is a dizzying variety of franchises on offer.

A franchise is often less likely to fail than a ‘normal’ business, because franchisees are following a business model that is proven to work and have the support of the franchisor. But at the same time they can be expensive, requiring hefty fees and royalty payments, and may provide little opportunity for entrepreneurial flair.

Final warning

None of these options removes the need for planning, hard work and initiative to be a success.

Starting their own company is a goal held by many people today - everyone wants to be the next Branson or Trump. But a large proportion these same individuals erroneously believe they can’t get started until they’ve had a startlingly original idea for a business. Undoubtedly, being original can be a real bonus – especially if you’re looking to be bought by Google in a year’s time for a few billion (as happened recently to YouTube). But if your goals are more modest – make a decent living, be your own boss – there are many ways to own a successful company without inventing the next iPod.

Go shopping

One of these is to find an existing business you like the look of and simply ask the owners if they want to sell. Alternatively, all sorts of companies are advertised for sale on the Internet or in the local paper, ranging from bars to factories. However, the question that always needs answering is: why is it on the market? Assuming you get a credible explanation, you’ll then need an accountant to go over the company’s books to establish its financial health, a lawyer to negotiate the best terms for the deal and possibly a commercial valuer to determine a fair price.

Another option is to buy a company’s key assets, such as a patent, rather than the business as a whole. In this way you avoid any financial or legal problems the company may have, and which you would inherit as the new owner.

Sack your boss

The ideal business for you may be the one where you already work. After all, you’re familiar with how it operates and can probably see ways to run it more efficiently.

What you need to do is approach your bosses with the offer of a management buy out (MBO), whereby you purchase a majority shareholding. But remember, you’ll still need to get an accountant and lawyer involved before you hand over any cash.

Not just fried meat

An ever-popular business choice for people without a ‘big idea’ is franchising. Though often associated with fast food, today there is a dizzying variety of franchises on offer.

A franchise is often less likely to fail than a ‘normal’ business, because franchisees are following a business model that is proven to work and have the support of the franchisor. But at the same time they can be expensive, requiring hefty fees and royalty payments, and may provide little opportunity for entrepreneurial flair.

Final warning

None of these options removes the need for planning, hard work and initiative to be a success. H

there are many ways to own a successful company without inventing the next iPod.

Go shopping

One of these is to find an existing business you like the look of and simply ask the owners if they want to sell. Alternatively, all sorts of companies are advertised for sale on the Internet or in the local paper, ranging from bars to factories. However, the question that always needs answering is: why is it on the market? Assuming you get a credible explanation, you’ll then need an accountant to go over the company’s books to establish its financial health, a lawyer to negotiate the best terms for the deal and possibly a commercial valuer to determine a fair price.

Another option is to buy a company’s key assets, such as a patent, rather than the business as a whole. In this way you avoid any financial or legal problems the company may have, and which you would inherit as the new owner.

Sack your boss

The ideal business for you may be the one where you already work. After all, you’re familiar with how it operates and can probably see ways to run it more efficiently.

What you need to do is approach your bosses with the offer of a management buy out (MBO), whereby you purchase a majority shareholding. But remember, you’ll still need to get an accountant and lawyer involved before you hand over any cash.

Not just fried meat

An ever-popular business choice for people without a ‘big idea’ is franchising. Though often associated with fast food, today there is a dizzying variety of franchises on offer.

A franchise is often less likely to fail than a ‘normal’ business, because franchisees are following a business model that is proven to work and have the support of the franchisor. But at the same time they can be expensive, requiring hefty fees and royalty payments, and may provide little opportunity for entrepreneurial flair.

Final warning

None of these options removes the need for planning, hard work and initiative to be a success.

o go over the company’s books to establish its financial health, a lawyer to negotiate the best terms for the deal and possibly a commercial valuer to determine a fair price.

Another option is to buy a company’s key assets, such as a patent, rather than the business as a whole. In this way you avoid any financial or legal problems the company may have, and which you would inherit as the new owner.

Sack your boss

The ideal business for you may be the one where you already work. After all, you’re familiar with how it operates and can probably see ways to run it more efficiently.

What you need to do is approach your bosses with the offer of a management buy out (MBO), whereby you purchase a majority shareholding. But remember, you’ll still need to get an accountant and lawyer involved before you hand over any cash.

Not just fried meat

An ever-popular business choice for people without a ‘big idea’ is franchising. Though often associated with fast food, today there is a dizzying variety of franchises on offer.

A franchise is often less likely to fail than a ‘normal’ business, because franchisees are following a business model that is proven to work and have the support of the franchisor. But at the same time they can be expensive, requiring hefty fees and royalty payments, and may provide little opportunity for entrepreneurial flair.

Final warning

None of these options removes the need for planning, hard work and initiative to be a success.

all, you’re familiar with how it operates and can probably see ways to run it more efficiently.

What you need to do is approach your bosses with the offer of a management buy out (MBO), whereby you purchase a majority shareholding. But remember, you’ll still need to get an accountant and lawyer involved before you hand over any cash.

Not just fried meat

An ever-popular business choice for people without a ‘big idea’ is franchising. Though often associated with fast food, today there is a dizzying variety of franchises on offer.

A franchise is often less likely to fail than a ‘normal’ business, because franchisees are following a business model that is proven to work and have the support of the franchisor. But at the same time they can be expensive, requiring hefty fees and royalty payments, and may provide little opportunity for entrepreneurial flair.

Final warning

None of these options removes the need for planning, hard work and initiative to be a success.

is a dizzying variety of franchises on offer.

A franchise is often less likely to fail than a ‘normal’ business, because franchisees are following a business model that is proven to work and have the support of the franchisor. But at the same time they can be expensive, requiring hefty fees and royalty payments, and may provide little opportunity for entrepreneurial flair.

Final warning

None of these options removes the need for planning, hard work and initiative to be a success. However you go about it, running your own business will never be an ‘easy’ option. But if you take care and make the right choices it can often be a very rewarding one – even if it wasn’t your idea!

CASE STUDY: www.av4c.com

Peter worked in the family care home business, but had always aspired to start his own company. However, all the 29-year-old’s business ideas tended to revolve around the care industry – he was finding it hard to think of something totally fresh. Then he came across av4c.com, an innovative recruitment service developed by English entrepreneur Neil Auty.

It involves putting employers in direct contact with individuals actively looking for work (temporary or permanent). Based around a slick website, it differs from other online employment services by being both cheaper and more efficient. For example, employers can contact as many prospective employees as they choose instantly, by email and SMS. It’s therefore possible to fill vacancies within a day. Also, unlike other services, job seekers need to regularly re-register to show they are still actively looking for work. Av4c.com is operated as a franchise, with franchisees paying for the right to market the service to employers within a particular district.

Finding suitable staff at short notice is only too common a problem in the care industry, so Peter immediately appreciated the advantages of av4c.com for employers. In addition, the highly automated nature of the system meant that he wouldn’t need to give up his care home work to run the franchise. He quickly signed up to become av4c.com’s very first franchisee.

A disadvantage of being the first was that Peter didn’t have the benefit of a tried and tested business model to follow. For example, he would have to decide for himself how best to market the service to both employees and employers. But on the plus side, he had a free choice of area (with more established franchises, inevitably the best patches are alre