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Business Ideas - How to make money Online and Offline - 20

Updated on May 6, 2011

Buy an existing business – Whenever people talk about starting a business, most consider only the option of starting a business from scratch. There is no doubt that it may work out cheaper in the immediate time frame as far as start up capital is concerned but is that the only cost in starting a new business?

Let’s have a look at some of the advantages of buying out an existing business instead of starting a new one from scratch:

1. Existing processes – When you buy and existing business you are buying a system in totality. That system includes how products are sourced, how they are stored, sold and delivered. There are already trained employees and you will just need to understand how to improve performance. Starting a new business would require you to do all the research regarding what processes need to be setup and how they need to be setup. There is no guarantee that you will get it right the first time. You can make mistakes, some of which may be costly.

2. Existing Clientele – If the business has been around for a while, then you can be sure the business has at least some regular clients in most cases. That’s business that has already been generated and you don’t have to do anything to get it.

3. Existing Vendor relationships – Often if you’re new in a particular business sector, vendors may hesitate in setting up new agreements and relationships with you because they have no way of knowing how well you are going to do? To some extent, their success will depend on your performance as well. An existing business will allow you to have a certain degree of trust from existing vendors which makes getting your foot in the door a lot easier.

4. Earning expectation – When purchasing an existing business you will be doing a lot of research into the earning capacity of the business. Your valuation and the purchase consideration that you would pay to the selling business owner will be based on this earning capacity. This ensures that by the time you start working on the business, you already have a very accurate idea about the earning capability of the business.

5. Brand Value – If the business you are purchasing was doing reasonably well before you bought it, you also have the benefit of existing brand value. But be sure you will have to cough up a premium for the brand value when you calculate the purchase consideration.

6. Incorporation formalities – Since the business has already been in existence for some time, you won’t have to bother too much about understanding which licenses to get, how to incorporate the company, where you need to get registered etc. Most of this work wwould already have been done when the business was setup. You only need to bother about any renewals or recurring payments.

There are other benefits of buying an existing business but we’ll stop with the 6 above for now. What’s important is that you find a business that you can be passionate about running. You obviously also need to see if the money you have and the finance options available to you can afford the business you are looking at. You may even need professional help for valuation of the business.

But remember you don’t have to buy a big established business. You could always buy a smaller one like a website that you could buy and then further build on. There are several people out there who look to ‘flip’ websites and other businesses. One of the websites you can have a look at to consider your options of buying a business is The International Business Brokers Association Inc.

Hubpages – Hubpages is a great way to make some extra income. At hubpages you can write and publish your own articles. It costs nothing to publish these articles of yours but you can get paid once visitors reading your article (called a hub) click on ads.

You can also get paid through affiliates like Amazon and Ebay. Of course you won’t make millions from a single hub. The key here is to write up several original articles full of useful content. Search engine optimization techniques also need to be incorporated to ensure the maximum traffic is driven to your hubs.

When they add up, the clicks on ads on all your hubs could become a decent dollar figure. Another interesting fact is that the more hubs you begin to publish on various topics you begin to notice a pattern on the amount you can earn from a single article on a particular topic. This can actually tell you how many more articles and of what topic you need to publish to meet your earning goals. And whats more, the income is passive so you really need to put up your article only once and let it earn income for you day and night.

One thing to remember though is that Google Adsense is the primary advertising intermediary and its not all that easy to get admitted to Adsense if you are from outside the United States. The best way to get an account is to develop a good network of hubs with plenty of useful content. Be sure to check out the “success story” section on hubpages to see what it takes to earn how much.

That brings us to the end of the 20 part series "Business Ideas - How to make money Online and Offline". If you would like to look at more business ideas please follow the link below for the next series "More Business Ideas".

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