It Will Need Financing

If you have a good idea, you may be able to find funding for your business. There are various government funds, plus venture capitalists.

If you want someone else to fund your business, you will need to prepare a business plan.

A word of caution. Try to find a business that does not require much startup capital. You want to be able to recover your startup costs within a year to two years at most. There are a lot of franchises out there which are really very expensive jobs. You buy yourself a job for $10,000 to $100,000.

If you have to invest significant funds to start the business, how can you recover your funds if the business does not work out? Also, how much could you sell the business for in 5 years? What aspects of the business would make people want to buy it from you? Would it be your inventory, your repeat customers or what?

It may be worth the investment of a little time and money to go and consult with a business broker (a type of realtor who helps buy and sell businesses). He or she can provide an objective viewpoint that could save you a lot of grief.

After you think for a while, << go back.