Ways to Enter a Business

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Presentation transcript:

Ways to Enter a Business

The Main Idea Regardless of the of the way you go into business . . . Starting from Scratch Buying an Existing Entering the Family Business Buying a Franchise . . . It should be compatible with your personal goals and values.

Entering the Family Business Only 1/3 actually make it through a 2nd generation +Trust and togetherness +You KNOW the business so well +Community trust -Family conflicts -Parental control -May not be YOUR passion

Buying an Existing Business +May be less risky +Employees are trained +Established procedures in place +Prior owner may provide assistance -Employees (change?) -Creating new identity -Adopting current issues

Buying an Existing Business https://youtu.be/i4D5CyXV5qs

Starting a Business from Scratch +Make it YOUR OWN +Build the company with fresh ideas and enthusiasm -No proven track record -Training employees -Starting everything -Considered “risky” by investors

Buying A Franchise Terms Franchise: the legal agreement to begin a business in the name of a recognized company Franchisee: the buyer Franchisor: the seller Royalties: the amount that you pay the franchisor; generally a % of sales

Buying a Franchise +Trained in their methods +Proven success method +National advertising and promotions +Success rate -Royalties -Having to go with the group -Restrictions on how you run the business -Cannibalism

Table Talk Each member shares Reports will be given May want to take notes on conversation Topic Which way will you enter business and why? How does this match your personality and/or business concept?