why start your own business?

Question 1

why start your own business

Answer 1

Be your own boss & make your own decisions. CEO - Chief Executive Officer.
Financial Independence - you make a profit if your business is successful.
Using your skills and knowledge to be creative - working on projects that you want to work on.

Question 2

where do the funds to start your business come from?

Answer 2

Debt Financing - you borrow money from a bank and pay that money back every month + interest.
Equity Financing - money from investments (you give them a % of your company and receive $) or savings.

Question 3

what do financial institutions look at when you want a loan?

Answer 3

Credit History (your history of how well you pay back loans, on time, etc.)
Business Plan
Your Skills

Question 4

where can you get some info about how to start your business

Answer 4

⇨Libraries - access to databases
⇨Existing Businesses
⇨ Government Resources
↳Strategis - Tells you how many types of businesses are in one area.
↳Stats Can, - Census every 5 years, see what ages people are.
⇨Internet - first place to go.

Question 5

what are start up costs?

Answer 5

all the things that you need to start your business before you open your doors. Ex; furniture, appliances, transaction machines, cash register, building/land, etc.

Question 6

should a business be home based?

Answer 6

⇨Some businesses cannot be home based, Ex, restaurants because it smells, brings traffic, etc.
⇨For the businesses that can (salons, etc.), you get some taxes taken off, you don’t have to rent out a place, etc.