Category: Business Ownership

Franchise Considerations: Key Points for Small Business Owners

I frequently advise clients on the intricacies of franchising their business or purchasing a franchise. Both parties in such a transaction must understand what is being offered in exchange for the franchise fee. Whether you’re looking to expand your business model or are considering franchise ownership, here are essential factors to weigh.

Before You Franchise Your Business

Successfully operating a single business location doesn’t automatically translate into a franchise-ready model. Each time you replicate your business by opening additional locations, you gain invaluable insights that help you develop and refine your business model. These expansions allow you to gather crucial feedback on operational procedures, customer preferences, staffing needs, and other aspects essential for scalability and consistency across multiple locations.

  1. Expand Your Business: Open second, third, and fourth locations, each managed by family members or trusted associates. This process not only tests the replicability of your business model but also provides firsthand experience in managing multiple sites.
  2. Gather Feedback: Encourage owners/managers of these replicated locations to provide feedback on operational procedures, policies, equipment, staffing needs, and customer interactions. This feedback loop is essential for refining your business processes and ensuring they can be easily replicated by future franchisees.
  3. Refine Your Operational Guides: Based on the lessons learned from each replication, develop clear and comprehensive operational guides. These guides should document standardized procedures that maintain consistency across all franchise locations, ensuring a seamless customer experience and operational efficiency.
  4. Create a Franchise Disclosure Document: Consult with a franchising expert to develop a legally compliant franchise disclosure document (FDD). This document outlines all aspects of your franchise opportunity and is essential for legal compliance.
  5. Set Franchise Fees and Royalties: Determine the initial franchise fee and ongoing royalties you’ll charge franchisees. Industry standards typically range from 4% to 8% of sales, but research what’s competitive in your specific industry.

What to Expect When You Buy a Franchise

If you’re considering buying a franchise, ensure you’re getting value for your investment. Here are key benefits typically offered by franchisors:

  1. Established Branding: Benefit from the brand recognition of a well-established franchise. This can significantly boost your business’s visibility and customer trust from day one.
  2. Operational Processes and Support: Access proven operational processes, including recipes, product standards, and operational protocols. These streamline your business operations and ensure consistency across locations.
  3. Supplier Relationships: Franchises often have established relationships with suppliers, simplifying procurement and ensuring consistent product quality.
  4. Location Assistance and Build-Out Support: Franchisors typically provide guidance on site selection and may assist with lease negotiations and store build-out, leveraging their experience and industry connections.
  5. Marketing and Advertising Support: Benefit from collective marketing efforts by the franchisor, including national campaigns and marketing materials. This can reduce your marketing costs and increase brand awareness locally.
  6. Continued Training and Support: Franchisors offer ongoing training programs, owner meetings, and support to keep franchisees updated on best practices and industry trends.
  7. Innovation and New Product Development: Franchisors often innovate and introduce new products/services, leveraging their research and development capabilities to keep the brand competitive.

Conclusion

Choosing to franchise your business or invest in a franchise is a significant decision. While franchising offers numerous benefits, including brand recognition and operational support, it’s essential to weigh the costs and benefits carefully. Consulting with a franchise expert can provide valuable insights tailored to your specific industry and goals.

For expert guidance on franchising opportunities or further advice, reach out to professionals in your area. They can offer personalized advice and support to help you navigate this exciting path of entrepreneurship.

From Self-Employment to Business Owner: Growing Your Small Business

Technically, self-employed individuals are considered small business owners. However, the term “self-employed” typically refers to individuals who independently earn a living based on their skills or efforts alone, without relying on employees or contractors

Many types of businesses naturally lend themselves to self-employment:

  • Skilled trades like plumbing, electrical work, and HVAC
  • Services such as landscaping, painting, and power washing
  • Professions like accounting, bookkeeping, and marketing consulting
  • Creative fields including artists, photography, interior design, and graphic design

Transitioning from Solo Work to Growing Your Business

Many of my clients start their businesses to pursue their passions or meet community needs. Those who excel in their work and effectively market their services often face the challenge of managing increasing demand. For those who prefer not to hire and manage employees, they may choose to limit their workload or extend project timelines.

