Which Business Investment Is Right for You?
Has becoming your own boss been a lifelong dream?
The road to becoming a business owner may seem winding and steep, but if you have these qualities, you may just have what it takes to be successful. Check out these options when forging your own business ownership path, and see which one is right for you.
- You are in charge of the establishment process
- You get to take your dream and make it a reality
- This is a huge learning experience
- 50% of new business fail in first 5 years
- There are lots of startup costs
- You'll already have an existing location, product and clientele
- Income generation starts immediately
- Cost of purchase may be higher than the investment is worth due to future growth potential
- There's a risk of high staff turnover
- You'll be able to start your business quickly
- You'll have outside support, training and guidance
- You'll have to pay franchise, lease, royalty, and other fees
- You may have less autonomy in products and service
- There are very low startup costs
- It's a low-risk, high-potential investment
- You won’t earn enough income to quit your other job(s) right away
- Potential for high income
- Inconsistent income
- Long hours at first
- Working with an existing business concept
- Easier to get financing
- Risk of outdated equipment costs
- Risk of buying a failing business with poor research
- Receive corporate support in the form of marketing, branding, etc.
- Starting out with an established business model
- Potential of oversight interfering with wish for independence
- Not all business models are successful
- Opportunity for scheduling flexibility
- Continuously working long hours
- Isolation due to having no office setting
- Be prepared for a lot of planning and patience.
- Know your market and competition.
- You'll need to be a jack-of-all-trades initially.
- This investment requires heavy research to evaluate whether it's a good opportunity.
- This carries the highest cost on average, so access to capital is a must.
- This requires a commitment to establishing and running a business.
- You should have prior management experience.
- Networking skills are essential in a consultant position.
- You'll need to have the ability to work independently.