Five Ways To Start Your Business Empire

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APA REFERENCE Craig, W. (2015).
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From Family To Franchising: Five WaysTo Start Your BusinessEmpire.Forbes.
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According to this article there are more than half a million new businesses started across the country every single month (Craig, 2015). There are many ways to become a business owner in the world today and there are many risks involved with each of those avenues as well. When starting a business from scratch the most important aspect is having a product that people actually want. According to this article, nine out of ten startup companies fail and 42% of polled startup owners claimed their business failed due to lack of need for his or her product (Craig, 2015).A business can also be acquired by inheritance or taking over of a family business. Craig (2015) also found, only about 10% of family owned businesses will survive long enough to see the third generation take over. The reasons for this are the perception by younger generations that the family business will always be available as a backup option if other ventures don’t work out. Buying an existing business is also an option for those who have a keen insight for opportunity. Becoming a franchise owner is another way to become a business owner. This step also takes determination and focus but can be very rewarding. There is a stability that comes with taking over a location that has an established corporate presence already backing it up with corporate sponsors that are ready and willing to help get you started onthe right track.

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