Buy Existing Business or Start New One?
Since restaurants are very risky, Ross should consider buying into an existing restaurant, rather than put his personal assets on the line with a loan for a new business.
ANSWER: You’re right – people thinking about buying a franchise should work for a similar business to see if that’s really what they want to get into. Great advice!
Buying an existing restaurant is also a great idea. You just need to make sure you’re not going into debt to do that. With the failure rate of small businesses, especially restaurants, you should never get a small business loan that ends up putting your personal assets in jeopardy.
Buying an existing restaurant with cash is a great plan.