Which Business Investment Is Right for You?

Has becoming your own boss been a lifelong dream?

The road to becoming a business owner may seem winding and steep, but if you have these qualities, you may just have what it takes to be successful. Check out these options when forging your own business ownership path, and see which one is right for you.

Getting Going

Business Type Advantages Barriers to Entry
Starting a Business From Scratch
  • You are in charge of the establishment process
  • You get to take your dream and make it a reality
Purchasing an Existing Business
  • You'll already have an existing location, product and clientele
  • Income generation starts immediately
  • Cost of purchase may be higher than the investment is worth due to future growth potential
  • There's a risk of high staff turnover
Opening a Franchise Location
  • You'll be able to start your business quickly
  • You'll have outside support, training and guidance
  • You'll have to pay franchise, lease, royalty, and other fees
  • You may have less autonomy in products and service
Becoming an Independent Consultant
  • There are very low startup costs
  • It's a low-risk, high-potential investment
  • You won’t earn enough income to quit your other job(s) right away
Options for starting your own business

Ongoing Operations

Business Type The Good The Bad
Starting a Business From Scratch
  • Autonomy
  • Potential for high income
  • Inconsistent income
  • Long hours at first
Purchasing an Existing Business
  • Working with an existing business concept
  • Easier to get financing
  • Risk of outdated equipment costs
  • Risk of buying a failing business with poor research
Opening a Franchise Location
  • Receive corporate support in the form of marketing, branding, etc.
  • Starting out with an established business model
  • Potential of oversight interfering with wish for independence
  • Not all business models are successful
Becoming an Independent Consultant
  • Opportunity for scheduling flexibility
  • Continuously working long hours
  • Isolation due to having no office setting
Your business investment options

Advice

Business Type Advice
Starting a Business From Scratch
  • Be prepared for a lot of planning and patience.
  • Know your market and competition.
  • You’ll need to be a jack-of-all-trades initially.
Purchasing an Existing Business
  • This investment requires heavy research to evaluate whether it’s a good opportunity.
  • This carries the highest cost on average, so access to capital is a must.
Opening a Franchise Location
  • This requires a commitment to establishing and running a business.
  • You should have prior management experience.
Becoming an Independent Consultant
  • Networking skills are essential in a consultant position.
  • You’ll need to have the ability to work independently.

Contact Hand & Stone with questions or interest in learning more about our franchise opportunities.