Options for the Would-Be Entrepreneur

Owning your own business comes with many perks. Ideally, you get to set your own hours and be your own boss. You get to structure the business plan the way that makes sense for your company. Getting a business off the ground, however, also comes with many challenges. You often need to get substantial funding, find a location, stock up on inventory and hire and train employees. It can be daunting to branch out completely on your own. Consider these alternatives to starting from scratch.

Find an Established Partner

One of the biggest challenges for new business owners is making a name for themselves. When you open your doors, the first few weeks may go really well. As the newness wears off, though, people tend to fall back into their previous patterns, and your revenue column may reveal the impact. You may be able to avoid this problem, however, by partnering with someone who already has an established business in the area. As a successful business grows, the owner may be looking to open another branch across town or take more time off to spend with his or her family. You could be just the partner the business owner is looking for to help out with the management duties.

Open a Franchise

Buying a franchise of a well-known organization can give you the best of both worlds. You get some of the freedom of owning your own business with the support of a successful corporation. While a popular food chain can be a lucrative investment, there are many other industries where a motivated person can tap into what the company is doing. If your background is in accounting, for example, you can open a financial services franchise. If you have a lot of experience in insurance, try opening a firm with a name that’s trusted nationally. Wherever you excel, there is likely a business that offers franchise opportunities.

Find Freelance Work

If the main draw of working for yourself is the flexibility of working from home, freelance work may be right for you. One you establish yourself as a sole proprietor, you can reach out to people who are looking for your services. Writers, artists and musicians often find that freelancing allows them better control over their schedules than trying to find a day job that lets them use their skills.

You can branch out completely on your own or partner with those who are already successful. No matter what path you choose to take, working for yourself can give you freedom.

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