Small Business Guide - Welcome to Alabama A&M University
Small Business Guide - Welcome to Alabama A&M University
Small Business Guide - Welcome to Alabama A&M University
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S m a l l B u s i n e s s H a n d b o o k f o r N o r t h A l a b a m a<strong>Business</strong> IdeaThe basic key <strong>to</strong> be successful in a competitive world is <strong>to</strong> have, or <strong>to</strong>create a competitive business idea. Your idea may arise from one ofyour hobbies, or you copy an idea from a different country or from adifferent industrial sec<strong>to</strong>r. Your business idea should be able <strong>to</strong> coveras many of the below criteria as possible:- Creating a cus<strong>to</strong>mer demand- Solving a cus<strong>to</strong>mer problem- Utilizing a current trend- Pursuing new technologies- Competitive edgeType of <strong>Business</strong>FranchisingA franchise is a mutually beneficial agreement between a franchiserand franchisee. The franchiser receives agreed fees from the franchiseefor providing them business expertise, the right <strong>to</strong> sell their serviceor product, and <strong>to</strong> support them with advertising and promotions.Franchisees may eliminate some risks but they give up also apart of their independence and they have <strong>to</strong> share their revenueswith the franchisers.Home-Based <strong>Business</strong>A prerequisite for working at home is <strong>to</strong> create a professional environmentby setting up a separate office in your home. Furthermore,your home should provide enough space <strong>to</strong> conduct your business.Also we would recommend contacting an at<strong>to</strong>rney and your statesdepartment of labor <strong>to</strong> confirm that your home-based business is notagainst any laws and regulations. There are, for instance, some restrictionsfor each state what someone is allowed <strong>to</strong> produce or notat home. Another obstacle could be special zoning regulation for yourkind of business.6