Starting a Business

Should I Be Working For Myself?

Going into business is believed to require unique personality traits. There are many physical, emotional and financial strains that an entrepreneur has to face on a daily basis. Do you have the drive and passion to achieve what it takes to make your business successful?

Do You Have? Perseverance Initiative Competitiveness Self-reliance A strong need to achieve Self confidence Good physical health A willingness to take risks High level of energy Ability to get along with employees Versatility A desire to create Innovation

WAYS OF GETTING STARTED

Start New – starting from scratch gives you the freedom to run your business your way. It takes a considerable amount of planning, and you may find it more difficult to obtain financing.

Buy Existing – buying a business that is already in place allows you to acquire an already established product/service. The suppliers are in place and so is the customer base but it is important to find out the real reason the business is being sold.

Buy Ceased – you can buy the assets of a business that is no longer running. This will mean you will have to re-establish a customer base. It is important to find out the real reason the business failed.

Franchise- you sign an agreement between yourself and a franchisor giving you the right to sell and market products under their name. You are buying a proven concept, and a recognized brand. Fees can be high and you may have less control over business decisions.