Advantages of sole partnership All of profits go to owner You get to make all the decisions You are your own boss Its easier and less expensive
Disadvantages of sole partnership You may not have as many opportunity's you would have had if you were in a partnership Unlimited liability Pressure/Stress
Advantages of a Partnership There will be more ideas flowing because there’s two of you thinking instead of one There will be more opportunity's Less stress because there are two of you on the job
Disadvantages of a Partnership You have to share profits There will be disagreements between the two of you in that partnership Have to wait for the other person to make rash decisions
Advantages of Corporations There’s a board of directors there to help you Not a lot of stress considering the you have a board of directors making all of the “Big” decisions.
Disadvantages of Corporations You can’t make your own decisions You must agree with the board of directors Your ideas may not be acknowledged
Advantages of Franchises Easy to run You only pay a fraction of the fee’s to start the business because the franchiser pays the rest. You hire the people to run it and you stay home while other people do the work
Disadvantages of Franchises You have to pay a franchise fee You have to pay a portion of advertising costs You MUST maintain the standards set by the franchisers
Which franchise would I like to run/Open?
Why a TimHortons??? We live in Canada….. (Nough Said/Its very popular here) There can never be too many TimHorton's I would open it in the Seaway mall because a majority of the time someone in the mall will be wanting a coffee/Smoothie so it would be a great location