Small business discussion

Identify a type of business you would like to own. Next, evaluate two (2) advantages and two (2) disadvantages of buying an existing business compared to those of starting the new business from the ground up. State your decision and explain your rationale.
In buying or starting the business above, you determine that you do not need external financing. Discuss why you should write a business plan, and select one (1) element in the plan that you think will be the most difficult for you. Next, identify three (3) techniques you can use to overcome the challenges. Justify your selection of these techniques.

No plagiarism

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Type of Business: Specialty Restaurant

Two advantages of owning and existing business over a startup

Owning an already existing and running business has these two advantages. First, the difficult work that comes with starting a new one has already been done. Startups involve a lot of planning, choosing the right location, obtaining funds, marketing, launching, and advertising to acquire customers in line with other challenges such as staffing, growing the capital base and so on. Investing in an existing business means getting a business that is up and running hence all such work has been taken care of.

(530 words)