Which Path to Business Onwership will you Choose?
Tulsa, OK -- Bill Bartmann has been nicknamed, the ‘billionaire nobody knows.’ He has experienced the rise and fall of 2 businesses. Through his experiences, Bill Bartmann has learned a lot about business ownership and how to avoid the common pitfalls. Bill Bartmann recently agreed to a series of interviews related to business ownership and it made sense to begin with choosing the path to business ownership.
Bill Bartmann discussed the pros and cons of starting and building your own business. In addition to the obvious, being your own boss, Bill said, “You begin fresh and you have total control on how the business will be managed and you are free from obligations to franchisors. You choose the location and determine the products and services you will offer. But, there is a downside; the work involved in the start-up process, including business licenses and permits, establishing credit lines with suppliers and building a customer base. New businesses often find it difficult to secure financing while they take longer to show profits.”
It would seem that purchasing a franchise would be a sensible path to business ownership. This was the next item that was addressed during the interview. Bill explained that this path reduces start-up work as the business is in place, including the layout, displays, techniques, policies and procedures and much more. In addition, “The financial risk in owning a franchise is reduced since they already have an established product or service and a proven business model. For example, McDonalds is a very well-known name and they attract a lot of customers,” said Bartmann. “There are disadvantages one could face when buying a franchise, including the high franchise fees required upfront. These fees can range from a couple thousand to hundreds of thousands, depending on the franchise. Some do not offer the support and assistance to help new franchisees get started.”
The third path to business ownership discussed was buying an existing business, enjoying the benefits of reducing start up work without the obligation to a franchisor. Bill Bartmann explained common pitfalls of buying an established business, “The required investment could be quite high compared to starting a business. Why was the business being sold? It could be that they are not as profitable today; their product or service could be losing popularity or becoming obsolete. Though they may show a lot in receivables, many could be uncollectable.”
Bill Bartmann made it clear that business ownership requires dedication, focus and investment; however, it also offers many rewards. If you plan to start your own business, you will need to be prepared to dedicate a lot of time and energy to become established. If buying a franchise is for you, research the franchise, talk to other franchisees in the business and check to see if they have a good support team for new franchisees. Get to know a business before you purchase it; try to watch their everyday operations, talk to employees, vendors, and anyone who has a business relationship.
Bill Bartmann offers online business courses so people can develop the necessary basic business management skills to be successful. Bill Bartmann’s Billionaire Business Systems has helped thousands of entrepreneurs reach their goals by showing them how to strengthen their business even during times of economic uncertainty. Bring out the Billionaire in you; visit http://www.billionaireu.com/
Contact:
Bill Bartmann
8556-C E 101st Street
Tulsa, OK 74133
918-388-3328
bill@billbartmann.com
This press release was submitted by Right Now Marketing Group, LLC
Photo:
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