U.S. small business workers want to be their own boss. They are generally dissatisfied with Corporate America and yearn to fulfill their personal passions. Those were cited as the top three reasons for entering small business ownership, according to a recent survey sponsored by Guidant Financial and the Small Business Trends Alliance (SBTA).
While nearly three-quarters of small business owners surveyed said they were satisfied with their decision to take the leap into small business ownership, it’s important to consider several factors before you decide to make the move. You should understand your true motivation for entrepreneurship and evaluate whether you have the grit and determination to navigate the peaks and valleys that come with small business ownership.
Perhaps it’s time to turn your side hustle into a full-time venture. Maybe you’re finally ready to take over a family business. Or, you might not yet know what business you wish to enter but are considering investing in a franchise you enjoy. Whatever your motivation, here are five good reasons for opening a small business.
It’s easy to fantasize how great it would be to call your own shots — particularly if you’re unhappy in your current job. Likewise, starting a business because you hope to cash in more quickly or make someone else happy aren’t solid reasons to ditch your 9 to 5 job, either. Here are five bad reasons for starting a business:
Once you’ve determined that you want to start your own business for the right reasons, you have some options when it comes to the type of enterprise you want to own.
First, you can choose what sector you want to enter, and whether you prefer to offer a product or a service. Then, you have other factors to consider. Do you prefer to run your business from home, or do you need to lease or purchase space?
Also, you can choose to start your own business from scratch or consider investing in a franchise. By investing in a franchise, you buy into an existing brand and business model that comes with a proven track record. You’ll also get access to a training program, vendors, and corporate support. And, you’ll benefit from being part of a network of franchisees doing the same job in different locations.
Whichever business model you choose, you should expect to invest significant time and money. Your initial startup costs can vary from a few thousand dollars to a few million dollars, depending on the type of business.
If you are a tenacious person with a strong vision and a desire to delight customers, small business ownership might be right for you and what better way to get going than exploring buying a franchise.
A great place to start your Pathway to Franchise Ownership is Franchise Business Review’s annual Top 200 Franchises rankings, which highlights the best franchise opportunities based on owner satisfaction here.
George Hamilton was nominated for a 2022 Rock Star Award by the Snap-on Tools leadership team under the Veteran-Owned category. He was chosen by Franchise Business Review from among 200+ nominations for his outstanding achievements as a Snap-on Tools franchise owner in Saint Charles, IL.