1. Initial Decisions: Starting Versus Buying a Business
Mr Kuhn

2. Personal Values and Goals
Owning a business is a major opportunity, decision, and risk
The decision of whether to build or buy a business is easier when one considers their own values and goals
Values defines who you are and what shapes your attitude, values, and priorities
Core Values stick with you over time and will heavily influence your decision in life and business
What is most important to you in life?
Balance, compassion, competition, environmentalism, generosity, hard work, independence, physical appearance, power, relationships, spirituality, ect….

3. Starting Your Own Business: Pros
Freedom to try something new
Create your own business image
Financial independence
Pride
Flexible Hours
Potential for less hours

4. Starting Your Own Business: Cons
High start-up costs
Little to no income at start (Patience)
Time Consuming
Long Hours
Possibility of Failure (Risk)
Stress
Financial Uncertainty

5. Starting Your Own Business: Questions to Consider
Do I have the motivation to start from nothing?
Does the business align with my personality, abilities, values, and goals?
Do I have sufficient knowledge of basic operations to undertake a business?
Do I have the right partners to help me with my business?
Do I have enough financial resources to start from scratch?
Am I willing to accept risk?

6. Starting Your Own Business: What You Must Do
Test your concept in the market. Is it feasible? Is there a customer base?
Location. Will it be physical or online?
Prepare a business plan
Professional advisors (accountant, lawyer, insurance, ect)
Purchas equipment if necessary
Hire employees
Find suppliers
Advertise

7. Buying an Existing Business: Pros
Business is established
Clients
Fully trained staff
Immediate profits
Existing advertising
Flexible schedule
Room for growth

8. Buying an Existing Business: Cons
Cost of purchase
Transfer fees
Potential lawsuits
Long Hours
Risk
Loss of freedom

9. What About a Franchise?
A franchise is a legal agreement to begin a business under the name of a recognised company
The most important advantage of a franchise is the franchisee does not incur the risks associated with starting a new business
Buyers of a franchise typically pay a fee and an annual royalty on sales (typically 3-8%)
The franchisor is selling planning, management, and its name brand
Be for buying make sure you know all costs and limitations involved (Avoid market saturation)

10. Buying an Existing Business: Questions to Ask
Is the business interesting to me and others?
Why is the owner selling?
Personal reasons or industry decline?
Check financial statements!
Don’t rely on what the seller tells you
Is the market saturated?
If a franchise, are the best locations taken

11. Movie Stocks: Learning When to Buy
In this course you will not have the money to buy a existing company or franchise
We will use movie stocks to “buy” what you are familiar with, without having to put in your own money
Go to HSX.com and make an account
Go to community > leagues
Click browse and search “Entrepreneur Class” (include capitals)
Join