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
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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 already well established it may still not be the best option for everybody. Buying a business while may be easier to manage in the long term can certainly provide some issues. One would need to do their “due diligence” and check into the legitimacy, reputation and strength and weaknesses the business has (5). Buying a business is an art and takes a lot of