04 Sep, 2017

Why Start a Business?

Love to be your own boss, and do your own thing? Indeed, there are lots of individuals nowadays who prefer to start their own business rather than to continue working as employees on various industries.

 

There are loads of good reasons to why you should start your own business. These reasons may be personal, financial, or even for the reason that you want to help the community or the environment with your products or services. Hence, building that small business of yours would benefit alot, not only you as an entrepreneur.

 

Here are some other good reasons why you should start your own business:

 

You are obsessed. You got the passion.

Obsession is the basis for lots of successful entrepreneurs. If you’re so passionate about something that it’s all you think about and you don’t believe anyone else knows how to do it right, then striking out on your own may very well be the right path for you.

 

There is an opportunity knocking at your door.

When the stars align, it feels as if you’ve been kissed by an angel, or opportunity just happens to fall in your lap, you owe it to yourself to go for it or risk spending the rest of your life wondering what might have been. If the universe is trying to tell you something, it’s a good idea to listen, especially if there’s funding involved.

 

You are in desperation.

There’s a good reason why people who grow up with nothing to lose. Desperate people often become great entrepreneurs. They’re highly motivated to take risks. Also, if no one will hire you, what have you got to lose? If necessity is the mother of invention then desperation is the father of motivation.  

 

It is in your blood.

This may sound like a hokey reason but it’s not. If your gut tells you that it’s what you’re meant to do, that it’s your destiny, then you should consider it, especially if your instincts have served you well in the past.

 

You have the guts and the experience.

While some businesses do not need experience, like franchises, when you have the guts and you  know everything there is to know about how a business works, and it’s something you’ve always wanted to do, that’s a good enough reason to start your own and be an entrpreneur. One caveat, though: the closer it is to your functional expertise, the better.

 

You’re accomplished at something in demand.

Expertise is a great reason to start a company, as long as you’re near the top of your field or have a truly differentiated value proposition (think Whole Foods’ John Mackey or Michael Dell). Your capability can be anything from coding or product design to cooking or winemaking, but if it’s a crowded field, beware.

 

Look at it this way. Markets are competitive and customers couldn’t care less about your self-serving motives for being in business. For your company to succeed for good, customers have to see a strong, differentiated value proposition to buy your products or services instead of a market full of alternatives. If they don’t, it doesn’t matter what your reasons are for being an entrepreneur. You won’t be successful.  

 

There is an easier way though;

Start to own a business by owning a franchise business.

 

Join a franchise system, and you immediately become part of a much larger, more powerful network than you could have on your own. Never been in business for yourself? No worries. With franchises, you are automatically designed to be trained and assisted by a team of professionals. The franchisor (company) will provide you with the tools you need, the skills you need to learn and the knowledge to start and run the business. The best franchise systems will provide a thorough briefing on how to operate the business and conduct techniques particular to your franchise. They will provide an on-the-job training. Moreover, a franchise system will grant you access to sophisticated technology or software that makes the idea or concept difficult for competitors to imitate.

 

On the other hand, many entrepreneurs start businesses hoping their children will carry on the torch. Within the structure of a franchise, where the routines are systematic and can be learned quickly, passing on operational control can be seamless… but with a startup business which you will build from scratch, this is not the case, so, you may want to consider this aspect too if you are planning to be an entrepreneur.

 

Lastly, consumers are attracted to and have confidence in brands they know. By purchasing a franchise, you're often buying into a business with a brand that's already been developed, marketed and, most important, made familiar to the average consumer. Having a strong name attached to your products or services will help you get your business off the ground. Now, that is what we call business with confidence.