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Start a Business Part 2 of 3

Posted by trinda On December - 6 - 2012

Start a Business Part 2 of 3

In the second part of this three part series we are going to focus on a starting a business from scratch. Part three will be to explore buying an existing business.

Maybe you are at a time in your career right now where you are coming up to the new year and looking for a fresh start or perhaps you have been involved in a downsizing, been unemployed for sometime or simply have always had a dream to start a business. Whatever the reason there is some questions you should be asking yourself before starting the evaluation process.

  1. Do I look for a franchise with an existing system in place?
  2. Do I want to start my own business from scratch?
  3. Do I buy an existing business?
You can sign up for the newsletter to receive all the series postings here 

Starting a Business from Scratch – Pros

  • Creativity – You to create the system and to make all the decisions relating to your business.
  • Profitability – You keep in all the profits rather than having to pay a portion in royalty fees.
  • Run the business from home – Running your business from home which will cut down on your overhead expenses.

Starting a Business from Scratch – Cons

  • More time and effort – You will be completely on your own. You are also required to market your business to consumers. Quite often new business owners find it a challenge to wear 20 hats and now be the expert at everything.
  • Competition – You will need to differentiate your business from the others in order to build a customer base from scratch.
  • Higher Failure Rates – The odds of failure are much higher for new business startups versus buying into an existing franchise business. It is more difficult to establish a completely new concept and system. According to Harvard Business School Working Knowledge If failure refers to failing to see the projected return on investment, then the failure rate is 70 to 80 percent

If you would like to explore this in more detail you can request a free information package here:

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