Always dreamed of having your own business, but lacked the capital to take the plunge? The good news is that there are several low-cost opportunities out there to get entrepreneurs invested, trained and set up.
Investing in a business should never be a decision that is taken lightly, whether the start-up cost is big or small. A value-for-money franchise or business opportunity may feel like a less risky investment or one that won’t require hard work, but the reality can be very different.
Most successful business owners are those who realise from the outset that running a business is tough and that they need to be motivated, involved and organised. The success of their business will to a large extent be directly proportional to the effort they put in.
Choose your opportunity with care - ask the right questions
Whether the prospective business opportunity you’re interested in is home-based, a distributorship, a licensee opportunity, a franchise or any other small business venture, there are four very important questions you must ask to ensure you choose just the right one for you:
1. What’s their track record?
How long has the company been in business? What is their reputation? Are they individuals with integrity who have the necessary experience to be of benefit to you and/or train you? Will they provide referrals?
It’s never a bad idea to have an accountant, attorney or some other trusted advisor delve into some of their financial information before you invest.
2. What knowledge, skills and abilities do you have?
This story is from the April/May 2021 edition of Your Business.
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This story is from the April/May 2021 edition of Your Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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