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How to begin any medium sized business along with a partner? What are the pre-requirements?

I wish to start a small to medium sized business. I want to know what are the pre-requirements? How should I go about? Which would be the best business in which our physical presence is not needed all the time and returns are high with less investments. My likings are some thing to start in fast food business. What cab be good business opportunities?

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One Response to “How to begin any medium sized business along with a partner? What are the pre-requirements?”

  1. JessiC said :

    First of all, sit down and write out a business plan. State what your overall goals are, then break it down into mini goals. Have a date assigned to each mini goal; this si when you want that goal accomplished. Try and look beyond the first year of business. Also include in your business plan the startup costs (renting equipment, office space, etc), taking into account the fact that regardless of if you made money or not that week, you still have to pay your employees.

    Now, figure out how this project will be funded. If it’s a bank loan, what’s the collateral? What’re the monthly payments?

    Apply for a tax ID from the state for the business. You must do this to avoid being charged for tax evasion. Also set up a bank account exclusively for the business; DO NOT have the business money deposited and withdrawn from your own personal account.

    As for fast food … it’s not as easy as you think. If you start your own store, you have to have your own recipes, own prices, buy tons of equipment on your own, and advertise heavily. It can take several months for an unknown store or restaurant to gain enough popularity to start making a profit. If you choose to open a franchise, you have to apply for a license through that franchise. They expect so much money in a bank account and vested in property before they will approve you. You will have to pay some up front, and the amount paid may or may not help pay for equipment or rental locations. Some franchises are better than others. You really have to go to either the website or an existing store to ask. Also, fast food managers easily work 50, 60 hours a week. If everyone calls in sick, guess who has to work the cash register and ovens?


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