For those ready to expand, strategic decisions become crucial:

  1. Outsourcing vs. Hiring: Consider outsourcing tasks rather than committing to full-time employees. Divide tasks into primary (core business activities) and secondary (support functions) categories. For instance, an accountant might outsource bookkeeping while keeping tax preparation in-house. A home remodeler might hire external specialists for HVAC or finish carpentry work.
  2. Seasonal Work Considerations: If your business experiences seasonal fluctuations, hiring temporary employees can be cost-effective. For example, an accountant might hire temporary staff for tax season support.
  3. Part-time vs. Full-time Employees: Evaluate whether part-time help can meet your needs while controlling costs before committing to full-time hires.
  4. Cost Considerations: Beyond wages, factor in employer contributions to Medicaid and social security, benefits, payroll software, and insurance when budgeting for new hires.

Preparing for Business Growth

Transitioning from sole proprietorship to managing employees can be both challenging and rewarding. Consider investing in training on hiring practices and employee management to ensure a smooth transition. Establish clear employee policies as your team expands, shifting your focus from hands-on work to overseeing operations.

Conclusion

Growing your business requires careful consideration of financial implications and time commitments. Evaluate your goals and preferences to make informed decisions about expanding your team. Ultimately, building a business that can sustain itself beyond your direct involvement can provide long-term security and opportunities for succession or sale.

Essential Insights: Debunking Reasons to Start Your Own Business

When I speak with aspiring business owners about why they want to start a business, their motivations vary widely. While many aim to create a better life for their families or to achieve autonomy as their own boss, some reasons are less conventional. I once had a client who candidly told me, “I want to make enough money to divorce my husband,” highlighting personal motivations that might not align with traditional business goals.

While starting a business can be immensely rewarding, it’s crucial to recognize when motivations might not be grounded in sound business principles. Here are some common misconceptions about starting a business that potential business owners should consider:

1. “I want to get rich quick.” While success stories of wealthy business owners abound, the reality is that most business owners earn average incomes. Business profitability varies widely, and many new businesses struggle to survive. It’s essential to approach business ownership with realistic financial expectations and a solid business plan.

2. “I want to be my own boss.” Being a business owner means freedom from a traditional boss, but it also entails significant responsibilities. You not only have to manage your business operations but also ensure your employees are trained and productive, and that there is consistent revenue to sustain your workforce.  Customer satisfaction is an additional consideration which will ultimately land on your desk even if you have trained employees. Additionally, you must navigate and comply with a myriad of regulations from national, state, and local agencies, which can add another layer to your daily operations.

3. “I’m great at what I do.” Starting a business requires expertise in your industry, but success hinges on more than technical skills. Business owners must navigate various business functions—marketing, finance, operations—that extend beyond their original expertise. Delegating tasks and managing a team become critical to scaling a business effectively.

4. “I want more time with my family.” While starting a business can offer flexibility, achieving work-life balance is a complex endeavor. Launching and sustaining a business demands extensive time and energy. Business owners often find themselves deeply immersed in both day-to-day operations (“working in the business”) and strategic planning (“working on the business”). It’s essential to choose a business model that aligns with personal lifestyle goals.

5. “I have a groundbreaking idea.” Having a unique business idea is exciting, but its success depends on market demand. Conducting thorough market research—beyond personal validation—is crucial. Feedback from potential customers and industry experts can validate whether your idea has commercial viability.

If you’re considering starting a business, explore more insights in my Small Business Series. Additionally, seek guidance from your local Small Business Development Center or a business consultant to equip yourself with the knowledge needed to make informed decisions. These details and more are explained in detail in my other blog posts.

If this post stirs up questions for you regarding starting up a business, feel free to leave a comment below.

Small Business Success: Build Your BAIL Team

In the world of small business ownership, assembling the right team is crucial for success. Whether you’re launching a startup or expanding an existing venture, a core support team is indispensable. Enter your BAIL team – Banker, Accountant, Insurance Agent, and Lawyer.

