what are basic factors to be considered for starting a business enterprise
Answers
Answered by
2
Having a manager in place to deal with the day-to-day activities allows you the flexibility to work your full-time job and reap the benefits that semi-absentee ownership offers.
When searching for a semi-absentee business, there are four important factors to consider.
1. Mind-set.
Many people make the mistake of selecting a franchise based on what the business does, what the person likes or where their passions lie. It’s important to understand if a business is actually structured to be semi-absentee. If your heart is set on having an home improvement business, you’ll find that this type of venture lends itself to the owner-operator business model, requiring full-time commitment from the owner. Keep an open mind when looking for a semi-absentee opportunity.
2. Finances.
Your financial situation is an obvious factor that determines the type of franchise you can afford (or for which you qualify). Since semi-absentee businesses tend to be retail, you might consider financing through conventional or Small Business Administration (SBA) loans.
3. Skills.
People management skills are key to successfully operating a semi-absentee business since you will be providing oversight to a manager or managers if you have multiple locations. You need to be comfortable surrendering control and delegating the day-to-day operations of your business to the manager(s).
4. Time availability.
Since you are gainfully employed, it’s important to consider an opportunity that offers you the flexibility to operate your business on the side while maintaining the work-life balance you prefer.
If any one of these four important factors is missing, it will be difficult to find a semi-absentee business that fits your criteria. Also keep in mind that your finances, skills and availability must be what the franchisor is looking for in order for them to award you a franchise.
It can be a viable option to grow a business on the side while you keep your day job. It’s a smart way to diversify your investments through owning a business. For some people, a business on the side is their exit strategy from the corporate world. Once the business generates enough income to replace their salary, they are free to leave employment behind. Another common motivation is to generate supplemental income for current expenses, such as private school for children, or to put more money away for retirement. Whether it’s an investment move or an exit strategy, semi-absentee business ownership while you have a job can be a wise and potentially lucrative decision.
When searching for a semi-absentee business, there are four important factors to consider.
1. Mind-set.
Many people make the mistake of selecting a franchise based on what the business does, what the person likes or where their passions lie. It’s important to understand if a business is actually structured to be semi-absentee. If your heart is set on having an home improvement business, you’ll find that this type of venture lends itself to the owner-operator business model, requiring full-time commitment from the owner. Keep an open mind when looking for a semi-absentee opportunity.
2. Finances.
Your financial situation is an obvious factor that determines the type of franchise you can afford (or for which you qualify). Since semi-absentee businesses tend to be retail, you might consider financing through conventional or Small Business Administration (SBA) loans.
3. Skills.
People management skills are key to successfully operating a semi-absentee business since you will be providing oversight to a manager or managers if you have multiple locations. You need to be comfortable surrendering control and delegating the day-to-day operations of your business to the manager(s).
4. Time availability.
Since you are gainfully employed, it’s important to consider an opportunity that offers you the flexibility to operate your business on the side while maintaining the work-life balance you prefer.
If any one of these four important factors is missing, it will be difficult to find a semi-absentee business that fits your criteria. Also keep in mind that your finances, skills and availability must be what the franchisor is looking for in order for them to award you a franchise.
It can be a viable option to grow a business on the side while you keep your day job. It’s a smart way to diversify your investments through owning a business. For some people, a business on the side is their exit strategy from the corporate world. Once the business generates enough income to replace their salary, they are free to leave employment behind. Another common motivation is to generate supplemental income for current expenses, such as private school for children, or to put more money away for retirement. Whether it’s an investment move or an exit strategy, semi-absentee business ownership while you have a job can be a wise and potentially lucrative decision.
Answered by
9
If you are thinking of starting a new business, there are seven key factors you should consider. Read on to see if you are ready to handle all seven.
Starting a business can be a fun and exciting time in your life. If you want to have it be a successful time in your life as well, consider these seven things: your experience, the market, the economy, your finances, your ability to handle stress and your back-up plan.
1. your experience
2. market( which one you choose)
3. Economi
4. finance
5. the time factor
6. the stress
7. A fall back position
Starting a business can be a fun and exciting time in your life. If you want to have it be a successful time in your life as well, consider these seven things: your experience, the market, the economy, your finances, your ability to handle stress and your back-up plan.
1. your experience
2. market( which one you choose)
3. Economi
4. finance
5. the time factor
6. the stress
7. A fall back position
Similar questions