Open a new one or buy an existing business in Vietnam, which is better?.
The decision to start a business in Vietnam from scratch or buy an existing business is not an easy one. Depends on many factors, always consider your goals, experience, financial capabilities and the risk you are willing to take.
Let's look at the pros and cons of each option.
Starting a new business in Vietnam
Pros:
Creative Freedom: You can create a business from scratch, shaping it according to your ideas and values.
Initial control: You are in complete control of the process of creating and managing your business.
Lower start-up costs: Often, starting a new business can require less financial investment than purchasing an existing business.
Cons:
High level of risk: A new business may take time to become profitable and may have a high level of uncertainty.
Initial Resources: Starting a new business requires significant effort, time and energy. And in the conditions of another country, these should also be contacts of many contractors who are needed to start.
The need for detailed calculation: You will have to develop a strategy, attract customers and arrange the supply of goods or services.
Purchase of an existing business
Pros:
Already running processes: A ready-made business already has a customer base, suppliers, processes and possibly profit.
Less risk: You get clear and understandable data about the business and its potential than when starting a new project.
Instant start: You can start earning money immediately after purchase.
Cons:
High start-up costs: Buying an existing business can require significant financial investment.
Limited creativity: You may have to work with existing structures and processes, which may limit your freedom to run your business.
Need for Research: You will have to thoroughly research the business to avoid potential problems and hidden risks. In Vietnam, it is extremely difficult to audit an already operating company.
And, the owner always makes the decision. The decision depends on your individual circumstances and priorities. Some entrepreneurs prefer to start from scratch to realize their ideas, while others prefer to buy an existing business for a more secure start. It is important to carefully weigh all the pros and cons, conduct a market analysis and discuss with consultants before making a decision.
Our experts will advise you on all issues related to start a new one or purchase an existing business.
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