Choosing the Right Business for You
Choosing the Right Business for You
Choosing the right business for you is a life-altering decision, one that will affect you for a long time to come, so you should do some serious soul-searching before you make that decision. Some questions you might ask yourself are:
· What am I passionate about?
· What am I good at?
· What life skills do I have that will help me run my business?
· Do I have enough money for start-up costs?
· What is my ultimate goal--financial freedom, more time with my family, the prestige of business ownership?
The answers will help give you direction in choosing the right type of business for you. You have basically three options:
Start your own company. Many entrepreneurs are attracted to home based business opportunities, such as a consulting firm, desktop publishing, copywriting, virtual assistant business, daycare, custom clothing design, or mystery shopping operation, while others envision a traditional bricks-and-mortar business that will attract pedestrian traffic, such as in a strip mall or another high traffic area. Each type of start-up has advantages and disadvantages, but the pros and cons of starting your own business are the same:
PROS:
· You get to be the boss. You have total control over the company's operations.
· You decide on what location you'll work from, what hours you'll work, and what services/products you'll offer.
· You can work as much or as little as you want.
CONS:
· Financial risk--the start-up costs can be quite high, especially if you're opening a shop outside your home, and until the business starts making money, you've got to cover all expenses (including your own salary).
· You've got to create your own brand identity and attract enough customers to keep your business alive.
· It takes longer to build a business from the ground up than to open a franchise or purchase a turn-key operation.
Buy an existing business. This can be an attractive option for new entrepreneurs because it doesn't involve the research and foundation work required to establish a start-up. The pros and cons of purchasing an existing business are:
PROS:
· You can step right in and start running a business that's already in operation. No guesswork or long-range planning involved before you can start.
· Financing may be easier to get based on the company's existing track record.
· You've already got an established customer base and a preexisting structure for your daily routine.
· You can customize the business to suit your own needs, as long as you're still serving the needs of the customers you've "purchased."
CONS:
· Purchase price can be steep. Since the existing business owner has already made the start-up investment and built up the business identity and customer base, the purchase price can be substantially more than starting your own business.
· Existing debt. When you purchase a business that's already in operation, you're buying not only the business's assets, you're also responsible for the business's liabilities as well. It's vital that you do your homework--a due diligence search--to learn everything you can about the company's reputation and outstanding debt BEFORE you make the purchase.
· Uncollectable receivables. Again, your due diligence search should include what monies are owed to the business and how old the debts are. Even though your accounts receivables are business assets, if you can't collect, then they're really a liability.
Purchase a franchise. Owning a franchise can be lucrative in financial terms, especially if you've got a good location and it's a well-known name in your market. You can either purchase a product/trademark franchise, in which case you're buying the right to sell their goods, such as candles, herbal supplements, nutritional drinks, cleaning products, etc., or you can purchase a business format franchise, like Starbucks or Blimpies or KFC. The pros and cons of franchising are:
PROS:
· Instant name recognition. People who are already familiar with, and comfortable buying from, a well-known company are already prequalified as customers.
· In most cases, especially the business format franchise, the franchisor provides the business expertise, such as marketing, training, financing assistance, management guidance, site location, and operational procedures.
· Financing is easier to get based on the franchisor's expertise and existing business model (depending, of course, on whether the lending institution finds your credentials and management ability credible).
CONS:
· Limited creative control. You may have to follow the franchisor's guidelines with respect to design and appearance and what products you can sell.
· Purchase price, set-up fees, and maintenance fees can be more costly than the other two business options.
· Contractual obligations. You may have to conduct your business according to the franchisor's method of operations instead of using your own business judgment; you might have to contribute to an advertising fund controlled by the franchisor; and your sales area may be limited to a specific territory, which inhibits your ability to move to a better location.
No matter what type of business you choose, your success will depend on your entrepreneurial drive, your passion for making it work, and your commitment and dedication to its daily operations. Make the choice that's right for you, then make your dreams come alive with your actions.
Choosing the Right Business for You - To learn more about this author, visit Carma Spence-Pothitt's Website.
Like this article? Share it with your friends
You've decided to dump "the man"--become your own boss. Leave corporate America behind. But what kind of business will you start? Are you hoping to turn your hobby into a money-making venture? Buy an existing business? Purchase a franchise and capitalize on the franchisor's existing brand identity?
