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In the last few years, startup activity has risen, reversing a five-year downward trend, according to the 2015 Kauffman Index.
The rate of new entrepreneurs in the United States has increased about 10 percent, to the tune of nearly 6.3 million new business owners a year.
Going into business for yourself is life-changing, involving many choices along the way. Setting yourself up for success requires careful planning and research.
A hasty decision can result in serious negative consequences, including customer dissatisfaction, damaged reputation, lost income and revenue, or worse.
One of the first considerations facing potential business owners is the type of business ownership model to adopt. Typical options include starting a business from scratch, buying an existing business, or buying a franchise.
Starting from scratch
If you’re considering starting a business, you’re probably wanting answers to questions like what inspiration do you need to start and run a business. But you also need to consider that when you start a business from scratch, you’re responsible for every aspect of the business, including:
- Selecting the goods or services to be offered
- Finding the location
- Hiring, managing, and firing employees
- Building a customer base and reputation
Taking over an existing business
Buying an existing business is a less risky option, as some elements of the business will already be established. It offers:
- An established customer base
- A history of income and revenue
- Some degree of name recognition.
Potential problems with this model include determining how much to buy the business for and, like buying a used car, you may be inheriting problems you’re unaware of.
Navigating the franchise model
With the franchise ownership model, a franchisor licenses the rights to a business name, operating procedure, designs, and business expertise to a franchisee.
Benefits include an established template for success, brand recognition, shared marketing, corporate training, and support. The two main types of franchise models include:
- With product or trade name franchising, the dealer (or franchisee) uses the trade name, trademark, and/or product from the supplier or manufacturer. Used extensively in the auto and truck, soft drink, and gasoline service station industries, this model consists primarily of the distribution by a single supplier of manufactured products to dealers who in turn resell to an end consumer.
Curious? Call Mariel, The Franchise Advisor. Coaching and education are free to the curious or committed and we promise that your search for a great business will be easy, transparent and fun! 732 298 0900 www.TheFranchiseAdvisor.com