Advantages 

 

The idea of building a business from the ground up is often very exciting.  It means you’re fully involved in every step of the process. 

 

Freedom

You have the freedom to choose the business name and location.  While the early stages of a new business can be very demanding, in the long run you get to choose the hours you put in and you govern the overall nature and quality of your business.

 

Control

You have full control over the products and services you want to offer, how much to charge, how to advertise and your method of doing business.  You are able to develop operating systems that suit you, and if you want, you can hire and train staff according to your standards. 

 

Low cost

If you’re careful, starting a business from scratch can be less expensive than purchasing an existing business or buying a franchise business. 

 

 

Disadvantages

As expected, there are greater risks involved in starting a business from scratch and there is much more groundwork to be done. 

 

Setting up

Establishing your branding, sourcing finance, leasing or buying equipment, establishing relationships with suppliers, advertising campaigns – these can be enjoyable, but also complex, time consuming and may require special expertise.

 

Upfront expenses

Bear in mind that there are necessary expenses that you’ll need to pay up front, and it may take some time before your business begins to be profitable. 

 

Risks

Because your business is brand new and the concept has yet to be proven, the perceived risks are higher.  Therefore, securing finance may be more difficult.

YOUR ACTION PLAN

 

  • Assess your own situation: how important it is to you to have 100% freedom and control?  How much will it cost?  Do you have the time and motivation to start from scratch?

 

Contact the Crown Noble team today on 07 4636 6655 for assistance  with this Action Plan!

This blog is provided as general information only and does not consider your specific situation, objectives or needs. It does not represent accounting advice upon which any person may act. Implementation and suitability requires a detailed analysis of a client’s specific circumstances. 
The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

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