This depends on your objectives. You should consult a lawyer or accountant to determine what meets your needs.
2. Do I need a business plan?
A business plan forces you to examine every aspect of your business and commit them to writing. This will allow you track your progress. It is your road map to success. It is an absolute must to obtain financing.
3. Do I need insurance and what kind?
You have to determine the risk exposures of your particular business and how these risks affect your business operations. It is best to contact an Insurance Agent to advise you with this.
4. When is the best time to start a business?
The right time to start a business is when you are prepared financially and have the necessary experience to take advantage of an available market niche.
5. What is a mission statement?
The mission statement describes what it is that you want to do; what goods or services you plan to provide, and how you plan to deliver those goods or services.
6. What are start-up costs?
Typically they are the one time costs such as legal fees, licenses and permits, furniture and fixtures, signage, and everything else you need to initially open your business.
7. Should I start a business or buy a business?
Buying a business will save the time and energy of growing a business. The failure rate is twice as high for new businesses. Unfortunately there are not that many good businesses for sale.
8. What is a small business owner?
A person that is willing and capable of organizing and managing a business operation, assuming risk for the sake of profit.
9. How do you minimize risk of business ownership?
You can minimize risk by starting on a part-time basis and outsourcing as much of the operation as possible. It is also very helpful to have a mentor. This would be an experienced business person that can help guide you through the pitfalls of a start-up business.
10. What are the advantages of buying a Franchise?
Successful franchises already have brand-name recognition. They have already done the Marketing research and in most cases have developed an operational template. As a franchisee, you will benefit from the efforts of the franchise parent.