Two drawbacks of a franchise

• More risk for a start-up business

• Other franchisees could give the brand a bad reputation

• Franchise businesses usually have established customer bases

• Initial costs can be high for the franchisee

Two benefits of a franchise

• More risk for a start-up busine

• Joining fees can be expensive

• Less risk for a start-up business (Franchisee)

• Franchisor will offer support and training

Two benefits of a business plan

• Helps to consider the business idea thoroughly

• Is a waste of time for the small business

• Could persuade lenders to invest capital

• It cannot be monitored or reviewed

Two pros of being a sole trader

• You can get stressed out

• You cannot take a holiday

• You make all the decisions yourself

• You keep all the profits yourself

Two pros of partnerships

• There are more people involved with discussing problems and deciding on strategies

• There could be disputes over decision making

• The rewards will have to be divided up between partners

• Several people are involved in a partnership so can contribute money

Two cons of being a sole trader

• It can be quite stressful making all the decisions yourself

• It is quick and easy to set up as a sole trader

• If a sole trader dies, the business ends as well

• You keep all the profits yourself

Two cons of partnerships

• There are more people involved with discussing problems and deciding on strategies

• There could be disputes over decision making

• The rewards will have to be divided up between partners

• Several people are involved in a partnership so can contribute money

Two advantages of setting up as a private limited company (ltd)

• Have to disclose information on sales and profits

• Limited liability

• Can bring in more investors

• If there are other investors the original founder is not in full control of the business

Two disadvantages of setting up as a private limited company (ltd)

• Have to disclose information on sales and profits

• Limited liability

• Can bring in more investors

• If there are other investors the original founder is not in full control of the business

One advantage of using Telephone survey for primary research

• You can ring at the individual's convenience

• People are more likely to give accurate responses

• Only applies to current customers

• Cheap and quick