<human>:  What are the pros and cons of buying a business versus starting one from scratch?
<bot>: 
Pros of buying a business:
1. Reduced risk
 • existing business will already have established customer base, experienced staff, and some infrastructure
2. Quicker start-up
 • purchasing a business can securely set you in a competitive market quicker than starting from scratch
3. Established cash flow
 • existing business will most likely have established income more quickly than a new business

Cons of buying a business:
1. Unknown liabilities
 • it can be difficult to determine the amount of debt, contingent liabilities, and other obligations with existing business.
2. Difficulty in finding the right business
 • determining the right business with the right market potential and risk profile can be difficult.
3. Higher upfront costs
 • buying a business usually requires a larger upfront investment than starting from scratch.