3 Ways To Start Your First Small Business

There are 3 ways you can start your first business:
*one, as an independent entrepreneur starting from scratch
*two, purchase a "business opportunity" or "turnkey package"
*three, buy a franchise
Let's examine each option:

1. Launch an independently-owned business from scratch.
You have a business idea about which you are passionate and believe you can deliver your product or service to the marketplace better, cheaper or faster than the competition (if competition does exist for your new business idea.)

You'll be working alone as your own Small Biz Superman/woman. You start at home, part-time or on weekends without leaving your current job, benefits, etc. Once you build up clients or sources of revenue you are ready to expand your biz and possibly leave your 9 to 5 workplace.

Examples of an independently-owned small businesses include:
*making desserts, pastries & breads to sell to caterers & restaurants
*home insurance inventory service run from your laptop and camera
*landscaping service including firewood delivery/snow removal during the winter season
*open a retail store
*run an online auction business

2. You buy a "biz opp" or "turnkey package"
Business opportunity packages run the gamut from gift basket businesses to vending machines to car detailing services to snow cone or popcorn kettle machines. Startup costs run from $100 to more than $5000 to purchase these packages.

Companies sell you a "turnkey package" that usually includes a manual, marketing ideas and tools/inventory to start the business--the idea is that everything is included you just 'turn the key'--to get started. Make sure you investigate the company--see posting of November 21 on "How to Investigate A Biz Opp"--before you send any money to anyone. You are still working on your own but have a company that possibly provides you with basic tools such as accounting software, products, and perhaps a toll-free support line for help.

3. You purchase a franchise.
Franchising is a multi-trillion dollar business and it is estimated that about 66 cents of every dollar in the U.S. is spent at a franchise. Examples include: 7-Eleven, 1-800-GOT-JUNK, McDonald's, Midas, Meineke, and Supercuts.
Advantages: According to the International Franchise Association, a franchise is a way to "be in business for yourself, but not by yourself." You receive everything from help in choosing the location, to signage, uniforms, training, follow-up, products, software, advertising support.
Disadvantages: Can be costly, must pay royalties to company, terms may expire, must be able to follow franchise mode of operation and not deviate from patterns of doing business.
Check out franchise.org to learn about
franchising and get an idea of costs, training.