Wanda is a sole proprietor who owns Salty Pawz. With her concern of increased financial and responsibility in case she expands her business, there are more options she can consider.  On of the options is to bring in some partners. The partners will bring in some money, which will aid in expansion. In addition, the partners will also take some of the responsibilities Wanda handles. Bringing in partners is advantageous in that the responsibilities are share. However, it is also disadvantageous in that the profit id also shared.  Another option would be to acquire a loan with a financial institution using the business as collateral.  This will give her the finances to help her employ more people to help her. Again, with more people aboard, it will be easy to expand. However, if the business cannot generate enough money to repay the loan, she may lose the whole business.

My recommendation to Wanda is to bring in some partners. This is more because in a partnership, the partners share the profit but also share the loss. More so, the partners will all be serious with the business knowing they own it. This is actually in line with Wanda’s thought of formally involving her two friends who help her. She can make them her partners given they have the experience of how she learns the business.

Expanding the business to global levels has some barriers. First, some cultures do not give much attention to the dogs. In addition, being allowed to operate in some countries follows a long and tedious process, which might not be viable. Economically, this will mean the business has to pay taxes with some nations having high tax rates for overseas companies.

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