Advantages of Starting Up a Business - 1109 Words

Advantages of Starting up a Business * Being your own Boss - you can make your own decisions, keep your own time and not have to answer to The Boss * Hard Work amp; Know How - If you are a hard worker and / or have immense industry know how, you may want to benefit from the long hours you do or the knowledge that you have acquired over time. * Financial Independence - One day, you may realise your dream of financial independence * Creative Freedom - no more restrictions, you can do what you like and have the freedom to work, design, create, build what you think is best - your way! * Goodwill - you don t have to pay for it (as if your would if you were buying a business) - you get to build it * Location,†¦show more content†¦* A business plan and marketing method should already be in place. * Existing employees should have experience you can draw on. * Many of the problems will have been discovered and solved already. Disadvantages * You often need to invest a large amount up front, and will also have to budget for professional fees for solicitors, surveyors, accountants etc. * You will probably also need several months worth of working capital to assist with cashflow. * If the business has been neglected you may need to invest quite a bit more on top of the purchase price to give it the best chance of success. * You may need to honour or renegotiate any outstanding contracts the previous owner leaves in place. * You also need to consider why the current owner is selling up and how this might impact the business and your taking it over. * It s possible current staff may not be happy with a new boss, or the business might have been run badly and staff morale may be low. Advantages and disadvantages of franchising Advantages * Your business is based on a proven idea. You can check how successful other franchises are before committing yourself. * You can use a recognised brand name and trade marks. You benefit from any advertising or promotion by the owner of the franchise - the franchisor . * The franchisor gives you support - usually including training, help setting up the business, a manual telling you how to run theShow MoreRelatedBenefits And Disadvantages Of The C Corporation1675 Words   |  7 PagesWhen starting a business, you have many decisions to make; who to hire, where to locate, how to get customers and where to start. But, one of the most important and overlooked decisions is how to protect yourself. Going into business involves risk, but certain risks can be avoided or, at least, minimized. One of the easiest way to protect yourself is to choose the right business entity. There are four basic choices for forming a business. 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