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Open a new business or purhcase a business

Suppose that you want to open a new business or purchase an existing one:

-Describe that business. What good or service would you provide? Where would it be located?

-How would you think about whether it is a good idea to leave your current job to start the business?

-What would be some explicit costs of starting the business? What would be some implicit costs?

-Where would you get the money to start the business? How would you think about its cost?

Solution Preview

I would open a public accounting firm. My firm would cater to both individuals and small businesses. I would offer a full range of accounting and income tax services. I would provide all financial accounting services, including audit and attest services. I would also offer miscellaneous services like financial investment planning seminars, and other services that educate my clients regarding the best ways to invest their money, tailored to their lifestyle (like retirement funds for sole proprietors, college savings accounts for those with babies).

I would locate my business in a highly populated, progressive area. A downtown location would be feasible. I would want a business district, where there is a lot of foot traffic. I would want people to notice my office / my sign, and would want to be situated where people could walk in right off the street, for information about the services that my firm offers.

In thinking about if I would leave my ...

Solution Summary

The solution discusses the factors involved in opening a new business or purchasing an existing one, including the services, location, starting the business, explicit and implicit costs, and money needed to fund the business. Each area is examined.