These professionals form the cornerstone of your business’s foundation, offering essential guidance, resources, and connections to steer you toward success. Forming a relationship with a professional from each category before you start your business can also help you avoid costly mistakes.

Banker: Establishing a business checking account is pivotal from the outset, safeguarding your personal assets from business liabilities. Cultivating a rapport with a banker early on is key, positioning you favorably for future financial needs and potential loans. Their insights can prove invaluable in assessing financial health and preempting any looming threats.

Accountant: While some small business owners possess financial literacy, most benefit from the expertise of a dedicated accountant. From navigating tax complexities to optimizing financial structures, their role is pivotal in ensuring fiscal compliance and maximizing savings. Moreover, they can offer strategic advice on transitioning business entities for enhanced benefits. Remember, skimping on professional financial advice can lead to costly errors down the line.

Insurance Agent: Shielding your small business from unforeseen risks is imperative, and an adept insurance agent is your ally in this endeavor. Whether it’s safeguarding physical assets against disasters or mitigating liabilities arising from accidents, their counsel is indispensable in crafting comprehensive coverage plans tailored to your needs.

Lawyer: Legal intricacies are an inevitable part of small business ownership, underscoring the need for proficient legal guidance. Before embarking on your entrepreneurial journey, engaging an attorney to vet contractual agreements is prudent. Their expertise becomes instrumental in navigating complex contracts and resolving disputes as your business evolves. Remember, legal missteps can prove far costlier than retaining a skilled attorney from the outset.

In addition to your BAIL team, assembling a group of business professionals tailored to your specific needs is essential. From web designers to marketing experts, their collective expertise bolsters your small business’s online presence and outreach efforts. Moreover, outsourcing tasks like payroll management and administrative services can streamline operations and enhance efficiency.

Most business owners can benefit from creating a networking team.  This team will consist of non-competitive businesses serving a similar clientele to yours.  Those on your team will be business owners whose work you trust so that you are comfortable referring them to your customers; hopefully, they will return the favor and recommend you to their customers. Here are some examples of teams that might be useful for different types of businesses.

  1. If you are a wedding and events planner, you will want to form relationships with event venues, limo drivers, caterers, florists, bands, DJs, and photographers.
  2. General Contractors need the services of skilled laborers (HVAC, plumbers, electricians, painters, roofers, etc), real estate agents, home stagers, lawyers, and interior decorators.
  3. If you own a handyman service, you will want to form a referral network with carpet cleaners, power washers, landscapers, painters, and residential cleaning companies.
  4. Retail store owners want to form relationships with other store owners in their proximity. These partnerships can attract customers to your shopping area.  A florist might partner with a chocolate store and a tea shop to offer gift baskets for Mother’s Day; a restaurant might partner with a massage therapist and a carriage tour to create “date night” packages.

Irrespective of your small business niche, leveraging the expertise and networks of fellow small business owners is instrumental in fostering growth and long-term success. By cultivating strong relationships with your BAIL team and strategic collaborators, you’re prepared to navigate the world of small business ownership with confidence and resilience. Don’t forget to save this blog and create your own checklist using these four cornerstone professionals – they’re non-negotiable for your small business’s success.

Sole Proprietorship or Partnership? Navigating Schedule C vs. Form 1065 for Your Startup

The choice of legal structure is a pivotal decision when establishing a new business.  Many business owners opt for a limited liability company or a corporation.  This decision is primarily driven by two factors: (1) the legal structure that offers the most favorable income tax rates and (2) the potential involvement of investors who may seek an equity stake in the business.  These considerations are best discussed with an accountant or lawyer.

Most of our clients establish their businesses as limited liability companies (LLCs) due to the ease of filing the required paperwork.  If there is more than one owner, the LLC will be a partnership in the eyes of the IRS.  If there is only one owner, the IRS views the business as a sole proprietorship, and the owner can file a Schedule C for the business.

