| Thousands make the plunge only a few can swim. | | | | record. |
| Every day, thousands of people across the United | | | | - A proven business plan and marketing plan is in place. |
| States decide to make the plunge into | | | | - Training and consulting are provided. |
| self-employment. There are as many reasons why | | | | - Problems have already been discovered and ironed |
| people become convinced that going into business is | | | | out. |
| right for them as there are occupations. Even though | | | | - Financial support is included in some franchises. |
| the failure rate is extremely high, self-employment | | | | Disadvantages |
| continues to be sought after as an American dream. | | | | - Some businesses for sale may be because they are |
| The following is some reasons why you might be | | | | experiencing difficulties. Look into the background of |
| prompted to start your own business as well as some | | | | the business and make sure you fully understand the |
| pitfalls to consider. | | | | reasons for selling. You don't want to purchase a |
| You Have Come Up With A Super Business Idea | | | | white elephant that will need more investment than it's |
| Sometimes what seems like a good business idea to | | | | worth. You also don't want to have to overcome a |
| you may not be so sound when put into practice. | | | | negative management reputation. |
| Unless you have a revolutionary new invention or a | | | | - Buying the rights to a franchise or a license to sell a |
| new product or service, or an original idea or solution | | | | particular product or service not only ties you to the |
| that deals with an everyday problem you probably will | | | | product or service but may be expensive also. With a |
| be repeating what thousands have done before you. | | | | franchise, there is a franchise conduct that depicts a |
| Something to consider doing: | | | | particular way to run the business that you have to |
| - Filling a gap in the market that big business can't or | | | | stick with. |
| won't concentrate on | | | | A business opportunity |
| - Stay within a field of business you are already | | | | Sometimes the opportunity of owning your own |
| familiar with | | | | business comes with or without warning. You may be |
| - Follow a passion by turning an interest or hobby into | | | | offered the opportunity to buy out your employer, or |
| a business | | | | take over a family business. |
| No matter what your great idea is, you need to be | | | | Opportunities like these may require lots of personal |
| sure that it is not only a viable business venture but it is | | | | commitment and you may need to put your own |
| something you will also be comfortable with. | | | | money on the line. Just because you are familiar with |
| Before doing anything be honest and ask yourself | | | | the business, you still need to carefully examine the |
| these Questions | | | | business to make sure it is worth becoming involved in. |
| - Why would anyone want to do business with me? | | | | Advantages |
| - Do I have enough relevant experience and | | | | - All aspects of the business including a marketing plan |
| expertise? | | | | should already be active. |
| - Is there a need for my product or service? | | | | - An established customers base , reliable revenue, an |
| - How will I reach out or market to my customer | | | | established name to capitalize and build on, and a list of |
| base? | | | | useful contacts. |
| - Are there others in the same business and who will | | | | - You probably already know a lot about the product |
| be my main competitors? | | | | or service and have a good understanding of the |
| - What sets my product or service apart from similar | | | | business. |
| offerings? | | | | Disadvantages |
| - Do I have or can I get enough funding? | | | | - You may be taking on a failing business. Ask if there |
| Remember, what can go wrong probably will? | | | | are any problems with the business, and if so, how can |
| The tried and tested business | | | | you best solve them? |
| Some self-employed people choose to stay within | | | | - Stepping into your employer's shoes does not mean |
| tried and proven businesses such as buying a turn-key | | | | you automatically retain his/her support services. |
| package an established business or licensing rights to a | | | | Remember, you are the responsible party. It's up to |
| franchise - which may be higher cost at first but carry | | | | you to provide everything such as accounting, staff |
| fewer risks than developing your own idea. | | | | management, suppliers, business location and payroll. |
| Advantages | | | | This has only been a sampling of business ideas and |
| - More attractive for investors. | | | | their possibilities. Stay focused, be diligent and most of |
| - A market for the product or service has a track | | | | all proceed with caution. |