Outlining the key considerations in setting up a business.

When an owner is interested in going into business they must consider first whether they would want to start up a new business from scratch or by purchasing a business. Some business may be inherited, restarted form a previous business failure or bought by employees from the owners. Though the most common option is setting up a new business from scratch, which approximately 70% of businesses start.

According to the case study, petal works have considered to establish their business from scratch. In setting up a business from scratch the owner is able to set it up exactly as desired and are able to determine the pace of growth and change.
On the other hand there are disadvantages, which the owner may have had to consider, as there is a need to build up a customer base, employ workers and develop lines with suppliers. Some other disadvantages are that it is uncertain whether the business will be successful or not as there is no business reputation.

Secondly, a business must con...