![]() ![]() STACKS HAVERHILL FREEThe programme offers loans (from £500 to £25,000 per director, at 6% interest) alongside free mentoring and support. These can be used for purchasing an existing business, provided you have been trading for less than two years. ![]() The Government backed British Business Bank supports entrepreneurs with Start Up Loans. Whilst loans are often difficult to obtain for newer or smaller businesses there are two schemes that can be used to successfully access funding more easily: Usually, a mixture of the above methods is used to fund a deal. Vendor finance (deferred consideration) – this is where the seller agrees to receive the sale.Using assets within the business to provide funding e.g., invoice discounting.Many of the problems will have been discovered and solved already.Ī loan is one way of funding the purchase of a business.Existing employees should have experience you can draw on. ![]() A marketing method should already be in place.There will be a useful network of contacts.There may be established customers, a reliable income, and a reputation to capitalise and build on.A market for the product or service will have already been demonstrated.There are lots of advantages to acquiring an existing business as much of the groundwork has already been done, for example: This is often because no thought is given to this alternative, or of the perceived risk, cost, and complexity. Most entrepreneurs start from scratch with very few considering the alternative of acquiring an existing business. Advantages of purchasing an existing business ![]()
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