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Sources of business ideas for small
businesses with limited resources
Franchising
Formation of businesses
Operation of businesses
Benefits of businesses
Drawbacks of businesses
Protection of business ideas

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Spotting trends & anticipating their impact
> This approach was used by innocent smoothies as the new
millennium (2000) came people wanted to have healthier
lifestyles.

Identifying a market niche
> When an individual notices something is missing from the market.
> Red letter days

Copying ideas from other countries…

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Another way to start-up a business by
using someone else's original idea;
instead of starting from scratch.
This allows an individual to trade under
an individuals name and gain help and
support.

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Most common type is the "business
format franchise"
This is when the owner of a business of a
business (FRANCHISOR) grants the
individual (FRANCHISEE) the right to sell
its products or services.

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It is still your own business
The investment should be in a tried and tested
format and brand
The franchisee gets advice, support and
training
It is easier to raise finance - the high street
banks have significant experience of providing
finance to franchises
No industry expertise is required in…

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Franchises are NOT cheap. The franchisee has to
pay initial fees & ongoing royalties & commission.
He/she may also have to buy goods directly from
the franchisor at a mark-up price.
There are RESTRICTIONS on marketing activities
(e.g. not being allowed to undercut nearby
franchises) & on selling the business…

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Legal protection against copying for
authors, composers and artists.
> E.g. books; films & magazines etc.
> Lasts 70 years after the death of the inventor
> Law on copyright is governed by the
copyright, designs & patents act 1988
> Indicated by the © symbol.
> Comes into effect…

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