For many of us, owning our own business is a goal that seems impossible to achieve. There are so many benefits of starting your own business like being the one who calls the shots, making your own schedule, and working in a field you’re passionate about, and yet the path to getting started can be not only confusing but also intimidating. The truth is, starting a business is completely doable for those who want personal freedom and are willing to put in the time and work. And of course, having a little guidance from someone in the field doesn’t hurt either.
Franchises vs Startups
When you realize all of the benefits of starting your own business and decide you want to get a piece of that cake for yourself, you’ll have two choices: you can either start a business from scratch or purchase a franchise. While the former is certainly impressive and not an uncommon path to take, especially in this age of start-ups, it comes with higher risks. Building a business from the ground up will require a huge amount of research, time,and money, and you are likely to make a number of costly mistakes on the way. These expensive misjudgments and the general confusion about running a business are the reason why such a large percentage of new businesses close within a year of opening.
On the other hand with a franchise, you receive helpful advice and professional guidance so you can get things running not only quickly, but smoothly. The help you receive is one of the biggest advantages of owning a franchise, and is a key factor in why franchising is notably less stressful than starting a new business completely.
Making Business Plans
When first starting up your business, you’ll need to come up with a business plan that can answer all of the important questions necessary for your business to function. While on the one hand, getting to ask and answer these questions independently can be one of the benefits of starting your own business. On the other, it’s easy to overlook important details, especially when this is your first business venture. Here are just few questions you should be asking:
- Who is your target customer?
- How much will you charge for your product or service?
- How many employees do you need, how much will you pay them, and where will you hire them from?
- What is the operating budget for this business?
- Who is your competition, and how will you set your business apart?
While there are many benefits of both starting your own business and of joining a franchise, support is another place they differ. Unless you have a business partner or experienced friends or family members, you will be on your own when starting a business from scratch. While the internet can definitely provide a wealth of useful information, one tip when online or reading business books is to make sure the information isn’t outdated or irrelevant to your business and that it’s coming from a reputable source. Nothing is worse than adopting a business practice that causes more problems than it helps.
The experienced and professional support network you’re given is one major advantage of owning a franchise. There may be times when you have questions about the best marketing channels in your area, the proper payroll and tax procedures, or industry-specific questions. Your franchise company actively wants you to succeed, so they’ll always have your back. When it comes to 1Heart, we want to give back all the effort our franchisees put into the senior care industry by supporting you in any way we can. We even offer E2 visa sponsorship options for driven entrepreneurs overseas.
Freedom as a Business or Franchise Owner
When you open your own business, you’ll suddenly find yourself with so much more personal freedom than you ever had before. This is probably the benefit of starting your own business that people yearn for the most. Owning a franchise does require that you follow certain specified business methods, but it will still allow you most of the freedom that regular business owners experience. In either case, the benefits of starting your own business are clear.
Make Your Own Schedule
Just because your business might have set hours doesn’t mean you need to be there. Personal freedom is one of the biggest benefits of starting your own business and also one of the most appealing advantages of owning a franchise. Owners and franchisees alike have the freedom to work when they want. They can utilize employees to take some of the workload, or lean on management teams to run all of daily operations. You can finally find the work-life balance that you’ve always dreamed of!
Live Your Passion
Tired of working a job that has no real meaning to you beyond a paycheck? Open your own business or join a franchise and start working in a field that you feel passionate about. If you’re interested in something like this, then take the steps to join 1Heart franchise and introduce hospitable, dignified senior care into your area. The opportunities for achieving your dreams are limitless, and this is one of the key benefits of starting your own business.
Choose Your Successor
Some business owners have the dream to pass all or part of their business to their children. For others, they may grow the business until it is substantial enough to sell for a profit to put towards their retirement. Whether you start your own company or take the franchise path, what you do with your business is completely up to you and that is a major benefit of starting your own business. Be it through a fulfilling retirement or a new family legacy that goes on for generations, your business or franchise has the potential to be the investment of a lifetime.
There is no doubt that the benefits of starting your own business and of owning a franchise can outweigh the difficulties of getting started if you’re just willing to put the time and effort necessary. The advantages of owning a franchise might actually erase much of the stress that starting a business typically includes by having support networks, solid business plans, legal help, training programs, and more readily available so you can get going quicker and easier. If you’re willing to take the leap, your dream of personal freedom is closer than you think.