If you’ve found yourself dreaming about owning your own business, you’re not alone. Plenty of moms share this ambition. With that said, few go through with it.
While many would-be business owners hesitate to give it a try, most are simply unsure where to start. The truth is there are several paths to owning a business. The following are five of the most popular ways to own your own business:
Buy an existing business
Many people mistakenly believe the only way to own a business is to start one from the ground up. However, it’s also possible to buy an existing organization and make it your own. There are accounting practices for sale in Ontario, restaurants for sale in Pennsylvania, and just about any other type of business in any state or province. When buying an existing business, it’s important to do your due diligence. Otherwise, you may find yourself on the hook for more than you bargained for at the time of purchase.
Buy into a franchise
Another option for those hesitant to start their own business is to buy into a franchise. While much of being a franchise owner is similar to independent business ownership, owners have the benefit of an established brand identity, marketing, and other assets that are difficult and costly to build on your own. The trade-off is that you have to give the franchise a cut, which depending on the type of business, location, and other factors, might negate the potential for earning more than you would be working at a regular job.
Partner with others
There’s strength in numbers, which is especially true when it comes to accumulating the capital needed to start a business. Partnering with one or more people is a great way for aspiring business owners to achieve a dream of entrepreneurship which may otherwise be too difficult to do by themselves. The catch is that multiple owners may not always see eye-to-eye when it comes to how the business should be managed. They may also disagree about the best ways to reinvest profits into the company, among other potential conflicts. Make sure you have a good relationship with your prospective partners before getting involved in a business opportunity as a team.
Buy out your business partners
Perhaps you already co-own a business but find the arrangement difficult. It might be possible to buy out your partners and make it entirely your own enterprise. While they may not be agreeable to this idea, it’s worth a shot. It’s a process that is likely to involve a lot of negotiation and compromise, but the end result is a sole proprietorship and the opportunity to run the business exactly as you’ve always wanted.
Start your own
The true dream of most aspiring small business owners is to start a company completely on their own. While buying one, joining a franchise, and having partners are great opportunities to become a business owner, there’s something special about a business started from scratch. However, this option is not without its risks. There is typically a lot of startup capital required, all of which will have to come from you if going about it solo. There’s the uncertainty of success, something which is minimized if buying an existing company or being part of a franchise. But if done right, a startup can be a very profitable form of business ownership.
Owning a business is a dream which can be accomplished in several different ways. For moms with the passion and opportunity to pursue this goal, it’s a question of which path to business ownership they want to take.