Often, clients want to include their spouse or significant other as an owner of their business. This makes sense if the other person is materially involved in the business. In many cases, however, it is a matter of loyalty to their spouse. They share all aspects of their lives and file a joint tax return, so it makes sense that they want their spouse to have ownership of the business.

As a business advisor, my role is to assist business owners in making well-informed decisions about their business, including ownership.  We often delve into the advantages and disadvantages of joint ownership with a spouse who may not be actively involved in the business operations.  This decision is typically influenced by the tax implications of the required tax return.

Schedule C is the appropriate tax return if the LLC has only one owner. It is a simple, two-page form that can be completed in a short period of time.  The business income is determined and is transferred to the 1040.   On the other hand, a partnership LLC must file IRS Form 1065 to document the revenues, expenses, and profits generated by the business.  In most states, ownership of an LLC by both members of a married couple is viewed as a partnership and requires filing the partnership tax return. Form 1065 spans 6 pages and requires details about potential foreign ownership, partners’ distributive share of income, a balance sheet, and more.  After completing Form 1065 and determining the business’s profits, the profits need to be divided between the partners, who are spouses in this case. Each partner must fill out a Schedule K-1 to record their portion of the profits. If the couple is filing a joint return, the profits are combined and entered on their Form 1040.

A quick check of prices charged by accountants to complete these tax forms yielded these average charges:

Schedule C  $192, at an average fee of $150 per hour

Form 1065   $733, at an average fee of $177 per hour Once I demonstrate the additional work and expense involved in making the uninvolved spouse an owner of the business, it becomes easy to decide to have a single owner.

For answers to other questions about starting a small business, please check back regularly for new blog posts and see by recent past blog posts. Also, please consider getting free business assistance from your local Small Business Development Center.

How an SBDC Consultant Can Help You

When my husband and I decided to purchase a pizza franchise, we had little knowledge about the Small Business Development Center (SBDC) program and its free assistance. When I later became an SBDC consultant, I realized how much we could have benefited from meeting with an SBDC advisor during the planning stage of our small business venture.

If you are contemplating launching a small business, consider seeking free and confidential consulting services from your local Small Business Development Center (SBDC). They can provide invaluable assistance and support tailored to your specific needs.

Business Ownership Considerations

An SBDC consultant can assist you in understanding the demands, risks, and rewards of owning your own business. It is crucial to consider how running your business will impact your family and lifestyle. For example, restaurant owners should be prepared to be present during the busiest periods, which typically occur in the evenings and on weekends. Similarly, accountants should expect to work long hours from January to mid-April. In addition to being directly involved in their businesses, business owners must also oversee employees, manage finances, handle inventory, create work schedules, promote their business, and handle numerous other responsibilities. The hours can be long and may infringe on personal and family time.

Realistic Business Loan Preparation

Just like many of our clients, Steve and I were unaware of the differences between a business loan and a personal loan. We prepared for it similarly to a personal loan but added a business plan. We should have realized that lenders needed more assurances beyond a good credit score and the ability to repay the loan. We had to convince the lender that (1) there was a demand for our products and services, (2) we knew our target clients and how to reach them, and (3) we could generate enough sales to comfortably make the loan payments. The SBDC consultant would have coached us on those 3 points and assisted us in creating 24 months of cash flow projections and validating our revenue projections.

Bank Selection

We chose a bank to apply for a loan because it was the bank used by our franchise corporation, one of the country’s largest national banks. However, we didn’t understand that each region operated independently. The bankers we spoke with knew nothing about our franchise and didn’t seem interested in a loan for a “small” business like ours. The whole process was frustrating, and in the end, the denial letter wasn’t even for our business. We should have applied to a local or regional bank. Even then, it would have been difficult to find a bank willing to lend to a start-up restaurant on our own. Today, after being a consultant for 17 years, I know how to direct clients to the banks most likely to assist them.

Research

Business planning includes defining your target customer and researching whether your local demographics include your target customer group. It also involves research into the industry you will enter. Is the industry growing? What are the trends? What are the primary products and services in your industry? You also need to know who your competitors are. Your local SBDC can provide industry reports and request local research from the national research center.

