Different ways to start a business

Posted by Belle on June 24th, 2019

Different ways to start a business

If you want to be your own boss and have more control over your working life, there are numerous ways that you can start your own business. These can involve using existing companies and brands or starting something completely new.

One way to use an existing company is to sell for an already established brand independently. This can be for more service based companies like estate agents or insurance firms in which you typically can work from home or your own office. Alternatively you can sell products on behalf of a brand and earn commission from the sales you achieve. The main benefits of working like this are that you do not have to take the financial and legal risks which come with setting up a new company. Furthermore, you are benefiting from selling under an established and recognised name which customers are more likely to trust.

Another way to operate under an existing company name is to open a franchise. This is where a franchisor company allows you to buy a license to sell its products under the brand name. This has the same benefit as selling for a brand by being already known to the public which is more likely to gain you customers over a new, unknown name. Franchisees benefit from the advice and help from the established and successful franchisor, however there are often many requirements which must be met and rules which cannot be broken; therefore offering less freedom than setting up a new company.

Ways that you can cheaply run your own business could be do freelancing work as you can often work from home or at the location of the job, depending on the customer. This is good due to the fact you can work using your existing skills. Another option could be to provide a service within your local area. Jobs such as dog walking, school tutoring, child-minding and housework are always needed by people.

If you want to set up a new company, you need to do a lot of planning beforehand to reduce the risks. Time will need to be spent into market research, financial planning, business operations and more to decide how viable your idea is. If your business does become successful, you could even go on to sell it one day or get someone else to take over whilst you maintain shares in the company.