Starting a new business advantages and disadvantages
Starting a New Business
Advantages and Disadvantages
There are both advantages and disadvantages to starting your own new business. Below are examples from each perspective. Utilizing a free, no-obligation franchise consulting service may help you to decide if a franchise business is right for you.
- Lower start-up costs - Depending on the type of business you start, costs may be lower than a franchise where there is no up-front purchasing fee or supply costs
- Independence - You make all decisions and create all business systems
- Site selection - You choose where to locate your business and what marketing procedures to follow
- No baggage - There is no history to overcome when you start a new venture
- High commitment - Starting your own business requires a higher commitment of time and energy
- High risk - Success depends totally on you and your business talents
- Delayed profitability - Where the market may not already be established, it may take longer to become profitable
- Limited financing - Financing for a new business is more difficult to obtain
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