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Small Business Essay

748 words - 3 pages

According to the 2004 IFA Educational Foundation, 624.6 billion dollars were made by 767,483 franchise establishments in the United States in 2001; since those are just the franchises in this country, there in a lot more made by other small business. Small business supplies over 98% of the jobs here in the United States. Small businesses include all sorts of business, for example, franchises and e-Businesses. Starting a small business takes a great deal of knowledge, research, hard work, and determination.Franchising has been around for over 150 years all over the world. The first and most well known and successful franchise was McDonald's in the 1950's. (Coelho 298) "The concept of "franchising" or licensing operators originated decades ago. Franchising allows a business person to own and operate their own business, profit from the use of an established brand name, benefit from a proven system of operations, receive guidance and consultation on personnel, training, audits and controls, and share in the success of an established marketing plan." (ACE Cash Express) Franchises are very good for beginners because they minimize risk and they are easy to set up. Start up mainly takes money and the determination to start that franchise. That risk of failure is lowered with franchises because the have a plan that works set up for you. Most new small businesses fail within three years of starting up. The franchiser has set locations up before and they know what to do and how to do it right. One drawback is that franchises cost more to start up and they have franchiser fees. These fees are paid to the franchiser because they provide advertising, marker research, development, and quality assurance, all very important to a successful small business.Start up costs of a professional service can be substantially lower than start up costs of a restaurant or other places of service. A professional service could include check cashing or a tax preparation center. Professional services also have lower costs to operate because they don't have a very high overhead and they have no spoilage of goods to deal with. These types of small businesses are very common and easy to operate because of those factors. "41 percent of teens believe owning your own business provides...

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