Critical Miss: Issue 2 [Rules For Owning A Business]

Rules For Owning A Business

From the Ground Up or Ready Made?

1. Creating a Business

This is like building your own house rather than buying an existing one. Since you are starting from scratch you must organise everything. Usually this is a higher risk venture.

2. Acquiring an Existing Business

This is often a safe venture, you can examine and evaluate it, as it has a past - clients, buildings, materials, equipment, staff, performance records etc.

3. Purchasing a Franchise

This is buying an idea, an established product or service, with guaranteed customers and secure supply systems. However you must follow established guidelines and keep up a good image for the parent company.

What legal structures can your business have?

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