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Is the Market Right to Buy an Existing Business in Westchester
Is the Market Right to Buy an Existing Business in Westchester?
Buying an existing business in Westchester has a lot of advantages for you as an entrepreneur, and now is a great time to take on the role of business owner. Taking over a business that’s already part of the local scene gives you a head start on the path to success as a business owner.
Established Customers With an Existing Westchester Business
Repeat customers are the heart of any business, big or small. Locals already know and trust the establishment when you buy an existing business. This is a huge advantage for you. You don’t have to invest weeks and months introducing locals to the business the way you would when starting from scratch.
Say Hello to Positive Cash Flow From Day One
Jumping into a business that already has positive cash flow lets you hit the ground running, because you start bringing in the bucks from day one. It lets you skip what Intuit describes as the “ramen profitable” stage and jump right to the “corporate profitable” stage.
It’s basically like buying a job. You get the full experience of entrepreneurship. Plus, you get to take control of your future. Instead of working for someone else’s dream, you start working on your own.
Why the Market is Right for Buying a Westchester Business
Westchester County, New York is home to a several upper middle-class communities. Westchester residents have a median household income of $86,226 per year as of the latest Census data released in 2016. What this tells you as a potential business owner is that your customer base is more likely to have expendable income.
This is especially noteworthy when compared to people in less affluent regions of the country, where $53,039 is the median income. So, you’re choosing a business that’s already set up for success in a wealthy community.
Businesses That Are Trending in Westchester
Tapping into local trends helps get a new-to-you business bringing in money quickly. While the available business-for-sale listings may change from day to day, look to those popular trends to find a great opportunity. Trending businesses in Westchester include brew pubs, eateries and services.
- Brew pubs offer the vibe of a night club, while serving craft brews and small plate food offerings. This may be a business you enjoy if your passion is brewing the perfect ale and you enjoy working in a lively, friendly atmosphere. A brew pub or a small distillery would provide you with a business that’s both fun and lucrative.
- Eateries like delis and places to grab a quick sandwich are always popular with people enjoying a busy lifestyle. Look for a spot like a trendy deli or franchised sandwich shop to get off to a quick start. Slower paced fine dining establishments are also a good business investment. Look for options like classic Italian fare, American cuisine or a trendy Thai spot.
- Services are also a smart business choice for new entrepreneurs. When shopping for a solid service business to buy, consider a spa, a laundromat or a home organization service. If possible, arrange for training from the previous owner. This helps you ensure your new service business maintains existing quality standards.
Check out details regarding the condition of the building if you’re considering a business where customers come to you. Check online reviews to get an idea of what locals think of any business you’re considering. This gives you ideas of which products and services to keep. It also lets you see where the best opportunities are to make the business your own while keeping the authentic vibe that locals already love.
LINK can help you on your path to success. We can help you work for your own dream. Contact LINK's New York office today (914) 363-7733, and our expert brokers will speak with you about the right business for you.