When going into business it’s usually because you have a dream or ambition. Best business ideas are what we all look for when trying to find the right business. What is it you are looking for? Interested in a franchise or maybe an internet business? Let’s take a look at both and see what conclusions you will come to…
Best Business Ideas – Franchise
Costs / Overheads:
The cost of a franchise can be anything from a couple of thousand up to hundreds of thousands. Then there’s the overhead of a premises and the business rates etc. The equipment should it come inclusive in the costs to set up the business, will still need to be maintained, certified and inspected at regular intervals.
You will need employees in a lot of cases and this needs managing and also there’s the extra costs to employ people you should consider. Yes, you are providing a service to the community by supplying jobs, but can you afford it?
Then there are the payments you have to make on loans you took out to start out in business. This is a big part of your budgeting and could be a big headache for you.
Your time is not your own. Yes, the business is yours and you may be making a profit. Is this profit enough to give you a big enough return on your investment to be able to take time off for your family? A lot of the time a franchise is such a big responsibility that you spend most of your time working until the business is profitable enough to enable you to have time with your family. This could take anything up to 5 years to see a stable and regular income.
In a franchise business you’re restricted to where you are. If you haven’t researched your area properly you could be onto a loser BIG time! Alternatively you could be onto a winner – without research you never know!
Best Business Ideas – Internet Business
Costs / Overheads:
The start up cost for an internet business is small and manageable for almost anyone. You won’t need to take the risk on massive loans and put your home and family at risk. Because you’re working at home, in most businesses such as these your overheads are minimal. In fact, the tax benefits will reduce these overheads even more. You will need to keep your equipment up to date but this is a smaller cost because you won’t have so much of it as in a franchise.
You won’t need employees straight away and yet your ambition need not be any different. You will still need a budget to advertise etc but this need not be excessive and you will be able to manage this on your own without the headaches of loan repayments and business rates that come with a franchise.
You will be working at home so you will see your family more. When starting out you will still need to put in the time and effort to get the success you want, but with as little as 90 days massive effort you could be earning a full time income using a system that can be automated and let you earn money while you sleep. What traditional business does this for you? Without the leverage of employees and others, not many.
An internet business having great products that are digitally stored means that you won’t have an inventory of stock that you have to maintain and so you won’t spend time stocktaking, something else you need to think of when you want more time freedom.
When you have digital products and a worldwide opportunity, your location is global! You live in one time zone and can sell products in another while you take the family to the beach! The possibilities are endless!
Similarities between both:
You need to research your market and the business you want to do. Research is vital to enable you to choose the right business for you. All of the best business ideas require an element of research so take your time before you take the plunge and get into your new business venture.
You will need to have accountants and ways and means of keeping things straight and recorded. Take note of the costs and benefits available to you for each type of business you’re looking at before you make your decision.
You will need funding, but the funding for each type of business is vastly different!
All the best business ideas have pros and cons that you should assess for yourself. Don’t simply jump into something without weighing up the options first!
To the future