What are my options for buying or starting a business? You have been in Corporate America for years, learned the ropes including when to stick your neck out do something…or not; but now you have come to the decision that there is more to life than the whims of an employer and so it is time for you to start your own business…now.
So you have some questions and one of the first has to be – what are my options?
If you have decided you want to start your own business you only have three options. The first option is to start your own business and do it all from scratch. The second option is to buy an existing business that is for sale and build on it. This option will only work if you have some money you can get to fund your purchase. Perhaps Donald Trump is your neighbor and you are on first name terms then that is a great place to start. If that is not the case, perhaps you have some money in a 401k or have some family or friends that believe in you, then that may be a better option. The third and final option is to buy the rights to a local franchise.
So there we go. Perhaps you thought there was only one option but in fact there are three. But how do you decide which one’s the right option for you? I would suggest it’s no more complicated than four factors. In no particular order, these are your personality, how much money you have to invest, your risk tolerance, the role you would like to play in the business and your personal skill set.
The following table may give you some help looking at each of the three options then decide what makes the most sense to you.
Still not sure where to start or you would like some more information? There is plenty of free information on this website. If you prefer, I have a book on each topic. The first title is ‘Successfully start your business.’ The second title is ‘Successfully buy your business’ and the third and final title is ‘Successfully buy your franchise.’
You can keep working for someone else and build their dream or you can break out and build your dream; the choice is yours. Good luck deciding.