With the economy performing strong, 2016 is a great year to take advantage by starting your own business. If it is something you’ve always dreamed of, there are a number of ways to access ownership that are suitable for your needs and goals. Whether looking at a franchise, like opening a UPS store, or starting from the ground up, you’re bound to find the right for you this year.
Franchises are great ways to start a new business, as you don’t have to begin from scratch. You’ll have existing recognition from a major company’s name, and you’ll have plenty of resources available to start you off to success. Not to mention, with franchise opportunities available in a number of different industries, nearly everyone will be able to find the right fit for them personally, as well as for their local community.
Buying a business
Making a purchase of an existing business is another way to start things off easier, although you won’t have nearly the resources available when starting a franchise. To buy an existing business, you’ll need capital to make the purchase, but you’ll likely have a starting inventory and/or equipment, and at the very least, helpful industry contacts and a customer base that you can build off of.
Start your own
The hardest way to have your own business is to start your own. It’s up to you to select the right industry, and to come up with a product or service that is different from what is already out there. You’ll have to spend money on advertising, a location, permits, construction, equipment, inventory and a host of other factors. Not to mention, you’ll probably have to spend significant time building up your audience, which means carrying costs can quickly diminish any profitability.