Start Your Own Business And Cut Your Risk!
While it may seem counter-intuitive, starting your own business can actually be your low-risk career move. That’s because continuing as an employee is a risky proposition in today’s economy. Related: Find Fulfillment In Your Work: 5 Steps To Feel-Good Franchising The data shows that the longer you remain an employee, the higher your risk of being laid off or downsized, while the longer you remain a business owner, the lower your risk of finding yourself without a job. While it’s true that the first year of business ownership can be riskier than the first year of new employment, just like building equity in a new house, you create a future with a business of your own. One of the reasons starting a business from scratch carries risks is that you have to operationalize your vision. You need to figure out the cost of your expenditures — for everything from marketing, setting up an office, hiring employees, etc — to get your business off the ground. Then, the big question is how much revenue will you earn to cover those expenditures? And do you have the capital to keep it running while you figure it all out? Obviously, revenue-building is a gradual process as you establish a customer base. Unless you’ve done it before, you have to guess your likely costs and eventual revenue. A great way to minimize your risk and remove the guesswork is to invest in a franchise — where everything has been done many times before. A good franchise already has a proven operating system that can nearly guarantee success — so long as you’re committed to follow that system. Sure, being a business owner requires entrepreneurial thinking, but so does being an employee these days. Employment experts now estimate employees will need to reinvent themselves every three years. The difference is business owners get to keep all of their profits. So when you factor in the reduced risk of buying into a great franchise system and the increased risk of continuing as an employee, it certainly seems worthwhile to start looking into whether you might be able to find the perfect franchise to match your interests and your skills and take control of your career destiny.