Starting your own Business

Every year thousands of people are considering starting up their own business. But before you start considering this, there is a need to carry out a careful research and understand what you are actually getting into to. A good business idea could possibly be an invention, a new product or service, or an original idea or solution to an everyday problem. It might also be: a gap in the market that you can fill, a business related to the work you do already and an interest or hobby that you can turn into a business. Whatever your idea is, you need to be sure that it fits with your needs as an individual, as well as being a viable business proposition.

 
Some starters choose different path – such as buying an existing business or rights to a franchise – which can carry fewer risks than starting a business alone.

Advantages:

• Usually it is easier to get finance.
• A market for that particular product or service will have already been demonstrated.
• A business plan and marketing method will be in place.
• You should have valuable experience to draw on.
• Looking from the past presentation many problems may have already been discovered and resolved.
• A franchise comes with financial support too.

Disadvantages:

• There is a chance that businesses that are up for sale may be experiencing difficulties. So it is a need to make sure you fully understand the reasons for selling, as you may need to invest more on top of the purchase price to give it the best chance of succeeding.
• The rights to a franchise or to sell particular products or services may be expensive.
• With a franchise, there may be a particular way to run the business that you have to stick with.

 

By Rima Ziaugaite