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Additional info for Start Your Own Business, Fifth Edition: The Only Start-Up Book You'll Ever Need
Sample text
You have an established customer business valuation reports or base and reputation as well as employees research franchises. who are familiar with all aspects of the business. And you do not have to reinvent the wheel—setting up new procedures, systems and policies—since a successful formula for running the business has already been put in place. On the downside, buying a business is often more costly than starting from scratch. However, it’s often easier to get financing to buy an existing business than to start a new one.
Take a realistic look at what going full time will require. Perhaps you can hire people to handle the business aspects you dislike, such as sales or operations. and you have 2-year-old triplets, piling a part-time business on top of all those commitments could be the straw that breaks the camel’s back. Of course, a full-time business does require long, long hours, but a part-time business combined with a full-time job can be even more stressful. If this is the route you’re considering, carefully assess the effects on your life.
Many local entrepreneurs made tons of money bringing the Starbucks coffeehouse concept to their hometowns and then expanding from there. Take Minneapolis-based Caribou Coffee. The founders had what they describe as an “aha moment” in 1990, and two years later launched what is now the nation’s second-largest company-owned gourmet coffeehouse chain. Other coffee entrepreneurs have chosen to stay local. And don’t overlook the tried and true. Hot businesses often go through cycles. Take gardening. For the last few years gardening products and supplies have been all the rage, but you wouldn’t consider gardening a 21st century business.