Many people who have left the corporate world after losing their jobs are thinking about taking their retirement savings, or 401ks and either starting or purchasing a business. Interestingly, financing the purchase of a business is pretty easy if you are prepared, and it is much easier than trying to get the money you would need for a start up business. Most people just need help on how to acquire a business. Oh and by the way, unless you’re prepared to collateralize the loan to start a business at 100 percent with your own personal liquid assets, a bank will not loan you the funds. So there are benefits to buying a business versus starting a new business. And there are plenty of tools that can help get you through the tough spots – like a bad economy – such as factoring.
Starting a business of your own can pay off but it’s important to understand the risks. Most start-up businesses eventually die, and according to Author Michael Gerber who wrote E-Myth Revisited, 40 percent of new businesses fail within the first year.What’s worse is that 80 percent fail within five years.
However, purchasing an existing business reduces an entrepreneur’s risk while creating a number of profitable opportunities. There are a many reasons to consider the purchase of an existing business rather than starting one including. 1) The buyer already knows the concept works. 2) A business is already branded. 3) Financing a purchase is often easier than securing funding for a start-up business. 4) You’re buying an existing customer/vendor base. 5) The seller has already laid the foundation and taken care of the time-consuming, tedious start up work. 6) Perhaps the most important reason is cash flow. Most businesses are structured so you can cover the debt service, take a’salary, and have some left over to invest back into the business for growth, whereas start ups aren’t expected to make money for the first three years.?
Cash flow is critical to any business. Even if you purchase a successful business, as we all know, sometimes the economic circumstances create a glitche in the plans. It is during these times that business owners can take advantage of factoring in order to survive.
Invoice factoring today offers small business owners an opportunity to purchase a business, send out and collect the invoices. But what many new business owners do not realize is that accounts receivables don’t often come in on time. And many are at 30/60 or even 90 days before you’ll see the funds. That is when factoring, or accounts receivables factoring, comes in handy. A factoring company like IFG can advance up to 90 percent against invoices. IFG looks at the creditworthiness of the client’s customers and can fund within as little as 24 hours, they do not expect 100 percent of your receivables, and there are no minimum or maximum sales volume requirements. IFG’s professional rates are competitive; each client’s circumstances will vary and may have an impact on the fees.
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