In business, opportunities are everywhere whether you are buying a franchise opportunity or starting a business on your own. But for those who are entering the world of business for the first time everything can seem a little daunting. They will have to quickly grasp new skills and embrace change if they are to succeed in their first business.
Here is a typical scenario of someone starting out in business for the first time; a man is approaching his fortieth birthday and has managed to save some by working extremely hard. He has managed to almost clear his mortgage and is now fed up working long hours making someone else rich. He decides it is time to go into business for himself.
Now he is bewildered by the number of opportunities on offer. Should he start a home business or should he consider a franchise opportunity. Is it better to enter the retail trade or perhaps sell products via a website? It finally dawns on him that he doesn’t have a clue about setting up a new business.
So how does one go about setting up a business for the first time? It is absolutely essential to learn the basics of business accounting. I am not saying that you have to...
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