Starting a business requires you to complete a number of steps and make some key decisions. Though part of your overall plan, you’ll need to decide on a business structure, and obtain the necessary licenses and permits. In addition, determining which financing options will meet your short-term needs and long-term goals is crucial.
But nothing happens until you get the idea!
Many people dream of someday owning their own business. Starting a business, however, can be very daunting. Imagine this: You are a talented seamstress and someday would like to open your own clothing shop, but have not found the time to do so. You love the store where you currently work, but always feel like you could run it in a better manner. One day, the owner tells you that she is putting the business up for sale. The price is right, and you don't have to worry about starting a business from nothing-it is falling into your lap already planned! So, is buying an existing business better than starting your own?
Remember first off that the owner is selling the business for a reason. If you work at the establishment, such as in the situation mentioned before, you probably know why the business is being sold. However, if you do not have a personal relationship with the owners, you may be left in the dark. Ask. It could be as simple as the owners wishing to retire. In this case, buying the business could be an excellent investment.
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Did you know?
In starting a small business you should never think you can do it alone! One of the best ways to insulate yourself against business failure is to find and work with a mentor, someone with business experience who can guide and assist you.
A good resource are the Small Business Development Centers which can link you to organizations to help your small business grow and prosper.
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On the other hand, perhaps the business is being sold because it generates no profit. If you consider purchasing a business that failed for someone else, it is important to analyze why. Perhaps there was no customer base or demand for the product or service. Maybe the owners made bad business decisions. In some cases, the business has a bad reputation. These are all things to consider when buying a business instead of starting your own.
How will you change the business to avoid your own failure? In some cases, this simply cannot be done. For example, if your community is largely made of families or retirees, there is not much of a demand for a nightclub in the neighborhood, and this may be why the previous business failed. On the other hand, you may be able to make some positive changes in a business that prevents failure. If the previous owner of your clothing store invested the company's money largely in high priced merchandise, perhaps you want to consider readjusting the business to sell affordable clothing instead.
Always consider changing the name, unless the business is a very traditional and successful staple in your community. By changing the name, you convey to consumers that the business is not the same and they should give it a try even if they have not liked the goods or services in the past. So, should you buy the clothing shop or start your own? That's a question only you can answer, but research the option of buying a business thoroughly because it could be a great chance for you to finally achieve your dreams.
Furniture Restorer
You will need to do a course on furniture restoration before you start this business. They are widely available at most large colleges and universities. You will also need a garage or workshop to store all your cleaning materials and equipment.
Your main task will be to preserve and restore old furniture whilst maintaining their original features.
Pest Control
You will need to do a training course so that you are up to the latest industry standards. The training consists of a residential training course mixed in with some site experience.
Your work involves killing or controlling a wide range of unwanted visitors ranging from mice, foxes, pigeons and even squirrels.
Pet Services
If you love animals then why not set up a pet service business? Your work will involve grooming pets, taking dogs for a walk, removing pet waste and minding the animals whilst the owners are at work.
Vehicle Maintenance
If you are a mechanic and would like to work for yourself then providing basic services and small repairs on site could make you a decent living. You can maintain people's cars in their own driveway.
Home Cleaning & Maintenance
This business will suit somebody that has carpentry experience. Your jobs include carpet cleaning, basic repairs & changing locks. Many home owners are now cash rich but lack the time to maintain their homes.
Landscaping and gardening
Do you have green fingers? Why not make it your business? Most people only have time to do basic gardening.
Landscaping a garden involves planting beautiful plants and creating an individual look and feel to a garden. Some people like a wild and natural garden whilst others prefer an ordered English garden design.
Work is wide and varied including, decking, leveling & building a rockery. Assuming you have gardening experience, you will also need to learn how to build and design patios and basic brickwork skills.
Car Valet
Buy a decent second hand van, equip it with a generator, water tank, pressure washers and cleaning material and you are ready to start valeting cars. It is very easy to pick up regular clients as long as you provide a reliable service.
Costs
A Van business can be started of with as little as ?5,000 if you pick up a nice second hand van & manage to get hold of decent second hand tools
You will need to get the van painted with your livery (artwork, logos and contact details). For marketing you will need business cards & flyers. You will also have to get your business listed in the popular business directories. Advertise your business by leafleting well to do areas and approach local businesses.
The best way to get a new van if cash flow is tight is to lease it. They normally ask for 3 payments up front as the deposit followed by 23 or 35 payments based on a 2 or 3 year lease.
Some of the van businesses require you to have expensive tools that are hard to source second hand. You will have to allow for these in your business plans.
For example, total set up costs for leasing a new van, business insurance, buying a complete commercial valeting kit and including marketing could easily set you back ?15,000.
The main advantages of a low cost van business are that you don't need expensive premises and are not stuck indoors.
Both Michael Saunders & Naz Daud are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Michael Saunders has sinced written about articles on various topics from Apply for Credit Card, Writing and Government Grants. Michael Saunders has an MBA from the Stanford Graduate School of Business. He edits a Websites on and. Michael Saunders's top article generates over 60500 views. to your Favourites.
Naz Daud has sinced written about articles on various topics from Real Estate, Ezines And Newsletters and Business Promotion. Naz Daud - CityLocal Business Opportunity . Naz Daud's top article generates over 60500 views. to your Favourites.