If you are one among prospective entrepreneur interested to start your new business, then you should first look on to following things.
Which Business Model is Best.
There is number of business models and amount of investment varies depending on the level of startup and nature of the business. I take some efforts to sort out business models which can be opted for.
1. Franchise Business – Franchise is one of the successful business models if you are lazy to think of a new business idea and spent more time to make your business profitable. You can take franchise of business already having good client feedback and strong marketing support. Investment and manpower is a most important factor to decide on starting your franchise model business. It will be better if you find franchise business in which you are having experience, experienced persons always shine in business.
2. Investment in Partnership – This method is growing in recent years because of profit prospects and if you have amount to invest and you can find right people to invest your money if you can get good returns. This method is best suitable for both investor and person actually executing business idea one person gets interested free funds until business picks up and other one gets good returns after business picks up.
3. Completely Own Business – If you are Deciding to start your own business with your own investment and you have the experience to do the business you can go with it.
Which Business to start.
1. High Investment – If you have a good amount to invest then it is recommended to start franchise type business or F.M.C.G, find good franchise business provider or start a super market in the prime location.
2. Low Investment – Service Sector Business eg – General Insurance, Direct Selling Agents for telecom companies and other companies.
If you don’t have any experience and low investment then it is recommended to go for franchise model business, there are a lot of small franchise business eg: coffee kiosks.
Once you decide on above points decide on following aspects.
1. Nature of ownership. – Decide on whether you are going to business alone or you going to join some one else.
2 How to register your business – There are basically three forms of business registrations, a proprietary form of business, partnership business, private limited company registration, Choose best suitable business registration.
