Alternatives to starting a new business on your own

Starting up on your own is arguably the most straightforward method of starting a new business but also undeniably it can be one of the most stressful – In our article on Business function groups we discussed the various functions required by a business – setting up on your own? Chances are you’ll be running with most (if not all) these tasks yourself!

So what alternatives are there to starting up on your own?

Starting a business with others

One way to avoid carrying the can completely is to start a business with others – this has the added benefit of sharing the workload and increasing the opportunities for investment – these businesses are often called a partnership (although share ownership may differ between partners) – this could be a family business – or a business with friends – as a rule when setting up this form of company a legal agreement is required clearing stating share / capital ownership of the business

Buy a business

Buying an ongoing business is a good argument against startups – if your niche already has companies operating in it – chances are you’ll find one that’s for sale and while the capital outlay may be more the advantage is that the business structure and systems (and customers!) will be in place from day one – all you’ll need to do is keep it running and improve those profits.

Buy a Franchise

A business franchise is where a company offers the rights to use their company name and brand to sell well established products to a pre-existing market – franchises are well established and loads exist. Rewards can be great and business risks are certainly reduced as usually franchises offer a proven product in a proven market – franchisees may also receive training and guidance as part of the package.

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