To Start Your Own Business or To Buy an Existing Business?

James Stanaway is the director of marketing for Epilog Laser and has been with the company for over 15 years. In this time, Stanaway has greatly strengthened the marketing efforts not only for the company, but he has also implemented many programs and resources for Epilog Laser users and customers to help build their brand, expand their business, and better understand all the applications available with their laser system.

Many people find the idea of starting and running a small business exciting, but they lose motivation as they begin to understand the numerous details that must be addressed prior to starting out. The primary advantage to buying an existing business is that much of the work is already done for you. There is a significant reduction in start-up costs, time, and energy. Additionally, cash flow may be quicker to start, thanks to existing inventory and receivables. 

There are also disadvantages to buying an existing business – the biggest is the initial purchase cost. The business concept, customer base, brands, and other fundamental work have already been done for you, so the value may be higher and therefore, the cost of acquiring an existing business is usually much greater than starting from scratch. Additionally, it’s more difficult to take an existing, branded business and make it your own.

—James Stanaway, Epilog Laser