Business Plan Development and Cash Flow Forecast

Your SBDC consultant can assist you in developing your business plan, reviewing your draft, and providing feedback. Your plan will encompass an introduction to your company and ownership, a description of your products and services, an analysis of your competitors’ strengths and weaknesses, and details on how you will market your company to attract your target customers. Additionally, an SBDC consultant can help you prepare your 24-month cash flow forecast. The research they provide can aid you in writing your business plan and in estimating projected revenues.

When you decide to embark on the journey of starting your own business, it’s important to remember that you don’t have to navigate this path by yourself. Make sure to tap into the valuable resources your local small business development center provides to get the support and guidance you need.

‘What I Wish I Had Known Before Opening My Small Business”: Lessons from 17 Years as a Small Business Consultant & Former Business Owner.


Owning a small business is a challenging task, yet it is the dream of millions of people. As someone who works with over a hundred potential small business owners each year, I can attest to their passion for entrepreneurship.

They all have different motivations for pursuing business ownership. Some of them possess the necessary qualities to be successful business owners, while others lack realistic expectations of what owning a business entails and how to prepare themselves to start and operate one.

Twenty-five years ago, my husband and I were in the same position as many of my clients when we decided to invest in a pizza franchise. Fortunately, we had close friends who were already part of the same franchise, and they mentored and guided us. They were honest and open with us, but there were still many lessons we had to learn on our own. These are some lessons we wish we had known before starting our business.

  1. Help is available. I was previously aware of SBA and SBA-guaranteed loans, but I did not know the support provided by Small Business Development Centers (SBDC). If we had approached an SBDC for help, we would have been better equipped, avoided some complications, and saved money.
  2. Obtaining a business loan is vastly different from obtaining a personal loan. Despite our excellent credit scores and references, my husband and I were surprised to be rejected for a business loan. We had sufficient funds to invest in our business, and obtaining personal loans for various purposes, like buying a house or car or making home improvements, had been easy. I never imagined we would be turned down for a business loan, but we were. 
  3. When applying for a business loan, it is essential to choose the right bank. As a small business owner, there might be better options than a large national bank for you. Instead, local or regional banks are better suited for small businesses. A local banker is more likely to invest in your community and work with you if things do not go as planned.
  4. Getting established in a business takes longer than most people plan. You need adequate financial resources to support yourself during the startup and growth phases. You should have enough savings to cover your personal expenses for several months. This will allow you to reinvest your business revenue back into the business and promote its growth.
  5. Managing employees can be challenging, especially if you struggle with assertiveness or find it difficult to correct them when they make mistakes. However, your employees play a vital role in your business’s success. Excellent employees can help you grow your business, while poor employees can harm your business’s reputation. Therefore, it is crucial to assess employee performance accurately and take corrective action when necessary.

For the past 17 years, I have been working as a business consultant, helping clients achieve their business goals. Over the years, I have gathered a wealth of knowledge and expertise, not just from my own experiences as a business owner but also from the valuable insights I have gained from individuals who want to start their own businesses. 

In the upcoming months, I plan to share some of these insights in my blog, which will give you a unique perspective on the challenges and opportunities involved in starting and running a small business. So, if you want to turn your dream of starting a business into a reality, I highly recommend checking out my blog for valuable tips and tricks to help you succeed.

Do You Have What It Takes to be a Small Business Owner?

Many Americans have a dream of owning a business. According to a survey conducted in 2022, more than 40% of Americans aspire to start or purchase their own businesses. This is a positive thing since small businesses are the backbone of the American economy. In fact, 99.9% of all US businesses are small. More than 33 million small businesses employ over 61.7 million workers, per the SBA’s Office of Advocacy. Yet less than 7% of Americans are small business owners.

If you are considering starting or buying a small business, you need to ask yourself if you have what it takes to become a small business owner. Several vital attributes are common to successful small business owners. Read through the following list and score yourself one point for each attribute that applies to you. The higher the score, the more prepared you are to be a business owner.

