By Marvin L. Storm
You want to own your own business, be your own boss. But where do you begin? You have a million ideas but don’t know where to go with any of them.
You first need to decide what kind of business fits your needs.
There are four business models to consider when making the decision to become your own “boss”:
1. Starting a business from scratch
2. Buying an existing business
3. Becoming a franchisee in a franchise system
4. Becoming a consultant in your area of expertise.
Each of these business models has advantages and disadvantages, as well as things in common.
The commonalities between business models are that each requires: (1) finding the right type of business opportunity to leverage core strengths; (2) establishing a business plan; and (3) securing a source of financing. So how do you decide which business model is right for you?
* If entrepreneurship defines your personality, you should probably start your own business.
* If your risk profile is middle of the road, then buying an existing business may be a better fit for you.
* If you like the idea of starting your own business, BUT you do not want to risk starting a business from scratch AND you do not necessarily want to buy somebody else’s business, franchising is probably your best path.
If you have limited funds BUT you possess a high degree of expertise in your field, becoming a consultant might be the best choice.
I wrote the book Transitioning from Employee to Entrepreneur, a Road Map for Aspiring Entrepreneurs to provide a step by step guide into the entrepreneurial world.
I offer this book as a free download from my site to answer all your questions. Please visit my site to download the book and find out more.