Tweet

Starting a business...what options are available?

Written by:

Article Overview: Over the last 2 years, Corporate America has not been kind to it's employees. Perhaps that's the wrong way to look at it. Maybe a better approach is that we only let things happen to us if we don't take action. Perhaps moving into business ownership is an action you need to take but are not sure where to start? This article suggests some options. The rest is up to you.

Starting a business...what options are available?

You've been in Corporate America for years, learnt the ropes including when to stick your neck out do something...or not; but now you've decided or its been decided for you that there's more to life than the whims of an employer and so it's time for you to start your own business...now.

How exciting!!!

So you have some questions and one of the first has to be - what are my options?

If you've decided you want to start your own business you only have three options. The first option is to start your own business and do it all from scratch. The second option is to buy an existing business that's for sale and build on it. This option will only work if you have some money you can get to fund your purchase. Perhaps Donald Trump is your neighbor and you're on first name terms then that's a great place to start. If that's not the case, perhaps you have some money in a 401k or have some family or friends that believe in you, then that may be a better option. The third and final option is to buy the rights to a local franchise.

So there we go. Perhaps you thought there was only one option but in fact there are three. But how do you decide which one's the right option for you? I would suggest it's no more complicated than four factors. In no particular order, these are your personality, how much money you have to invest, your risk tolerance, the role you'd like to play in the business and your personal skill set.

The following table may give you some help looking at each of the three options then deciding what makes the most sense to you.

	Starting a new business	Buy an Existing business	Buying rights to a franchise
Availability	None	Limited	Many
Established business methodologies	None	Hopefully	Yes
Documented processes	None	Limited - if at all	Yes
Training	None	Initial 2 weeks or so	Initial and ongoing
Investment V Profit	None	Yes	None
Support during ownership	None	None	Yes
Risk	Highest	Unknown until you're the owner	Many variables
Finance availability	Very difficult	Yes	Yes
How to predict success	Success based on projections	Success comes from history only	Success based on current owners feedback
Decision maker	Owner	Owner	Follow the system
Instant cash flow	No	Yes	No
Established customer relationships	No	Yes	No
Established relationship with suppliers	No	Yes	Maybe
Established reputation	No	Yes	Yes
Established brand	No	Yes	Yes

Moving into business ownership is a big decision. So is doingnothing. The economy is beginning to mend so demand for goods and services is starting to rebound. Owning a business and being successful is not a destination, it's a journey. Why not start that journey now rather than look back and regret you never tried.

Related Articles
  Choosing Options
  Should you buy or start a business?
  Starting a free online business
  Starting a Home Based Business-Some Important Things Freelancers Must Know
  Successful Internet Home Based Business Recruiting Process

Article Tags: Andrew Rogerson, business, Business broker Sacramento, business escrow, business for sale, Business ownership, business plan, due diligence, Entrepreneur, exit plan, franchise, franchise for sale, Murphy Business and Financial Sacramento, Sacramento business broker, Sacramento business ownership, Sacramento business valuation, Sacramento business value, Sell a business, succession planning



Related Forum Posts
Re: Help for Inventors - I think you're right Michelle. We need several options when it comes to something so important. Many people will sink their life savings into their inventions and they don't want to trust someone just because of something one person says about them. They should thoroughly check things like this out and you are just giving them more options. Kudos!
Drupal - Not sure if this would help, but figured I would mention it. Have you looked into a Drupal site? Unreal number of options and search engines love the format. There are also plenty of blogging options and many other possibilities. There are many, many free templates. Chris
Re: Moderators on vacation - Hi Everyone, I will be away for the next 4 days. Starting now.
Searching for options for good investments!!! - Hi everyone, I have a few months left in my company before I retire …. and I would like to know about the options that I can consider for my retirement plan. I am taking about some real good investments so that I get my future secured (want it secured for the kids too). I have a few options that I can look up to like REI, mutual funds and stocks…..but need a bit of advice from you to make a better decision.
Re: 16 Year Old Entrepreneur - Wow! It's truly amazing what young people can do when they are given the tools to be plugged in and are enabled. Back when I was growing up, the internet was simply a NASA/university-only network that was never glorified the way we thought it would be today. Our options to publish anything, let alone a book would have been dismal at best. This guy's success speaks to the evolving world around us, and to the limitless options the new generations have.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Maximum Impact Restaurant Greening

Four Secrets to Earning Income as an Author

How to Improve Your Time Management

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.