| Many people aspire to become successful and | | | | morphed into something else within 5 years of being |
| prosperous in a business of their own and there is no | | | | established. This probably sounds gloomy and |
| question that for many people it is a great feeling to | | | | discouraging when you first hear it. |
| become one's own boss. Though this is undoubtedly a | | | | Of course this statistic just lumps all new businesses |
| valuable and worthwhile goal, it is not an easy one to | | | | together - even the most poorly planned and |
| achieve. Ask any successful business person and they | | | | ridiculously impractical are included. But even if you |
| will tell you it takes a lot of hard work and persistence | | | | take this into consideration, the chances of your well |
| to make it happen. | | | | planned and well organized new business being |
| At the most basic level all it really takes to start into | | | | successful over the long haul cannot be more than |
| business for yourself is an idea. That idea can be as | | | | about 50% at the very best. |
| simple as "I want to be my own boss" or "I want to | | | | On the other hand there is another equally important |
| make a lot of money". It can be more substantive like "I | | | | statistic about new businesses. Virtually every |
| want to create the world's best solar panel" or "I want | | | | successful business was at one time a new business. |
| to write software that will change the way business | | | | That's 100% of them including all the ones you see up |
| operates." Or it can be more down to earth like "I want | | | | and down the street, advertising on television or being |
| to create beautiful wedding cakes" or "I want to sell | | | | traded on the stock market. If Bill Gates had been |
| marketing ideas to local businesses." | | | | overly concerned about failure he would not have |
| You cannot underestimate the importance of having a | | | | started Microsoft. |
| business idea. This will allow you to speak intelligently | | | | Or if Steve Jobs and Steve Wozniak had not begun |
| with friends, colleagues, potential partners or investors | | | | putting computers together in their parents' garage |
| about your business. It will give you a basis for creating | | | | Apple would never have happened. Pretty much the |
| a business plan. Talking with others about your idea, | | | | same goes for Google, Facebook, Twitter, General |
| and eventually testing it will help you determine if the | | | | Motors, Toyota, Sony, Disney and thousands of other |
| idea is viable - whether there is a market for your idea | | | | household names that all started with an idea. So the |
| and whether there are problems that make it | | | | bottom line is, if you have a good idea and want to |
| impractical. | | | | take a stab at being your own boss, go ahead and |
| Once you are clear about your business idea, and | | | | give it a try. |
| once you have made up your mind to go for it, there | | | | Starting a franchise is really a kind of hybrid of the first |
| are several different routes to get you to your goal. | | | | two. You are starting your own brand new business, |
| Three of them are the most popular. The first option is | | | | but the entire business plan and structure has been |
| to start your own business from scratch. The second | | | | worked out for you in advance. Your purchase price |
| is to purchase an already exiting business. And the | | | | and franchise fees include an established identity, a |
| third is to buy into an already existing business either | | | | complete operations manual, a well-oiled marketing |
| as a partner or as a franchise owner. | | | | plan, and everything else you need to be up an running |
| It is not likely that you are going to buy an already | | | | in the shortest possible time. |
| existing business - especially one that is worth | | | | Because most franchises are modeled on successful |
| something - unless you know a lot about the industry, | | | | businesses most of the guess work has been taken |
| and are reasonably adept at evaluating businesses. In | | | | out of the exercise. Studies have repeatedly shown |
| other words, this is not the usual route taken by a | | | | that the chance of being successful is much higher |
| person just getting into business for him or herself. | | | | than with a business that you start from scratch.And |
| Starting your own business from scratch is probably | | | | this obviously is very appealing to some aspiring |
| the most difficult route to business success, but that is | | | | business people. |
| offset by the low cost involved in starting a business | | | | Of course buying and running a franchise does have |
| this way. If you have limited resources you can | | | | its downside. The upfront cost is much more than if |
| basically start from nothing, work in your basement, | | | | you were going it alone. The company procedures, |
| bedroom or garage until you know if the venture has | | | | pricing, product lines, supply chains and so on are often |
| any hope of succeeding, and then expand as | | | | restricted to the point that you lose the sense of "being |
| resources allow. | | | | your own boss". All of that reduces your own latitude |
| The truth is that even if you have a very clear idea of | | | | for creativity and ultimately your sense of "ownership". |
| what you want to do and how you intend to do it the | | | | So if this was one of the reasons you went into |
| chances are pretty good that your exciting new | | | | business for yourself in the first place, then a franchise |
| business will not last long. Your first few months or | | | | may not be right for you. |
| years will likely be unprofitable and like many other | | | | There is no question that being in business for yourself |
| businesses before yours it will probably take an | | | | can be a rewarding and fulfilling experience. But unless |
| injection of new capital from time to time to expand | | | | you are very lucky, success will not come overnight. |
| the business or just keep it going until it starts making | | | | To make it happen you will have to work hard and |
| real money for you. | | | | apply yourself much more than if you were working |
| The statistics for new businesses are not real | | | | for someone else. Even though the options are limitless |
| encouraging. It is usually estimated that about 80% of | | | | and as many people say, the sky is the limit for a |
| new businesses have either gone out of business or | | | | business person, never take success for granted. |