The small business I propose shall be offering consultation services and it will be unique. It’s a sole proprietor business and which will be under my management and few employees to carry on with the daily operation of the business. The business will be having a business plan which is the actual path which the business will have to follow on its operations….
In its operations if the business run in to a loss or gets a profit I will be the one to gain or loss unlike in partnership which the loss or profit is shared among the partnerships . The main challenge is when the business will be on debt. If the business will not be able to repay the loan there are high chances that my properties would be attached to repay the debt….
In conclusion although a sole proprietor business is much profitable because I shall not be sharing profit. It will be much more challenged in form of decision making because I will be making decisions alone unlike in partnership which the partners brainstorm and get the best idea to operate the business…
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