Business
Start
source by: businesstown.com
STEP
1 Business Ideas
To start a business you will need to choose or create a business idea. While
this is an obvious step many people who want their own business don't have
an idea, just the desire to be an entrepreneur. For the budding entrepreneur,
there are many options; buying a franchise or
an existing
business, or looking to others for ideas for
a start-up business. Once you have decided on the business you wish to start,
then the real work begins.
Franchise:
"Franchise
typically nets smaller profit margins than other types of businesses
because of franchising fees and expenses"
Pro's
and Con's of Franchising
"A strong argument for buying a franchise is the experience of the franchisor.
Franchises such as Burger King, MacDonald’s, Midas Mufflers, and others
have been in business for many years and you can take advantage of their consumer
recognition and proven business formulas "
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Franchising
Success Story
" Jim Donnelley has successfully operated a franchise business offering
support services for several years. He offers advice on choosing the type of
franchise to buy into, as well as weighing the benefits of franchise versus
the cost. "
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Existing
Business:
"Buying
an existing business is, generally, a much safer and faster route
to profitability than starting from scratch."
Key
Considerations in Buying a Business
" The advantage of buying a successful business in comparison to starting
a new one can be overwhelming. Perhaps the biggest plus is that a huge amount
of risk and uncertainty is eliminated. "
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Quick
Valuation Guidelines
" An extremely well-established and steady business with a rock-solid market
position, whose continued earnings will not be dependent upon a strong management
team. "
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Ideas:
"What
you will be able to offer customers that provides a significant advantage
over your competition's offering."
Finding
The Real Opportunities
Business ideas are all around you. They are lurking in your garage,
in your basement, in your kitchen, and in your children’s room. You’ll find them in
magazine ads, at your neighbor’s house, and at work. They are right there
in the vegetables you brought in from the yard . . . in the stack of papers next
to your laser printer . . . in the back of your truck . . . and at the back of
your mind.
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Quick
Advice On Business Ideas
" Don’t be tempted to start a retail store just because you find a
cute, affordable space. Location means everything in retail and a good location
usually costs a lot of money. In fact, a super location, good signage, and an
attractive storefront may be all the marketing you need. "
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