Business ownership can be among life's most gratifying experiences-- under the best situations and at the correct time! It's not necessarily "much better " than working-- it's simply various. For some, self-employment is the perfect career option. How about you?

The exercises below are developed to assist you ask the "tough concerns, " and quickly find whether self-employment would be right for you or not. So, secure paper and pen-- or get comfy in front of your computer system-- due to the fact that you're about to do some essential "research! "

If you're seriously considering the self-employment alternative, there are 2 primary questions to ask yourself:

1. Is self-employment possibly ideal for you?

2. If so, which of the 4 paths to service ownership would be most suitable for you?

Let's resolve both of these crucial questions.

On the planet of work, you have two main profession courses: Self-Employment and "Getting a Job.

" You've probably currently gone the "getting a job " path. If you're reading this short article, chances are that you've found your jobs unsatisfying. So, now you're most likely asking yourself, "Could self-employment be right for me? "

The following 3 concerns will provide some direction:

1. Why are you exploring entrepreneurial alternatives at this time?

2. Rate your desire/motivation/commitment to have your own service, 1 to 10 (10 being the greatest)?

3. If you might land the perfect task OR start your perfect business, which would you choose TODAY?

Focus now on the first of these three questions, since you must first understand your core incentives:

- What's your WHY? (Lifestyle, income, image/prestige, leave a tradition, control, develop equity, self-expression, self-reliance, make a distinction, passionate interest, etc ??) Unless you identify and keep your inmost need and desire, you will not have a strong probability of being successful.

So, spend some time discussing your WHY!


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There are Four Paths to Business Ownership:

1. Become a Consultant

2. Purchase an Existing Business

3. Start a New Business

4. Purchase a Franchise

Listed below, you will see the "special considerations " for each of these entrepreneurial paths. Take some time to address all the concerns in the 4 categories.


BECOME A CONSULTANT - UNIQUE CONSIDERATIONS

- What markets will you serve?

- What services will you offer?

- Who will be your competition?

- How will you price your services?

- How will you market and offer your services?


PURCHASE AN EXISTING BUSINESS - UNIQUE CONSIDERATIONS

- What type of service do you want to buy?

- How do you visualize your own role?

- How will you fund the purchase?

- What will you anticipate of the seller?


START A NEW BUSINESS - UNIQUE CONSIDERATIONS

- What markets will business serve?

- What service or products will you offer?

- Who will be your competition?

- How will you market and sell your products or services?

- How will you fund the business?

BUY A FRANCHISE - UNIQUE CONSIDERATIONS

- What type of service do you wish to be in?

- How do you envision your own role?

- What will you anticipate from the Franchisor?

- How will you fund the purchase?


Go back now, and examine all your responses.

Then address the concerns listed below, as thoroughly as you can.

What are your "Pros and Cons " for each entrepreneurial option?

1. End up being a Consultant

Pros:


Cons:


2. Purchase an Existing Business

Pros:


Cons:


3. Start a New Business

Pros:


Cons:


4. Buy a Franchise

Pros:


Cons:


In examining this short list of "Pros and Cons " for each of the 4 organization options, which choice seems finest for you today? Why?

Another method to identify if self-employment might work for you is to consider your own certifications and preferences. Lots of people THINK they could effectively own and manage a company-- however in truth, this takes a specific kind of person with a particular set of skills.

This section will assist you do an honest self-assessment.

YOUR QUALIFICATIONS FOR OWNING A BUSINESS

The primary classifications of capability include:

- Marketing and Sales

- Financial Management

- Operations and Administration

- Human Resources

- General Management


For each category above, answer these questions:

- What results will business need each year to become and remain successful?

- What education, training or experience do you have to indicate that you will can producing desired results?

- Are you personally interested in, and happy to do, the needed tasks?

- If you do not prepare to lead particular parts of the business, who will handle them, and just how much will you need to pay those people?

Every company has its difficulties, however some of the most significant obstacles of self-employment typically originate from "the within.

" Here are a few of the most typical personal concerns dealt with by brand-new entrepreneurs.

PREDICTABLE CHALLENGES

- Do you feel certain or doubtful about becoming self-employed?

- What are the significant difficulties or barriers you will face?

- What are your most significant concerns or fears?

- What concerns or issues do you still have?


There are definitely answers to your questions, and there is assistance to get you through the shift effectively!

Here are five more questions for you to consider:

1. 2 years from now, the qualities that you desire most in your work/career are:

2. Will you have those qualities in your work if you continue doing what you've been doing?

3. If not, what changes need to you make in order to make these qualities a reality?

4.

Could service ownership or franchising aid you develop these preferred qualities in your work/career? How?

5. If you're still thinking about business ownership, what are the next actions you will take (consist of approximate dates for conclusion):

If these workouts have actually made you choose that self-employment is NOT for you, that's actually a favorable result. Think of all the time, frustration and money you'll save by not entering into business! On the other hand, if the questions above have actually crystallized and clarified your objective to own a business, then absolutely nothing ought to hold you back from the terrific entrepreneurial adventure.

May you attain success higher than your dreams!

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Copyright © 2006, Ford R. Myers. All Rights Reserved. Authorization to Reprint: This short article might be reprinted, supplied it appears in its whole with the following attribution: Copyright © 2006, Ford R.

Myers and The Franchise Alliance, LLC.