The American Dream, Part I of II
The American Dream, Part I of II
There is, in fact, in America today, a trend for more, and more people in all walks of life and from all age groups to own and operate their own business.
Annually, according to Forbes, three and one-half million businesses change hands. This figure breaks down to approximately 13,500 businesses changing hands every working day.
The reasons for this career change from employee to employer are varied as the numbers who make the switch. For some It is disillusionment with corporate life. For others it is the built-in tax advantages. For some it is the discovery that working for others does not offer the security and opportunity for personal growth they once hoped for.
However, before you join the millions who have embarked on this quest of owning a business, there are many questions you must ask yourself. Here are just a few:
What type of business do I want?
How much am I prepared to invest?
How much income must the business generate?
Where do I want the business located?
Who will assist me in running the business?
How much time can I devote to the business?
Should I keep my job until the business is profitable?
Where do I begin looking?
These and many more questions should be asked when deciding to own your own business.
In this article I will discuss the pros and cons of three approaches to owning your own business: the start up, the franchise, and the existing business.
Let's first look at the odds for success in these three separate categories. The U.S. Department of Commerce notes that statistically the entrepreneur, who starts a business from scratch, has a 91 percent chance of failure within the
first two years. A full 65 percent will be out of business within five years.
The person purchasing a solid, well conceived franchise has a better than 90 percent chance of success, and the purchaser of a successful, existing business is given an 80 percent chance of continued success.
From these statistics it would seem a prudent person would be wise to purchase a franchise or an existing business rather than start-a business from scratch.
Yet many will travel uncharted waters because they do not wish to purchase "Blue Sky" or "Good Will", which is almost always a part of the purchase price of a solid franchise or a successful, existing business. Others may start up a business because their idea is unique and nothing like it exists in their particular area.
In Part II we will compare buying a franchise or existing business to starting from scratch.
The American Dream Part I of II - To learn more about this author, visit Bob Macek's Website.
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Most of us, sometime in our lives have dreamed of owning our own business. Being the boss! Giving up the security of a regular paycheck for the excitement of Entrepreneurship. For the purpose of this discussion,an entrepreneur is defined as a person who organizes, manages and assumes responsibility for a business
There is, in fact, in America today, a trend for more, and more people in all walks of life and from all age groups to own and operate their own business.
Annually, according to Forbes, three and one-half million businesses change hands. This figure breaks down to approximately 13,500 businesses changing hands every working day.
The reasons for this career change from employee to employer are varied as the numbers who make the switch. For some It is disillusionment with corporate life. For others it is the built-in tax advantages. For some it is the discovery that working for others does not offer the security and opportunity for personal growth they once hoped for.
However, before you join the millions who have embarked on this quest of owning a business, there are many questions you must ask yourself. Here are just a few:
What type of business do I want?
How much am I prepared to invest?
How much income must the business generate?
Where do I want the business located?
Who will assist me in running the business?
How much time can I devote to the business?
Should I keep my job until the business is profitable?
Where do I begin looking?
These and many more questions should be asked when deciding to own your own business.
In this article I will discuss the pros and cons of three approaches to owning your own business: the start up, the franchise, and the existing business.
Let's first look at the odds for success in these three separate categories. The U.S. Department of Commerce notes that statistically the entrepreneur, who starts a business from scratch, has a 91 percent chance of failure within the
first two years. A full 65 percent will be out of business within five years.
The person purchasing a solid, well conceived franchise has a better than 90 percent chance of success, and the purchaser of a successful, existing business is given an 80 percent chance of continued success.
From these statistics it would seem a prudent person would be wise to purchase a franchise or an existing business rather than start-a business from scratch.
Yet many will travel uncharted waters because they do not wish to purchase "Blue Sky" or "Good Will", which is almost always a part of the purchase price of a solid franchise or a successful, existing business. Others may start up a business because their idea is unique and nothing like it exists in their particular area.
In Part II we will compare buying a franchise or existing business to starting from scratch.
The American Dream Part I of II - To learn more about this author, visit Bob Macek's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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