Attributes of Successful Business Owners:

  1. Is your spouse supportive of your plan? If you’re married, it’s crucial that your spouse is supportive of your decision to start a business. In the beginning, starting a business will consume a significant amount of your time and energy. Having a spouse who feels neglected or unheard can add unnecessary stress to an already challenging situation.
  2. Are you willing to put in long hours to get your business up and running? During the initial stages of your business, it is essential to focus on raising awareness about your company’s existence while catering to the needs of your early customers. In the beginning, you may be the sole member of your company and will need to work long hours both within and on the business.
  3. Do you have money to invest in starting your business? It’s important to remember that no lender will provide the entire amount required to start a new business. You need to save up a substantial amount of money to invest in yourself and your company. Generally, 15-25% of the total start-up costs are required.
  4. Is there other household income to support your family while you launch your business? Some business owners can start their business on a small scale while maintaining their full-time jobs. This is ideal, but it is only realistic for some people. You may have to give up your secure paycheck to start. It is helpful to have other sources of income to pay the bills until your business begins to generate sufficient revenues to make a profit. Other sources of income might include your spouse’s wages or salary, retirement, disability, investments, and rental income.
  5. Did you operate a lemon stand or paper route as a child? Having experience owning a business before can prove highly beneficial when taking on bigger and more complex ventures. The lessons learned from prior business ownership can help you better understand the importance of strategic planning, financial management, and effective communication with stakeholders. Additionally, you have gained valuable insights into building and maintaining successful relationships with clients, employees, and other partners in the business world. Overall, prior business ownership provides a wealth of knowledge and experience that can help you navigate the challenges of entrepreneurship with greater confidence and success.
  6. Do you have close relatives or friends who are business owners? Experienced business owners are typically happy to share their keys to success and the lessons learned from their mistakes.
  7. Have you worked for and been in close contact with the owner of a small business? If so, you may have witnessed their decision-making processes and experienced times when you disagreed with their decisions.
  8. Have you had management experience in any business? The responsibility of making decisions and guiding employees helps prepare you for owning and running your own business.
  9. Have you had various functional work experiences, such as accounting, finance, or marketing? In your own business, you will have the ultimate decision-making authority for every aspect. Having some experience in many different areas will help you be better prepared.
  10. Have you been frustrated by having your work-improvement suggestions rejected by those in management above you? Those who note inefficiencies and problems in the workplace are naturally inclined to want to run their own businesses and test their solutions.
  11. Are you a person of action rather than a dreamer? While the idea of owning a business appeals to many, it takes a great deal of hard work and determination to turn that dream into a reality. Unfortunately, only a small fraction of those who dream of business ownership are willing to put in the necessary effort and dedication to make it happen.
  12. Are you a risk taker? Starting a business is risky. It requires you to leave the comfort of a reliable, steady paycheck for the uncertain possibility of great success and satisfaction. But it also involves the possibility of failure.
  13. Do you enjoy working with other people? Owning your own business will force you to interact with many different groups of people, including employees, networking partners, lenders, business development leaders, and competitors.
  14. Are you able to delegate effectively? Running your own business will require you to let go of many tasks so that you can focus on the tasks that only you can do. You will have to train your employees and then trust them to do the tasks assigned without constantly looking over their shoulders.
  15. Do the employees you supervise in your current job respect you and work hard for you? It is important that your employees see you as the leader and take direction from you. This does not mean that you become a dictator. Listen to your employees and let them share their ideas. Ultimately, however, you will make the final decisions, and your employees have to respect that and follow your directives.
  16. Are you someone who can adapt to new situations easily and is comfortable with change? As soon as you start to feel relaxed, things will change. Change comes from many sources outside of your control, such as new competition, inflation, and new regulations. You must be flexible and adapt to changes you cannot control.

If you are seriously considering taking the plunge into business ownership, join me over the next few months as I continue to share what I learned as a business owner and a full-time small business consultant.

