Best Small Businesses to Start

Entrepreneurs

Good info. Don't forget to add the Small Business Development Centers and SCORE from the SBA (www.SBA.gov) ane many Community Colleges.

The worst thing that can happen in a downturn is for someone to take their separation dollars and try to buy themselves a job (franchise, small business, etc.). There are many good resources out there to assist and sometimes someone who is not emotionally involved in the situation can help avoid heartbreak and bankruptcy down the line.

Mike Kauffman, PhD of CA @ Nov 17, 2008 17:38:46 PM

Franchises over-rated

Despite the fact that self-employment as a business owner creates numerous opportunities for taking a bite out of taxes, I wholeheartedly agree with John Jantsch's assessments.

What does a franchisor have that you don't?

1. Training? Can't you get that somewhere else for much less, or for free? Many time, vendors provide adequate (often free) training.

2. Tech support? Again, vendors to the rescue.

3. A marketing plan? Read John Jantsch's books.

4. A proven concept? Of course the franchisor says its proven, but if it really is there will be enough public information that you can certainly emulate the basic concept, garnering much purely by observation.

5. Financing? Franchisor-provided financing may be easy, but it's not necessarily the least expensive financing. If you can't get outside financing, you should reconsider the whole idea.

6. A brand!! Yep, Americans love brands. So, get a creative team together, even college seniors or marketing interns, and create a memorable brand name and a workable mission statement.

The difference between profit and loss, especially in the important first years - and ultimately success or failure - can be the amount of royalty you're obligated to pay a franchisor, sometimes up to 19-20%.

www.taxstrategist.blogspot.com

Kenneth of IN @ Nov 17, 2008 15:43:20 PM