Taking a leap of faith to pursue your entrepreneurial dreams is a decision that should not be taken lightly. Yes, becoming your own boss will allow you to do something you feel strongly about, but passion does not always translate into profit. In fact, starting your own home-based business often requires a tremendous effort, one that can cost you both time and money.
Luckily, today’s entrepreneurs have a wealth of resources and options available to them. And given the changing economic climate that encourages small business growth, becoming your own boss is a more realistic aspiration than ever before.
Before you take the plunge, it’s imperative to identify a business that works for you. Don’t pigeonhole yourself to one or two ideas, and don’t focus too much on what other people are doing. Instead, ask yourself a few preliminary questions. Would you prefer to do something you’re already familiar with or would you like to learn about a new business model? Ask yourself what inspires you. The answers won’t necessarily pertain to business, but they should lead you in the right direction.
Maybe you’ve identified a solution to a common problem in an industry. For instance, the CEO of A Buyer’s Choice Home Inspections noticed that the home inspection industry in Canada lacked standards. Believing that a franchise would unify the industry, he launched A Buyer’s Choice Home Inspections in 2007. Since then the company has grown into an international force within the home industry arena. Its story is proof that the most successful businesses fill a gap in the market.
Once you figure out the industry you’re most interested it, you should explore the different ways of becoming your own boss. Launching a startup business will afford you a great deal of personal freedom and growth, but it will also likely require you to work an inordinate number of hours, fill multiple roles and invest substantial capital.
An alternative to starting your own business is to operate a franchise like A Buyer’s Choice Home Inspections. As a franchise owner you still manage the day to day operations of a business, but are spared from most of the hassles associated with starting a traditional business. Starting a franchise is also significantly cheaper than pursuing a new business venture. A Buyer’s Choice Home Inspections only requires that its franchisees pay a low one-time franchise fee and nominal royalties.
Now that you’ve chosen a model, you must establish a target demographic, especially if you’re business is a start-up. If you can’t validate the need for your services and products, then it might be wise to pursue something else.
Finally, no one should enter the business world alone: It’s important for you to establish a support network. Attend networking events, join entrepreneurial groups, do the social networking thing—anything you can do to meet like-minded individuals. If you do decide to purchase A Buyer’s Choice Home Inspections franchise or an equivalent franchise, you’ll be entitled to ongoing support from the company’s representatives.