What are some ways to start a business?

By: LoydMartin

Many people may want to start a business, but lack of ideas holds them back.  What are some ways to start a business?

Start a sole proprietorship business.

Consider establishing a business you can run alone if you prefer full control of the ventures. A sole proprietor might hire employees but holds all the responsibility to run the business. A single owner business means that you keep all best premium writing services the profits without paying dividends and maintain privacy as there is no requirement to disclose information publicly as it happens with registered companies.  The hardest part of this type of business is that the owner has a responsibility to pay for all debts and subject to prosecution for liabilities.

Join a partnership

A partnership is a business where two to twenty people form a group to start a business and share responsibilities to keep it running. The partners fund their business hence it is cheaper to raise capital than sole trade. Many owners share managerial responsibilities and specialization in an area where someone has the skills.  A partnership is the best option when partners see things from similar viewpoints because disagreements can hurt or bring down a business. The liability of a partnership is unlimited meaning that the income of the owners will suffer if a business fails.

Join a franchise

A franchise is a business with outlets to sell the same products or services at various locations, states, regions or countries. You can join the franchise and start your store to sell merchandise or services by the franchisor after a contractual agreement.   Buying a franchise is a viable investment if you can afford the substantial capital it requires.

The advantage with a franchise is that business operates within a protected territory without competition from another franchise. Other advantages are that it comes with much customer traffic, expertise and purchasing power of some extent with suppliers in a network.

A franchise allows access to well-recognized brands and an opportunity to be a boss for a business that works well for you. Many franchises will help you with setting up, advertizing and other logistics. It is an easy way to sell a brand with established recognition in a specific population. The business owner will in practice manage it and take risks to run it but still answers to the franchisor and adheres to specified requirements. It is essential to hire an attorney to review the franchising contract before you sign it.

Freelancing or consulting

One of the easiest ways of starting a business is to become a freelancer or consultancy. It does not require a lot of money to start up but provides a potential to use knowledge and skills and create a profitable brand. People will consult you on how to achieve something in your skills, and you charge them a fee.

Sell a brand independently

 Selling an established brand provides an opportunity to run a business mostly on your own.  Running an insurance or real estate agency are exemplary examples of marketing for a brand.  You will open your office and set the opening hours to sell a brand that is familiar to people. It is a strategic way of starting a business without beginning from scratch.

 A good business is that which you are passionate and sells products or services that are in demand.

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