For many, the thought of business ownership is very appealing. Business ownership is a way to control your own destiny, be your own boss, and ultimately build yourself a strong financial asset. There are different ways to embark on your business ownership journey. Should you start a new business, start a new franchise, or buy an existing business? Consider the following to help you make your decision.
If you are considering starting a business:
- Do I have a good concept?
- Have I done enough research?
- Do I have enough money to support my business & myself until the business is profitable?
- Do I have the business knowledge and expertise to successfully run a company?
Many people jump into starting a business without taking the time to do proper research. Sometimes starting your own business can seem like a more affordable option. Often times you can start something on the side or from your home. But the challenges you will have to overcome are much larger. If you are starting an independent business, you will have no “models” to go by when it comes to management, marketing, advertising, public relations, etc. You must develop everything from scratch. For some people, this is a great option. For others, it may seem like a good idea in the beginning, but they will quickly realize that they do not have enough experience in all areas of business ownership to be successful.
If you are considering opening a new franchise:
- Have I thoroughly researched the franchise concept?
- Are other franchisees happy?
- Does the franchisor provide adequate training & support for its franchisees?
- Do I qualify financially?
- Do I have enough money to live on until the business is profitable?
When buying a franchise, you have several distinct advantages over starting a business. Sure, it will cost you more in the beginning, but your investment will surely pay off. You will have the advertising, marketing, management, and public relations expertise from your Franchisor. They will help you get the business up and running, and provide ongoing training and support. You are in business for yourself but not by yourself. Investing in a franchise can be a very wise option if researched properly and if you are prepared. Franchise ownership can also be an intelligent “first step” into business ownership because of the proven concept and assistance previously mentioned.
If you are considering an existing business:
- How much does the business depend on the current owner?
- Will customers stay under the new ownership?
- Is the business profitable?
- Do I qualify financially?
- Do I have the skills to operate the business effectively?
Buying an existing business, whether it is an independent business or an existing franchise, can be a wise decision. You will start with a current business system and employees in place. You will already have a customer base. The seller will also train you for a while and show you how to run the business. By adding your own transferable skills and expertise, you can take the business to the next level. As you continue to build this asset, you will increase your asset portfolio, you can step back when the time is right by adding a manager or passing the baton to a family member; and/or sell your company to increase your equity for retirement.
The thought of entrepreneurship is enticing and can be extremely rewarding if carefully researched and planned. Your success hinges on finding the right fit for you.
Is Business Ownership Part of Your Destiny? - To learn more about this author, visit David Barr's Website.
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Leanne Hoagland Smith
Are your sales where you want them to be? Will you be one of the few who achieves sales success or one of the many who have failed to change? So what are you doing to change those results? Let’s be honest, with companies moving globally and at lightening speeds, the traditional business solutions are outdated and dead. My approach moves your business out of its comfort zone and secures your competitive advantage now. If you are seeking to increase sales, build customer loyalty, create a culture of great attitudes or just achieve some sleep filled nights, then we should talk because my clients have experienced exactly those types of results. Learn more about customer loyalty at http://www.processspecialist.com/customer-loyalty.htm Give me a call at 219.759.5601 for a free strategy session. P.S. If you are seeking a motivational speaker, sales trainer or small business expert that will leave your audience smiling and remembering, please feel free to contact me at 219.759.5601. - Visit Leanne Hoagland Smith's Website |
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David Barr
(Visit David's Website)
David Barr is the President of Venture
Opportunities, Inc. David has been a
professional business broker/intermediary
since 1980 focusing on General Business
Brokerage and Mergers and Acquisitions
representing client transaction value from
$400,000 to $20,000,000. Mr. Barr has
handled the sale of over four hundred and
fifty companies. David earned a
university degree from the State
University of New York majoring in
economics and business.
David holds the Mergers and Acquisition
Master Intermediary and the Certified
Business Intermediary designations from
the International Business Brokers
Association. He is also a Senior Business
Analyst and a Texas licensed Real Estate
Agent. For more information about David
and Venture Opportunities, visit www.bizdealm
aker.com.
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http://www.franchiseopportunityspecialist.com
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