Starting a business can be an exceedingly rewarding endeavor. From its inception you have complete authority on all decisions big and small – something as imperative as planning a restaurant menu, for example, to choosing what color and style of blinds to hang in the windows, you control everything.
Additionally, for those lacking the start-up capital to purchase or rent a location, you can start a business from home with little more than a computer with Internet access.
As attractive as this autonomy seems, however, starting a business from scratch is not without pitfalls.
For instance, there are high failure rates for new businesses. It takes time and effort to develop your business plan, secure financing, acquire the necessary licenses and get a clientele base. Indeed, it is wise for new business owners to have six months to one year of income set aside to subsist on while the business gets its footing. And, unless you have a wholly unique business idea, you will likely find yourself in competition with franchise businesses that enjoy vast brand awareness and customer loyalty.
This brand awareness is one of the major pros of buying a...
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