Choosing the right business for you is a life-altering decision, one that will affect you for a long time to come, so you should do some serious soul-searching before you make that decision. Some questions you might ask yourself are:
· What am I passionate about?
· What am I good at?
· What life skills do I have that will help me run my business?
· Do I have enough money for start-up costs?
· What is my ultimate goal--financial freedom, more time with my family, the prestige of business ownership?
The answers will help give you direction in choosing the right type of business for you. You have basically three options:
Start your own company. Many entrepreneurs are attracted to home based business opportunities, such as a consulting firm, desktop publishing, copywriting, virtual assistant business, daycare, custom clothing design, or mystery shopping operation, while others envision a traditional bricks-and-mortar business that will attract pedestrian traffic, such as in a strip mall or another high traffic area. Each type of start-up has advantages and disadvantages, but the pros and cons of starting your own business are the same:
PROS:
· You get to be the boss. You have total control over the company's operations.
· You decide on what location you'll work from, what hours you'll work, and what services/products you'll offer.
· You can work as much or as little as you want.
CONS:
· Financial risk--the start-up costs can be quite high, especially if you're opening a shop outside your home, and until the business starts making money, you've got to cover all expenses (including your own salary).
· You've got to create your own brand identity and attract enough customers to keep your business alive.
· It takes longer to build a business from the ground up than to open a franchise or purchase a turn-key operation.
Buy an existing business. This can be an attractive option for new entrepreneurs because it doesn't involve the research and foundation work required to establish a start-up. The pros and cons of purchasing an existing business are:
PROS:
· You can step right in and start running a business that's already in operation. No guesswork or long-range planning involved before you can start.
· Financing may be easier to get based on the company's existing track record.
· You've already got an established customer base and a preexisting structure for your daily routine.
· You can customize the business to suit your own needs, as long as you're still serving the needs of the customers you've "purchased."
CONS:
· Purchase price can be steep. Since the existing business owner has already made the start-up investment and built up the business identity and customer base, the purchase price can be substantially more than starting your own business.
· Existing debt. When you purchase a business that's already in operation, you're buying not only the business's assets, you're also responsible for the business's liabilities as well. It's vital that you do your homework--a due diligence search--to learn everything you can about the company's reputation and outstanding debt BEFORE you make the purchase.
· Uncollectable receivables. Again, your due diligence search should include what monies are owed to the business and how old the debts are. Even though your accounts receivables are business assets, if you can't collect, then they're really a liability.
Purchase a franchise. Owning a franchise can be lucrative in financial terms, especially if you've got a good location and it's a well-known name in your market. You can either purchase a product/trademark franchise, in which case you're buying the right to sell their goods, such as candles, herbal supplements, nutritional drinks, cleaning products, etc., or you can purchase a business format franchise, like Starbucks or Blimpies or KFC. The pros and cons of franchising are:
PROS:
· Instant name recognition. People who are already familiar with, and comfortable buying from, a well-known company are already prequalified as customers.
· In most cases, especially the business format franchise, the franchisor provides the business expertise, such as marketing, training, financing assistance, management guidance, site location, and operational procedures.
· Financing is easier to get based on the franchisor's expertise and existing business model (depending, of course, on whether the lending institution finds your credentials and management ability credible).
CONS:
· Limited creative control. You may have to follow the franchisor's guidelines with respect to design and appearance and what products you can sell.
· Purchase price, set-up fees, and maintenance fees can be more costly than the other two business options.
· Contractual obligations. You may have to conduct your business according to the franchisor's method of operations instead of using your own business judgment; you might have to contribute to an advertising fund controlled by the franchisor; and your sales area may be limited to a specific territory, which inhibits your ability to move to a better location.
No matter what type of business you choose, your success will depend on your entrepreneurial drive, your passion for making it work, and your commitment and dedication to its daily operations. Make the choice that's right for you, then make your dreams come alive with your actions.
Choosing the Right Business for You - To learn more about this author, visit Carma Spence-Pothitt's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
David BarrDavid 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.bizdealmaker.com. - Visit David Barr's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
|||
Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
|||
Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
|||
Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Carma's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
|
||
 |
||
|
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 JV Considerations Branding The Product Business Plan Sample Meditation Guide Instant Direct Mail |
|
 | ||
 |
More PR Resources
Press Release Builder | |
 |
The Top 10 GTD Times Posts
Best Posts for Productivity | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
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 and Sean Combs!
|
|
|
| ||||||||||
|
| ||||||||||
|
|
||||||||||