Pros and Cons of Buying vs. Starting a Business: My Journey and Tips

CATALYST: Las Vegas Mastermind For The Empowered Entrepreneur

In this episode, we dive into the pros and cons of buying a business versus starting one from scratch. I share my own unconventional journey to business ownership, recounting how unmet promises at my job led me to explore acquiring my own business. I offer insights on leveraging mastermind groups, the importance of having all the financial and contractual information, and the emotional aspects of business decisions. We discuss the nuances of buying standalone businesses compared to franchises, and I explain how I transitioned from an employee to the owner of a successful IT recruiting company, and later started a mastermind group. Whether you are contemplating starting a business or buying one, this episode provides valuable tips to make informed decisions.

What You'll Hear:

• Introduction: Buy vs. Start a Business
• My Non-Traditional Path to Business Ownership
• Facing Broken Promises and Learning Lessons
• Seeking Guidance from a Mastermind Group
• The Buyout Process and Financial Considerations
• Deciding Between Buying and Starting from Scratch
• Key Questions to Ask Before Making a Decision
• The Emotional Side of Business Decisions
• Starting and Growing an IT Recruiting Company
• Creating Catalyst Mastermind During the Pandemic
• Balancing Two Businesses with Different Purposes
• Franchise vs. Standalone Business: Key Differences
• Deciding Between Starting or Buying a Business
• Planning and Support for Business Success

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Produced By: Podcast & Co.