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Business Guide
CONTROL IS THE BASIS OF EVERY EFFECTIVE MANAGEMENT!
 

Your Options

In business as well as in life, sometimes decisions must be made without all the information, but, regardless of that, it is very important to know all your options.

CONTROL IS THE BASIS OF EVERY EFFECTIVE MANAGEMENT!

Once you have an idea for an enterprise - basically, you have to consider 3 options:

Starting Business From Scratch
Buying An Established Businesss
Buying A Franchise

NOTE: It is very important to weigh the advantages and disadvantages of all three options.

STARTING A BUSINESS FROM  SCRATCH

This is the route for the most first-time entrepreneurs. It's more challenging than the other options and if the business is successful, the entrepreneur will have a tremendous sense of satisfaction. It's like dream come true. Any business involves some element of risk, however, and starting from scratch can be very risky, but it offers the individual the greatest amount of personal freedom in determining company direction, development and new markets.

Starting a business from scratch
BUYING AN ESTABLISHED BUSINESS

Some people feel that buying an established business is a reliable short-cut to becoming a successful entrepreneur. The existing business offers many advantages such as an established business method, clientele, profit picture, perhaps premises and inventory and very often a reputable name. However, one very important question must be answered; why is the business for sale?

Buying an established business
BUYING A FRANCHISE

Franchising is essentially a marketing technique used by many companies to expand operations (distribute products and services ) without the owners having to raise more money or capital themselves. Business owned as a sole proprietorships, partnerships, and corporations can all decide to franchise their operations. The franchisor supplies the product or service to the franchisee who in turn makes it available to the consumers. A franchise is license granted by a corporation to sell a particular product or a service in a given area and in many cases provides equipment, supplies and expertise to a franchisee in exchange for a fee and royalties on sales.

Buying a franchise
RELATED INFO

Market Research
Your Product Or Service
Your Customers
Your Competition
Getting A Financial Picture
Business Guide

RECOMMENDED  LITERATURE

A Basic Guide for Buying and Selling a Company - This outstanding guide contains all the essentials with regard to the interaction of people transacting for small businesses and how to maximize your chances to obtain fair deals. Explains how to effectively use a business broker, methods of payment available to the buyer, deal with an attorney, how the seller prices the company, and much more.

How to Buy and/or Sell a Small Business for Maximum Profit: A Step-by-Step Guide - This book provides a road map of suggestions, insights and techniques for both buyers and sellers. It covers the entire selling process step-by-step—from making the decision of when to sell or buy, through determining how to market the company, to understanding the various legal & financial documents involved in a sale, and on to closing the deal and handling the transition afterwards. This book is geared toward the novice entrepreneur who wants to buy or sell a small business. Topics covered include: finding and evaluating a business to buy and/or sell, how to value a business, raising the necessary capital, evaluating a business financial condition using discounted cash flow, excess earnings, asset value, and income capitalization, brokers, leveraged buyouts, letters of intent, legal and tax concerns and contracts.

 
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