

The takeaway? Both options have merits, and the best choice depends on your individual goals and circumstances. Consider your risk tolerance, available resources, desired level of control, and the timeline for your business vision.

Entrepreneur Life is exciting, but informed decisions are crucial.

Want more info? DM us! We can help you explore both options and find the best fit for you.