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Starting your own business is a lot of hard work for long hours until it gets established. Of the many thousands that start every week in the US only about half survive for more than 12 months, and of the ones left another half will stop trading within three years. There are many people that have a dream to have their own business, but there are other options to starting your own.
Become A Partner
You could become a partner in an existing business. There are many owners who need help, both financially and with the work involved in running a business. They may not have the time to handle the marketing or to focus on their existing customer base. Sometimes, the only way for an existing business to progress is to bring in a partner to help the founder.
You should have a legal partnership agreement to protect both of you, but this way of getting into business can mean you miss the startup phase and become part of a business that is already up and running.
Buy An Existing Business
There can be all sorts of reasons why businesses are for sale, but the most common two are retirement and relocation. Online platforms such as www.dentalpracticeexchange.com are an excellent way to find businesses for sale, and you will find them online for other trades and professions as well.
Buying an existing business will put you in the position of taking over the client base, the connections to suppliers and the staff, who hopefully will all know their jobs well. A business with a proven track record is easier to borrow finance for too.
Look At Franchises
Franchises can be a great alternative to startups if you want to get into the business world fast. You would be trading with a recognized brand and have plenty of resources to call on if you need assistance. You can get help with finding a good location and all the marketing is done for you. All you have to do is open up and start selling. The biggest drawback is the cost of buying a franchise and the number of royalties you have to pay. However, if this sort of business deal did not work, there would not be so many McDonalds around, to name just one.
Invest In Other People Startups
This will not appeal to some people, as they want to be more involved in the business than just being an investor. However, there are businesses around that could be a lot more successful if they just had a bit more cash. Look at the businesses local to you, as you might have some knowledge about them and the local area. Speak to people you know and see if they are aware of any investment opportunities. Some people make a very nice living by investing in other peoples businesses. They have a share of the business in return for their cash injection, and that percentage share is paid to them every year from the profits.
These are just a few suggested alternatives to starting your own business, and all of them are worth considering if you are a bit nervous about a new startup.
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