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Becoming the Owner of a Small Business

Becoming the Owner of a Small Business. The Process. Find Your Niche by Identifying a Needed Product Niche Marketing Deciding on a Product SCORE Studying the Market for the Product Product & business selected Where to get marker information? Methods used to study the market. Pros

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Becoming the Owner of a Small Business

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  1. Becoming the Owner of a Small Business

  2. The Process • Find Your Niche by Identifying a Needed Product • Niche Marketing • Deciding on a Product • SCORE • Studying the Market for the Product • Product & business selected • Where to get marker information? • Methods used to study the market

  3. Pros Control Size Inventory Personnel Location Materials Select competitive environment Cons Resource assembly Increased risk of failure Lack of market and distribution channels Problems with MGT Production problems Lack of an established product line Starting a New Business

  4. Pros Personnel Facilities Product and market Creditors Location Revenues, profits, and goodwill exist Cons Old/obsolete facilities Poor employees A/R uncollectable Bad location Low quality inventory Finances Buying an Existing Company

  5. Pros Contracts Sales activities already exist Brand recognition MGT assistance Economies of large-scale buying Financial assistance Local & national promotions Cons Costly Lack of independence Paperwork Franchisors hold advantages Buying a Franchise

  6. What is Franchising? • Definition • Franchise • Franchisee • Franchiser • Types • Product & trademark franchising • Business format franchising

  7. Franchising • Why are they increasing in importance? • Identification of products and customers • Lower failure rate than independent • Provide experience • Drawback= Paperwork

  8. Individual Interests & Franchises • What Franchise Can Do • Loss of independence • Franchise fee • Royalty fee • Investigate the Franchise • Industry statistics • Prospectus • Obtain professional advice • Know legal and ethical advice

  9. The Future of Franchises • Growing Areas • Restaurants • Motels • Convenience stores • Technology • Automotive parts, accessories, and servicing • Others • Global Franchises

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