Why Do You Want to Own Your Own Business?

During my initial meeting with a new client, I generally ask about their motivation behind starting a business. In my experience of 17 years, I have come across various answers, ranging from “I have extensive knowledge about this industry and can perform better than my previous employers” to “My boss is reaping all the benefits of my hard work, and I feel it’s unjust.”

LivePlan conducted a survey in 2022 to explore why people start their own businesses. The survey results revealed the seven most common motivations behind entrepreneurship, shedding light on the factors driving individuals to take the leap into self-employment.

  1. To pursue their passion. Starting a business to pursue your passion is often cited as a top reason. Mark Twain reportedly said, “Find a job you love, and you will never have to work a day in your life.” If you can earn a livelihood by following your passion, then you will likely find your work fulfilling. However, there are a few things you should keep in mind:
    A. Your passion may be a better side hustle than a full-time business, particularly in the beginning.
    B. You may find less joy in doing the hobby or skill you loved when you have to do it to pay the bills.
  2. To create generational wealth. Creating generational wealth has become a popular term nowadays as people understand that successful business owners can pass down a thriving business to their children. However, it’s essential to keep in mind that this is a rare occurrence. Many children do not wish to follow in their parents’ footsteps, and only 20% of the time do children take over the family business. Furthermore, most family businesses rarely survive to the third or fourth generation due to the younger generations’ lack of preparation or passion.
  3. To support the community and help others. Supporting your community can be achieved by creating job opportunities and earning a significant profit, which then can be shared with those in need. Starting a business can be a great way to achieve this noble goal. However, success is crucial to fulfill this mission. Therefore, running your business according to best business practices is essential.
  4. To turn a side gig into a full-fledged business. This reason is similar to the first one, but it is different in that your side gig may not necessarily be your passion. Your side project may have started because you noticed a need that you could meet. For example, you may have realized that many houses in your neighborhood, including your own, desperately needed power washing. So, you bought a power washer and started washing houses for a fee when you weren’t working your regular job. Over time, your side hustle may grow to the point
    where you could do it full-time. Many of my clients are starting a side job with the goal of developing it into their full-time businesses.
  5. To challenge the status quo. Some of my clients are frustrated with their bosses who keep doing things “the same old way.” They have observed that certain tasks could be accomplished more efficiently, employees could be given more authority, and customer support policies could be improved. However, they do not feel there is an atmosphere at the workplace to challenge their bosses to change. As a result, they are considering starting their own businesses to put their ideas into practice.
  6. To achieve better family life balance and flexibility. In my area, many people travel long distances to work in either the nation’s capital or my state’s capital. They spend several hours commuting on highways, in addition to the time they put in at their jobs. However, they often believe that their quality of life would improve if they could work locally and have more control over their schedules. Whether this balance is achievable depends on the type of business they choose.
    A. Starting and growing a business requires a lot of hard work and dedication, and many business owners put in long hours to establish their businesses. For government contractors, consultants, marketers, and salespeople, networking and building professional relationships are especially important during the early stages of their businesses.
    B. Retail shops, restaurants, and hospitality businesses are typically busiest on weekends, evenings, and holidays. However, these businesses do offer owners the opportunity to take time off during the weekdays. This option can be a good choice if you would like to travel during the off-season or have a few days off mid-week.
  7. To be the boss. According to a recent survey, almost half of the participants (47%) expressed their desire to become entrepreneurs and be their own boss. For some people, the idea of being in charge of one’s own business also comes with a sense that other people respect you. However, it also entails the crucial responsibility of effectively managing and developing the enterprise.

While there are many compelling reasons to start a business, such as being your own boss, pursuing your passion, or achieving financial independence, these reasons alone are not enough to ensure success. To set yourself up for success, you will need to do your due diligence, develop a comprehensive business plan, and gain a deep understanding of your target market and industry trends. You must also be equipped with the necessary skills to manage business operations effectively and lead and motivate employees. Only with a combination of these factors can you increase your chances of building a thriving and sustainable business.