Starting a business is different for everyone. Each option that’s out there is good for some and bad for others. So, here are the main options open to people starting a business.
The option that’s most attractive for a lot of people looking to start a business of their own is setting up as a sole trader. This is when you work alone; you don’t have any employees to begin with, but you don’t have a boss either. This has its downsides and its appeals to people, and we’ll go through them now.
Firstly, being alone is a major factor in becoming a sole trader. The good thing about this is that you don’t have to be controlled by decisions higher up, and you can choose which way the business goes. But it also means that you have no one else to rely on.
Franchising is an option that not a lot of people even consider when thinking about starting a business. And yes, there are some downsides to it. You don’t have the same level of control and freedom as you’d get if you started your own business from scratch. But there are plenty of positives too.
So, what are the benefits of opening a franchise? Firstly, the risk is taken out of starting a business because the main company will always take the hit more than you if the business fails. There’s a higher chance of success too. For example, if you opened a CertaPro Franchise, you’d have the established success and prestige of the company to rely on initially.
Finding a Partner
Going into business alone is risky, so finding a partner to go into business with spreads the risk a little more. The more people there are starting a single business; the lower the risk is for each individual person. So, if you’re thinking about starting a business, I’d recommend finding a partner to go into business with.
It’s not necessarily easy to find a partner that’s right for the business though. You shouldn’t just go into business with any old person though. It might sound strange, but money isn’t the be all and end all. You should also find someone who is reliable, trustworthy and compatible for you and the business.
If all else fails and you can see no other way to get your business off the ground, you could look for a sleeping partner. That’s a partner that invests money into the business, holds a stake in it but doesn’t take an active role in the day to day running of the business and decision-making. This is a very attractive option for potential business owners.
The reason why this is appealing is that you get the money without having to deal with the problems that often come with an active partner. But the problem is that these kinds of investors are very hard to find. Many Business owners might want to find this, but not many of them actually can.
There are all kinds of options open to new business owners, but it’s important to find the right one for you.