Part 1 of 2 Series
Have you ever considered owning a business but would like to skip the start-up phase? Starting a business has its challenges and triumphs when you get it right. But, have you ever considered buying a business in Canada that aligns with your interest or passion instead?
For some entrepreneurs, starting a business from ground zero may seem challenging. Yet, scaling a business is a game-changer and comes naturally. The idea of starting a business from scratch should not stop you from being a business owner. Buying a business is a viable option to start your journey as in immigrant in Canada.
Here are a few reasons why you should consider purchasing an existing business:
- It eliminates the startup costs associated with staring one from scratch – inevitably, when starting something from scratch, will come with surprising, last-minute hidden costs you didn’t see coming.
- It already has an existing customer base, location, inventory, equipment, furniture and staff.
- Ideally, it operates as an efficient business and has funds available to self-run.
- The business has a reputation and goodwill in its target market.
Buying a pre-established business enables you to identify what you need to improve on and what you need to cut. This process reduces waste – time, money and assets, saving you time and money in the ‘learning phase.” If you do due diligence – you stand a chance of knowing if your Return on investment (ROI) is worth the hassle or not.
A Google search query on ‘Buying a Business in Canada’ provides a search result of 1,320,000,000. Look at that number – wouldn’t you love to see that figure as your profit at the end of a fiscal year? And, I kid you not – buying an existing business is a big deal. But more on this in our part 2 of this series.
Below are a few experts that offer their services when buying a business in Canada.
BizBuySell is an online marketplace that provides listings of businesses for sale across Canada. BizBuySell also offers other services like selling assets, connecting you with franchise opportunities and businesses that include real estate.
Exchange Marketplace is the marketplace to buy and sell Shopify online stores. As a buyer, you have the opportunity to buy an online business that is ready for growth. Exchange Marketplace calculates the sales and traffic data on their listings. This gives the buyer a transparent report of what the business has to offer. Exchange Marketplace provides both parties with a secure platform to exchange and make payments. This marketplace makes owning an online business feel like it’s easy-peasy.
Sunbelt is a firm of trained experts who help business owners sell their businesses. They offers consulting services that connect you with the right business opportunity and the kind of business you want to buy. Their inventory ranges from main street businesses, middle-market businesses, eCommerce and Franchises. They are the world’s largest business brokerage firm to buy and sell.
Kijiji is Canada’s largest marketplace that offers a wide range of categories from cars, housing, jobs and listings of businesses. Like everything else sold on this platform, you connect with the business. When considering buying a business through this platform (or any, for that matter), always do your homework and due diligence and connect with a professional (such as a lawyer or accountant) to help you with this big decision.
Buying a business is an emotional venture for both you and the previous business owner. And, you do not have to go through the motions alone. Reach out to a Business Advisor to guide you through the process of buying a business in Canada.
Read Part 2 of this series where we learn about specifics of what to look out for and what type of due diligence is needed when buying an existing business.
Have you ever considered buying an existing business instead of building one from scratch? Tell me below.