Editor’s Note: Here at Dispatches, we are always looking for ways to help our readers do things. For some of our readers, that means helping navigate the working world, for others, it means assisting in the ever challenging question, “what’s for dinner?” For still others, it means figuring out how to balance family life with everything else. In an effort to aid in all of these endeavors, we have collaborated on this article written specifically for our readers.
Not all entrepreneurs are the same, and not all routes to business success are the same either. If you want to be your own boss, there are other options beyond starting your own business from scratch.
Franchising
Getting started in the world of entrepreneurship and owning a business can be difficult. With limited time and resources, financing might be a good way to own your own business with an established brand.
Financing involves a franchisee (which would be you) paying into an already existing franchise company and in returning gaining the use of its trademark and working title. Once this is done the franchisee is granted the right to trade under the name of the business. And doing so can wield great business results for the franchisee, if the franchise they buy into is a strong one with potential in your market. To ensure that this is the case, you should look into the franchise’s future and the part it can play in its field’s future. For instance, senior care franchises are worth considering over say, a pizza place, because by 2030 it is projected that there will be 72 million seniors in the U.S., many of who will be looking to private geriatric care companies.
Focus on marketing
Marketing is seeping into almost all areas of business, not just traditional advertising and branding. For instance, because marketing is of such importance today, Chief Marketing Officers (CMOs) are now being touted for Chief Executive Officer (CEO) roles rather than Chief Financial Officers (CFOs). So, if finding your way to being a CEO soon rather than later is your business goal, consider becoming more adept at marketing and leveraging your knowledge to an eventual executive position within an organization.
By focusing on marketing you give yourself the chance to take a plethora of other different routes that could also take you a leadership role.
There is no right way to be a business owner. Find a way to set your own rules and your guidelines for your own business, determine what success looks like for you and then work hard to achieve it.