Even in a Non-COVID 19 market, career transition decisions need to be made. Why? Because actions such as: Layoffs, Reorganizations, Restructuring, Resigning, Being fired and Early Retirement or Full Retirement happens.
The question that comes up when one of the above events occur is “into What”?
- New Career
- New Industry
- New Job
- Semi – Retirement
- Full Retirment
What about another viable option of Business Ownership?
Isn’t time to follow your dream? Invest into your own business with your own goals (not your employer goals), your own wealth creation, your own…..
Business Ownership is sought after by those who have jumped in for many a reason. A few are:
- “I want something better”
- “I want something better for myself and my family”
- ” I want the opportunity to earn or build wealth vs. a paycheck”
- “I want stability or the ability to determine my own future, career, etc.”
- “I want more fulfillment in what I do.”
- “I want more flexibility in what I do.”
The average Small business in America has annual revenues of $3.6M dollars. The average Solo Entrepreneur business owner that brings in $200/k in revenue takes in $150,000 in personal income. (according to Entrepreneur – https://www.business2community.com/small-business/10-critical-small-business-statistics-0942675)
There are three ways to become a business Owner:
- Build your own business
- Buy an existing Business
- Buy a Franchise Business
Each has their own Advantages and Disadvantages. For example:
Build your own:
Advantages are:
- Total Control
- Make all decisions
- Room for creativity
- No predetermined rules
- Large upside
- Build a business form your passion
Disadvantages are:
- Must create your own Model, Methodology, Systems, Process, etc.
- Limited financial options
- Slow to ramp up
- High failure rate
Let’s look at Buy an existing business:
Advantages are:
- Established Cash Flow
- Good will
- Actual financial results
- Attractive to lenders
- Market established
- Customer base
- Employees in place
- Model, Methodology, Systems and Processes in place
- Owner finanicing
Disadvantages are:
- Cash Flow
- Bad will
- May be overpriced
- Hidden seller motives
- Employee defectoin
- Higher debt service
- Poor training, support to new owner
What about Buying a Franchise:
Advantages are:
- Name / Trademark recongnition
- Proven Business Model, Methodology, Systems and Processes THAT WORK
- Training / Support provided to owner
- Marketing expense
- Purchasing Power with suppliers
- Financing options
- Location Choices
- Ability to conduct Research
- Disclosure from Federal Governent
- Lower failure rate
Disadvantages are:
- Fewer industry options
- Structured Model, Methodology, Systems, Process exist
- Can only sell franchise product or service
- Ongoing royalty payments
- Franchise fee
So where are you? Ready to consider owning your own business? Want the opportunity to use your Business Skills, Management Skills, People Skills, Communication Skills and use a proven business Model, Methodology, Process and System that works?
Want a chance with a lower failure rate? How about opening your own business with a very modest investment of $66,000? Most likely if you were an executive in your last job this is 1/2 of your last salary? You cam finance this form many options.
Yes Business Ownership is SCARY, RISKY and OVERWHELMING!
It is also Motivating, Thrilling Liberating and Rewarding.
OPPORTUNITYISNOWHERE
Which do you see?
Opportunity is nowhere
or
Opportunity is NOW here
Spend 30 minutes today learning if Business Ownership or the timing of it with Focal Point Business Coaching is right for you.
Schedule time to talk: https://calendly.com/msteinke
or call !.610.768.7774