Source Map, Inc.
P.O. Box 460
Tracyton, WA 98393
LEASE MY BUSINESS.comTM
Freedom to be Who you want, Where you want, When you want.TM
$1,000/mo. to $100,000/yr.
Introduction to Freedom
The decision to start a new business and/or to enter into ANY business at all, is a MAJOR DECISION and should not be taken lightly. If successful, your business can give tremendous satisfaction, financial reward and FREEDOM.
There are tens of thousands of possible business “opportunities” to choose from and several ways to enter into a business, such as:
1. Ground-Level Start-up
2. Buy an existing business
How does one choose what kind of business to enter into and what business Entry Method is most appropriate? The answers to these challenging questions may seem mind-numbing, but can be comparatively easy to answer if you follow the these prooven steps below:
1.Construct a BUSINESS PHILOSOPHY: What kind of business is best for me? (see http://www.source-map.com)
2. Construct BUSINESS MODEL: Construct a 5-6 sentence paragraph stating:
a. What is the product?
b. Who is going to buy it and Why?
c. What will it take (money,time,expertise,equipment)to go into business?
d. How much can I NET and who will be my competition?
e. How easily can I get out of the business (and retire my debt) when the time comes?
3. Construct a BUSINESS PLAN OUTLINE: Briefly, construct an expanded explanation of your BUSINESS MODEL (above)
4. Construct a BUSINESS PLAN: In detail explain: What is your business? How will your business be run on a day-to-day basis? What is the startup cost? What are your marketing plans? What are your P/L Pro-Forma projections?
5. Select a BUSINESS ENTRY METHOD: What method is best for you to form your business?: Ground-Level Start-up, Buy an existing business, Franchise, or Lease.
NOTE: The order of completion of this list may vary depending on your circumstances and assets. But the importance of completing the list is a MUST!
Because the focus of this website is to introduce you to a NEW CONCEPT in business formation, BUSINESS LEASING, we will begin there.
Business Entry Method
Every Business Entry Method has a capitalization cost associated with acquiring necessary assets. Different business formation types vary widely in their capitalization costs. Additionally, business expertise is a major consideration for the first-time entrepreneur, but is NOT considered here.
The spreadsheet below compares four types of Business Entry Methods with some approximate capitalization expenses commonly incurred.
COMPARISON OF BUSINESS ENTRY METHOD EXPENSES
Note: All figures are rough approximations and are supplied to
show relative differences between Methods.
Note: All figures are rough approximations and are supplied to show relative differences between Methods.
See a comparison sheet
of business ownership: Own/Franchise
Obviously, no one type of Business Entry Method is right for everyone.
Some questions to ask yourself to help determine which Method may be best for you are as follows:
1. How much investment capital do I have?
2. How much risk do I want to take?
3. What training do I need and where will I get it?
4. How much interest debt can I carry?
5. How long do I want to remain in business?
6. What is my Business Exit Strategy?
7. What will I do if I do not like my business and want an early out?
8. What will I do if the economy does not favor my business?
9. What will I do if I want/have to relocate my household to another state?
19. If the economy weakens, will I be able to sell my company and retire my debt?
11. Do I just want to sell and not have to worry about, ever-increasing overhead, uncertain economy, employees, cost of goods, ad composition, publishing, printing, website creation, inventory, debt, office space?
Before the introduction of BUSINESS LEASING, business owners did not have the option to avoid all of the above headaches associated with starting a business.
8 Copyright 1986-2014 S. Robert Sherby