Do you think you have what it takes to be a business owner, but don’t want to start from scratch? Then you may be a great candidate to buy an existing business in Chicago!
While it can initially cost more to buy an existing company, there’s also way less risk.
- The product or service has already been market tested
- The brand is established
- You can secure financing more easily
- There isn’t any lost startup time
There are many elements that go into buying a business in Chicago or elsewhere, including environmental and social factors. Let’s take a closer look at some of these and how they might influence your decision to purchase.
Health and Safety Policies
A health and safety policy is a general approach to a company’s commitment to health and safety. A good policy details how the business will minimize the risk of injury and illness from workplace operations. While some industries are naturally higher risk than others, all businesses must have policies and procedures in place to protect employees.
Here’s some things to think about when you’re considering your options.
- Do you want to choose a business that has well-established health and safety policies in place?
- Do you want to create your own policy?
- Do you want to delegate and possibly even hire a specific person to create and implement your health and safety policies?
Health and safety policies might sound like a boring aspect of owning a business, but it’s crucial to have strong ones in place in order to protect your employees and your business. If the business you intend to purchase already has policies in place, then it’s one less key operational responsibility to worry about.
If you’re hoping for a smooth transition, buying a business with existing employees can be a smart decision. For example, consider keeping employees that hold certain licenses the business needs to operate. This saves you the time and hassle of having to interview and hire someone new and qualified.
However, if you choose a business with disgruntled employees, they aren’t likely to stay on board during the transition. Employees are the heart of the company, so if you’re buying a business with happy employees, then you’re generally in good shape.
Here are some tips to maintain employee happiness and well-being.
- Pay a fair wage
- Encourage open communication and ask for feedback
- Keep morale up with a healthy work/life balance
- Protect employee’s health and safety
- Provide clear communication about employee expectations as well as company policies, manuals, and benefits
When looking for a Chicago-based business, keep employees’ well-being and performance in mind. Depending on the type of business, finding and keeping valuable employees can be difficult. Employees who are fulfilled and treated well are more likely to stay at a company and continue to perform exceptional work.
Don’t get off to the wrong start at the beginning. Build positive rapports by including existing employees on the new employment terms and respect the systems and relationships already in place.
Corporate and Social Responsibility
Consumers feel it’s important for businesses to demonstrate responsibility and take stances on current social movements. From our experience, we agree.
Chicago businesses that practice social responsibility tend to make more ethical decisions that protect their communities, leading to increased consumer trust.
Consumers like to support companies that share their values.
- Consumers are willing to pay more if a company has a strong ethical footprint or mission
- Consumers feel a shared connection with the business due to mutual values
- Companies with strong social responsibility are more likely to be referred to friends and families, as well as promoted on social media platforms by loyal consumers
Rather than starting from scratch, you can purchase a business whose social and ethical values align with yours and carry on their reputation. Bonus – you’ll also have a solid customer base already established.
As the major metropolitan city of the Midwest, Chicago is an excellent choice to start your business ownership adventure. It’s a city that thrives on innovation and holds American values and reputation to a high standard. When buying a business in Chicago (or anywhere, for that matter), it’s important to keep these factors in mind. They can help you make a more informed purchase decision that allows you to start working and growing your business right away. To learn more about buying a business in Chicago, contact American Business Acquisitions today.