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Starting A Small Business Essay

2053 words - 8 pages

Starting a small business is often one of the hardest things a person can do. Some people start a business out of pure fascination, or even as a hobby. Whether starting a business for personal reasons or simply the grandeur to make loads of money, everybody needs to have a plan. Starting a small business is no easy task and can take days if not months to prepare. The most important aspect to have is the tempura and heart to start a small business, as without passion, no business can succeed. One has to be his or her own boss, make dream, reality and be willing to market and sell a product. It takes a lot of discipline, long hours and hard work, something many do not have. However with the right willingness, passion and dedication a business can be the start of something big.
The first step in any business is to think of or create a business idea. Without an idea, one cannot launch their business off the ground. A right direction is needed to create a business with a unique idea. However, other options include franchising or buying an existing business (1). Franchising allows an individual to run stores such as Burger King or McDonalds under the corporate name. It involves taking training classes and a heap of money in order to start a franchise. A Franchisee will have to buy products and services from the corporate entity they are franchising from, which is often required. Buying a franchise is like taking a piece of the pie from the company that is franchising and sharing that pie with everybody else. In addition having a franchise allows one to communicate and in essence become a big part of an added business opportunity (4). Franchising is far from easy to start and maintain for that matter. Starting a franchise involves a lot of money and fees needed to pay the franchisor in order to use their name and create a store. The fees and costs involved in starting a franchise run into the hundreds of thousands, in addition to the operating cost and fees required to pay the franchisor every month. Another area that is widely misinterpreted are the increased expectations involved in starting a franchise. Some people walk into a franchise believing it will give them instant success, but more than often it takes hard work and dedication to achieve success (4). Franchising gives one less control on how to run a business but ultimately gives ne the much needed tools and guides on how to achieve success.
Another business option is the ability to buy an existing business. Most of the time, buying a business already in existence is a lot easier and less risky than starting a new business. An existing business already has the wheel going persay, it is already generating revenue, profit, has a reputation and existing client base. Therefore most of the grunt work has already been done in order to allow somebody taking over the business to be successful. While it might be more expensive to buy a business and easier to get financing since the business is...

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