• Scorpion Bookkeeping

Should you buy an existing business or start from scratch?

Bookkeeper Adelaide

It’s a confusing time for those looking to start their own businesses. With the removal of JobKeeper and the continuing uncertainty of COVID-19, there are many added pressures that simply weren’t there before. However, buying an existing business can be less risky than starting from scratch.

The advantages of buying an existing business

When you buy an existing business, you can avoid the many challenges that come with starting from scratch. You will be acquiring that business’ assets and won’t have to worry about securing premises, building a client base, finding expert staff or investing in equipment. This means that you lower your risk of running out of money, which is the main reason most start-ups go out of business.

Buying an existing business can allow you to be profitable from day one. You have immediate cash flow. There are also likely to be proven systems and procedures in place, so there will be fewer financial curveballs. You will have an existing financial history, making it easier to forecast your future profits, secure loans if you need to grow and potentially attract new investors.

While there are many advantages to buying an existing business, it won’t be without its challenges. That’s why it’s crucial to get the right help as soon as you take ownership.

Bookkeeper Adelaide

How we can help

If you decide to buy a business, you’ll need to make sure you get your bookkeeping right. At Scorpion Bookkeeping, we can help you to implement Xero bookkeeping software so you can do that. We are a Xero-certified partner.

We can also provide your business with cost-effective bookkeeping support services. We service a diverse range of clients in South Australia, Victoria and New South Wales.

Contact us today for a free, no-obligation consultation to find out how we can help!

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