You may have always considered starting a business, but maybe it never felt like the right time. Or maybe you have some worries and doubts that are stopping you from taking the next step. Today we look at five key reasons why you should start a business and, in doing so this, we should address some of these concerns. Then, we will have an in-depth look at how starting a business can help turn sadness into success.
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5 Key Reasons to Start a Business
1. Don’t have to face the dreaded commute
You can choose to start a business where you can work from home or avoid rush hour traffic. It’s your business, so you can decide what role you will have in it. Working from home can save time and money and allow you to put all of your resources into running your business. For more information on the best home-based franchise opportunities, click here.
2. Profit from your passions
If one of your biggest fears in the early stages is not having a regular income, then you could run the business on the side of your current job. This involves an incredible amount of hard work and excellent time management but, if it gives you the chance to follow your dreams, then it could be worth it. And, if your business really takes off and customers can’t get enough of your product/service, then there is scope to make it your full-time job too.
3. Less mundane
Often, owning your own business means each day is varied in some way. You could be visiting suppliers one minute and analysing spreadsheets the next. Being a good business owner often involves being a good all-rounder, but don’t worry if there are some skills that you don’t possess. As long as you delegate roles to the right individuals, there shouldn’t be any problems.
4. Creative Freedom
In your current job, you may have thought about how you would do things differently, but not been given the chance make your ideas a reality. When you start a business, you can develop the concept however you like. As long as you are realistic in terms of your finances, you can use your creativity and imagination to start a business you are proud of.
5. You are your own boss
We’ve saved one of the most obvious - yet biggest - advantages till last. If you’re fed up of being told what to do or feeling inadequate, why not start your own business? At the end of the day, the only person you have to answer to is you. You are free to do what you want when you want. But having this freedom means that you need to be incredibly motivated and dedicated to the success of your business if it is going to succeed. Being your own boss on paper sounds amazing, but with it comes a lot of responsibility and the need to be incredibly driven. You get at what you put in - and you can’t expect to run a lucrative business if you don’t put the hours in. It’s a good idea to set goals and targets for yourself as well as your employees and business as a whole.
How to Turn Sadness into Success by Starting a Business
For many people, owning a business is the ultimate dream. But what happens when the chance to make that dream come true is born out of a nightmare? For many brave, budding entrepreneurs this has been the case. Being able to overcome adversity and grab the top franchise opportunities with both hands is admirable. And it’s this tenacity and strength that means that franchisees opening a franchise under challenging circumstances will become the best business owners.
Here are just some examples of the challenges that can be conquered with the right mindset and determination:
Of all the difficult times that life can throw at you, losing a loved one is undoubtedly the worst. Whether it’s a parent, your spouse or a sibling, if they were a franchisee, then sorting out what happens to their business is something else that needs to be attended to during the tough period of mourning.
British Franchise Association Code of Ethics
The fact that they owned a franchise rather than an independent business may offer a small amount of relief during the early days though. The British Franchise Association (BFA) Code of Ethics states that all franchise agreements should include a clause that makes it clear what should happen if the franchisee dies or becomes incapacitated. What’s more, this clause needs to be fair and reasonable to the franchisee.
So, once the franchisor has been informed of the situation, they should appoint a manager to operate the business in the short-term. This should take a bit of pressure off you and your family as you have peace of mind that your loved one’s business is in safe hands.
The manager will continue to take care of the franchise until a longer-term solution has been identified. This could be that you’ve found a buyer for the business or it could be that you have been chosen as a beneficiary of the franchise in your loved one’s will. It is quite common for franchise agreements to name a member of the franchisee’s family or another beneficiary to take over the business in the event of their death.
Inheriting the Franchise
Naturally, you're not obliged to inherit the franchise, but you will have the responsibility of finding another buyer. However, fulfilling your family member's wish to run the business that they have worked hard to build is quite an honour and can offer a well-needed distraction from the inevitable grief.
The franchisor does get the final say as to whether you’re considered a suitable candidate to take over the business but, if you’ve got what it takes, this could be a chance for something good to come out of an awful situation.
When your marriage comes to an end, it can be hard to adjust to the new family set-up, particularly if children are involved. It can often lead to one member of the marriage (usually, but not always, the wife) having to deal with bringing the family up, as well as having to contribute more from a financial perspective to support the unfamiliar family structure.
Re-entering the Job Market
It can sometimes be tough for women who may have taken time out of their career to support their husband and have a family. If this sounds like your situation, you may have many concerns and fears about re-entering the job market. But, increasingly, female entrepreneurs are recognising the benefits of opening a franchise while raising a family.
Becoming a franchisee enables you to be your own boss with the flexibility that you need to suit your circumstances. There are a wide range of part-time franchise opportunities for you to consider, many of which are home-based. You can continue to do the school run, have dinner on the table in the evening and be an ambitious business owner by day.
You really can have it all. If you choose a part-time franchise, the fees and ongoing costs are generally lower than their full-time counterparts. Particularly if the franchise is predominantly home-based, there will be lower overheads, enabling you to achieve profitability much quicker than if you had costly rent or staff expenses.
Not only will top franchise opportunities give you back your financial independence following a divorce, but you’ll also get a huge sense of job satisfaction.
Redundancy can be a stressful experience, but it can also offer you the opportunity to make a fresh start. You may have always wanted to own your own business, but the fear of going it alone may have held you back. However, the advantage of opening a franchise is that the franchisor has developed a proven business model and you’ll benefit from all the mistakes that they have previously made. This means that your chance of success is much higher than if you were to go into business by yourself.
Access to Capital
But it’s not just the security and increased success rate that makes franchising so appealing if you’ve been made redundant. There’s a good chance that you also have the capital to make becoming the boss a reality too. Your redundancy pay-out provides the perfect cash injection to start your own venture and is an exciting alternative to stepping back into paid employment.
If you want to dip your toes into business ownership to find out if being a franchisee is for you, you could invest in a part-time franchise. This will allow you to test out the franchising model without spending all of your redundancy money. And, if you decide that you want to return to a paid job, you could still run your franchise business alongside it as an additional income stream and a safety net in the event of future redundancy.
Top franchise opportunities come in all shapes and sizes. Even if the chance to become a franchisee comes out of the most difficult and upsetting of circumstances, you can channel all of your negative energy into making a positive change in your life.
Becky Martin, Point Franchise ©