Owning a Business

Topics: Childcare, Day care, Babysitting Pages: 8 (2700 words) Published: February 27, 2005

This paper will discuss ways in order for you to become a business owner as well as how to start your own child care center. Owning a business is not an easy job. There is actually a very complicated and long process to become a small business owner. Before you start to think about what you want to do, you need to ask yourself if you will be committed to this venture. If you are then proceed on with your business however, if you are not then owning a business is probably not for you. With owning your own business, your going to have less personal time then you had previously. Here are some reasons people become entrepreneurs. Many people have a strong desire to be independent, they would rather be their own boss because they don't take orders from others well. Owning a business is also a chance for owners to work at something they enjoy, they aren't shoved behind a desk doing filing work for eight hours a day. You are free to operate at your own paces with your own business. Depending on the type of business you own, you have a great opportunity to accumulate great wealth.

Purpose and Scope
The purpose of this report is to inform readers of the options available to people who want to own their own business. There is also a growing need for child care. So with this need more and more people are deciding to open up child care centers. In this report I will lay out steps in how to start your own business, and what to do from there. Also, pros and cons to owning your own business.

Sources and Methods
In order to give the information needed to start your own business, I have searched many journals as well as business related books. Internet sources have also help get information. I have also conducted an interview with an owner of a child care center.

Choosing what kind of business to open is the most important decision to make. Just because you like to make bracelets doesn't mean you would like running a business making bracelets. You need to think about how much money you want to make, past experiences, attitudes on the business you choose, and your going to need a knowledge and some skills with the choice you make. Pros and Cons With everything else in life there can be advantages and disadvantages to owning a business. There are many pros and cons, here are some examples. Pros: You will be your own boss, the chance to make good money, no one can fire you, work directly with costumers, great personal satisfaction, and a sense of stability for you and your family. The cons: Businesses are a large financial risk, long hours and less vacation time, incomes may not be steady, unpleasant tasks, such as not hiring a friend or firing someone. There are some pros and cons for home based businesses alone. Pros: Start-up costs are lower, shorter commute, more flexible schedule. Cons: more vulnerable to interruptions, you may have trouble finding qualified employees, and you may be less accessible to suppliers.

Location and Financial Assistance
To get your business up and running you need money. Initial capital helps you get you business set up and running and working capital is what you have to keep your business going until the business begins to pay itself off. There are many means of getting the money. You can use your own funds, get a loan from a bank, small business investment corporations, and even stocks. Wherever you get the money, it will not be a cheap investment. After you get your business going you will have many liabilities, or debts to pay back. Location also plays a big part in your business. To maximize your profits you will want a high population looking for your service or who have a need for your product. You can choose to rent and renovate an existing building or opt to have a new place built for your business. Renovating and existing building may come out to...
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