last updated 10/12/2019
Time to quit your job?
last updated 10/12/2019
Here are 9 good reasons to start your own business – and 5 good reasons not to
Buying a business is a dream for many. Be your own boss, set your own hours, get all the rewards of your own efforts. But in the first few years, you’ll probably work harder than you ever have in your life. That’s why it’s important to buy a business for the right reasons.
1. You’ve always wanted to own your own business. You want to control the decision-making and have a say in future plans.
2. You are determined to control your own destiny. You are happy to accept the mix of risks and rewards that come with self-employment.
3. You want to do something different. A franchise offers you the opportunity to work in a different industry, or work with your partner or children.
4. You want to use your existing skills for a new purpose. Most franchisors look for skills and abilities, not experience in a particular field.
5. You want to learn new skills. Franchises offer thorough training in their specific business, so if you have the ability to learn, a bank manager can become a baker.
6. You want to do something you love before it’s too late. You’ve already had one or more careers but have a passion you want to follow.
7. You want to create something for the future - yours or your family’s. Franchising offers a wide range of opportunities suited to two-person or family operation.
8. You want to minimise the risks. Franchising is a lower-risk way of going into business than setting up from scratch or buying an independent small business.
9. You have the finance. You have some savings, or redundancy money, or equity in your house which make it possible to invest in a business at last.
1. You’re afraid of being made redundant. Fear might get you out of your existing job, but if you are to enjoy having your own business, you need positive reasons, too.
2. You are frightened of change in your organisation. If you run your own business, you must be comfortable with change. Industry disruption is common and franchisors will expect you to adopt positive initiatives with enthusiasm.
3. You want to be the boss yourself. Being the boss means taking responsibility for yourself and for others - not letting others do the work.
4. You want to take it easy. If you buy your own business, you will work harder than you ever have - at least at first.
5. Someone is offering you this great opportunity. If you really want to be self-employed, make sure you choose what you are going to do - don't let someone sell you something.
Now start looking
If you said yes more than no, research what’s available – read Find the Right Franchise. Take your time, take advice and make sure you have the full support of your family. Going into business is a big step, so tread carefully.
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