qprev_HBB Manual 2.qxd - Small Business BC

make you question whether the time and moneyyou spend on research is necessary. When you areenthusiastic and ready to go with an idea, it canbe frustrating to hunt for information that seemsirrelevant at first. But it’s worth it. With anunprepared start, you won’t give yourself or yourbusiness idea much chance to succeed. This isnot a lesson you want to learn the hard way.Business OptionsStart from Scratch - Advantages• You begin with your concept of the business.You are not hampered by someone else’sproblems, image, or outmoded equipment.• You have the opportunity to pick your locationand name, as well as to select new equipment,fixtures and inventory.• You have the freedom to recruit, hire and trainyour own staff. You do not inherit problememployees.• You do not have to pay for someone else’sgood will or a franchise fee for the nameand concepts.• You have the sense of accomplishment andreward, seeing a vision fulfilled; it’s a realchallenge to create something from nothing.Start from Scratch - Disadvantages• You must create all of the parts from scratch(marketing, accounting, purchasing,merchandising). This frequently involvescostly trial and error.• You must build the business first, to a breakevenpoint, then to a profit level from a deadstart. This normally takes considerable timeand costs a lot of money.• The process of getting started – finding alocation, designing a layout, selecting fixturesand inventory – is a difficult task, particularlyif you are inexperienced.• Obtaining product lines and establishingsuppliers for a new operation is timeconsumingand often frustrating.18solutions for small business home-based business