This month, we caught up with Farah, owner of a specialist insurance provider based in the UK. Established for 70 years, this business has a ton of experience and knowledge that Farah was lucky to acquire when she bought the business.
With hundreds of happy clients, achieving successful growth in a short time and with profits in double figures – Farah has now been offered a once in a lifetime opportunity to move abroad and is selling the business.
There’s still a lot of potential for this business to expand and build on the hugely successful foundations that are now in place. We had a chat with Farah to find out more.
How did you get this business started?
The business was purchased from someone else, my reason for buying is because I saw how much potential the business had in terms of growth.
Knowing what you know now - what advice would you give to anyone with an interest in the insurance sector?
If you're motivated to want to make a success of the business you could go very far, however, as many contacts as possible are definitely beneficial in terms of knowing business owners – which is why buying an established business such as this, will certainly give you the best head start.
What has been the most rewarding experience when running this business?
Seeing the growth first hand and all the hard work put into it become a success.
What has running this business taught you?
With this being the first business I have owned, it has taught me so much more than any other job could have. Also when starting I was new to the insurance industry so have proved to myself that with determination you can make anything a success if you put your mind to it.
What will you be doing next once this business is sold?
I will be moving to Dubai as I've been hired for a role over there, with huge potential.
Farah's unique business opportunity is available on Bizdaq now – get in touch with Farah here to find out more: https://www.mybizdaq.com/busin...
The 5 Top Reasons for buying an existing business
There are numerous contributing factors to why buying an existing insurance business (or in fact any other existing business) is more beneficial long term to an entrepreneur. Here are our top 5 reasons to buy instead of build!
- Faster return on your investment
By buying an existing, successful business - you will be far more likely to see a return on your investment quickly. Make sure you do your due diligence to assess how quickly you will profit from your acquisition.
- Existing client base and contacts
A successful, long established business, such as Farah's - has already done the legwork when it comes to gaining clients. You will be able to hit the ground running without worrying about how to find your customers.
Businesses in the insurance sector, or any other professional services such as accountancy or recruitment for example - benefit from being trusted and well known for their successes. Trust is hard to build, and buying a ready established, successful business means you can avoid the painful process of repairing a reputation or trying to build one from scratch.
- Growth opportunities
With the foundations of a business already in place, your mind is free to explore the various growth opportunities within to really maximise the profits.
- Less stress!
Overall, acquiring a ready made opportunity is less stressful than building one from the ground up. It may be more costly initially, but long term would be saving you the thousands of pounds it would cost to build a reputation, client base, staff, experience and trust it takes to make your business a success!
See more about Farah's business here: https://www.mybizdaq.com/busin...
Posted on April 24, 2019 | insurance, sell a business, sell a business fast, how to sell a business, grow a business