Types of business ownership to consider and implications

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Reference no: EM132308207

Anna Agulhas grew up in Hopetown, a small rural community far from the busy city. Her family and friends were her anchor in life, and were the support system on which she relied. Anna knew she wanted to stay in Hopetown for the rest of her life but was concerned about how she would make a living. She was wondering whether her support system in town could advise her on the direction she could take.

Anna needed to make the difficult choice of whether she was going to further her studies at tertiary level or enter the world of work in a town with limited opportunity. She was very interested in practicing psychology as a potential career path but realised that first, there were not enough people in the small community to support her interest in practicing psychology. A second contributing factor was the general feeling amongst local citizens (who would be her only target market) regarding consulting a psychologist.

She needed to explore different avenues.

Subsequently, Anna applied for and was granted the opportunity to work at a local pre-school as a care giver. The children, coming from diverse ethnic groups, had special learning and development needs. This was a steep and also exciting learning curve for Anna.

While working there for the first year Anna realized she had a great love for the work, and decided to start a small pre-school academy for children with special needs. She investigated the market, and found that many children from several nearby settlements needed help urgently. Affordability for the service was however a challenge, as was the location of the academy, and the need for reliable and safe transportation of the children. She was also not sure whether parents of such children actually realised their need for special care. In thinking about the start-up, numerous questions were raised, such as:

• Depth of experience in helping children with special needs • Shaping the business • Getting to market Pricing • Employment • Possibilities of sponsorship for transport • The facility • Partnerships from her support system to raise capital. Anna needed to compose a business plan before she could even think about launching the new venture.

A city not far away hosted a non-profit Small Business Development Corporation. Anna decided to initiate contact and ask for assistance to plan the way forward. She involved her best friend, and her father, as she knew financial support would be critical to her success.

Questions:

Given Anna’s circumstances and business idea, advise her on the types of business ownership to consider and the implications of each.

Reference no: EM132308207

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