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There are so many business model options to choose from, making it hard to know where to start. Which model is the best for your company? What type of company do you need according to the membership experience? How much money do you have to invest? These are all important questions that you need to answer before deciding. To help you make the right choice, here is a guide to navigating the different business model options available.
This is a prevalent option for businesses owned and operated by one person. It’s relatively easy to set up, but it comes with the most personal risk of the models. The owner is personally liable for all debts and obligations of the business.
This model is similar to sole proprietorship, but two or more people are involved in the ownership and operation of the company. As with a sole proprietorship, each partner is personally liable for any debts or obligations of the business. When setting up a partnership, it’s important to have a written agreement outlining each partner’s roles and responsibilities.