Any time you purchase an existing business or start a new one, it’s going to take research. Take time to investigate what the area needs. It’ll be time well spent, and hopefully save you from making a major mistake. Believe it or not, after five years, only one out of five businesses are still in existence in the same form as established!
For many years you may have been thinking about owning your own company, but you can’t decide between buying an existing business or starting a new one. Now you’ve discovered Pagosa Springs and say: “This is it. Time to go into business for myself!” Your next considerations ought to be: what sort of business does Pagosa need? What are my personal interest and talents? Do I have enough assets to open and carry me for two or three years before I start making a profit? If you answered, “Yes” to those questions, your next decision might be whether to buy an established business or start something new.
This is the point where a knowledgeable Realtor may come in handy. Many businesses are up for sale because they don’t make a profit! Consulting with a Certified Public Accountant (CPA), as well as an attorney, when buying an established business is a good idea. Ask about “Non-Compete” clauses and “Good Will” to protect your interests.
The easiest route in buying an existing business is finding one that has a good profit record and an established clientele. Pagosa Springs has both “locals” and “tourists” — your business can thrive if you can incorporate both. When you purchase an existing business, you can pretty much open your doors the next day, begin with a “ringing of the cash register,” and enjoy the benefits of an established clientele.
Another option to consider is buying land and building your business from the ground up. There are still some very nice pieces of vacant property suitable for commercial use to serve your needs. The following are some important considerations to think about when you build: location, traffic, utilities, zoning, restriction and water. As always, in-depth research is required.
If the purchase of commercial real estate is what you’re looking for, come in and speak with one of our knowledgeable Realtors. We would be glad to answer any questions and help you find the business opportunity that serves your needs.