Although there are many ways to get into business as a budding new entrepreneur, there are three main routes that most people tend to take when they’re starting out. Theta re as follows:
Starting from scratch
Perhaps the most common and well-known way to get into business is to start from scratch and grow a company from nothing. This is probably the best route to take if you have a burning idea that you know could be successful. But it is not without its issues. For example, when you’re starting from scratch, you will need to secure a form of funding for your business, which is not always as easy as you would like it to be. You’ll need to convince various investors that your idea has legs, come up with an excellent business plan that shows how you will make money, and take a big risk getting your business off the ground, that being said, if it does pay off, it is undoubtedly the most satisfying way to build a business.
Buy a franchise
Another common route into business is to invest in an existing franchise. Famous examples of franchises include McDonald’s, Starbucks, and Subway, but it is possible to purchase a local franchise that is maybe less well-known too. Typically, people invest in a franchise when they have some money to spend on getting into business, but they don’t want to put in quite as much work as they would have to when starting from scratch. Franchises are already established and as such, a lot of the work from training and marketing to sourcing suppliers has already been done for you.
This can give you a head start, but don’t let it fool you into thinking you won’t have to work hard. Franchise owners need to invest just as much time, money and effort into making their business work. They need to adhere to strict brand standards and follow more rules than someone who owns their own unique business and it can be tough.
Purchasing an existing business
Buying a business that has already been established is the third main way to get into the world of business. If you have a bunch of money and you don’t want to invest the time into developing your own business ideas, it can be a good solution, but it is not the fastest route into business by any means. It can take 6 months to a year for all of the negotiations to go through and the paperwork to be done. You’ll have to deal with accountants and lawyers and the owners may be a pain in the butt about giving you a fair deal. But if you can preserve there are some advantages. Namely, you’ll be buying an established brand with a ready-made customer base and a clear set of operating procedures, which means you can simply get on and start running the business without any fuss.
Getting into business always has its challenges, but you may have more or less of them depending on the method you choose, so think carefully before you make your decision!