May 29th, 2015
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WhenLourduMary retired from the teaching profession five years ago, she was sure that she didn't want to just sit at home and twiddle her thumbs. Starting her own school seemed like a good idea with her vast experience, but the various administrative andorganisationaltechnicalities were staggering, not to mention the vast sum of money that setting up a school required."But as I was very keen to start something, I started looking around for options that could help me. Buying thefranchiseof a pre-school chain was the best one," says the 65 year old. Bangalore-based Mary bought a franchise of My Apple School for Rs 3.5 lakh, with thecompanyproviding the curriculum and support as well as training to her staff.There are numerous people like Mary who want to explore their entrepreneurial side and have a good idea of what they want to do, but are stumped as to where to start and how to set up the venture. The franchise model was the answer to Mary's prayers but it may not appeal to someone who wants the independence to take his own decisions. He may prefer to set up a proprietorship, while someone else may be wary of flying solo and would like to rope in another person to form apartnership.Each type of business model comes with its benefits and bugs, from the procedures and approvals required to set up the venture to how its income will be taxed. "The kind of set-up you choose will depend on a variety of factors, such as your business, the amount of risk you can afford

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