Leaving your corporate job and striking out by yourself to make your own fortune can be a very exciting prospect. In fact, it’s something...
If you’re in the position where you’re thinking about buying your own franchise and getting started on your own, you should consider yourself lucky already. It looks like all that hard work – even if you didn’t love every minute – has paid off in spades.
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Quote of the Day @QuoteKingThinking will not overcome fear but action will.- W. Clement Stone
4:50 AM - 11 Aug 2016
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Does that mean you’re ready to own your own business? The truth is that even people who have done well in corporate environments don’t always succeed at owning their own business. There are just so many things that can go wrong that the unprepared often sink before they learn to swim in the deep waters of small business ownership.
There's also no screening process when you're getting ready to buy your own business. Unlike in the corporate world, where somebody is going to decide for you if you can do a job, nobody will do that in the world of small business ownership. You'll be on your own from the outset, so you need to make sure small business ownership within a certain industry is right for you.
Keep reading to learn more about what could go wrong if you quit your corporate job and start your own business, as well as what you can do to prevent those negative things from happening to you.
Organizational Issues
When you work in a corporate environment, the organizational tasks often fall on somebody else's head. You probably have to get yourself to work and keep your own work organized, but the day-to-day organizational tasks of running a business won’t be yours alone.
Even if you do start a franchise with an employee or two, most of the basic organizational tasks that come with running a small business will be yours to deal with. That means everything from cutting checks for those employees to making sure you get your daily or weekly shipments on time every time.
When you’re running a small business for the first time, organizational tasks like these can seem gargantuan. With so many to handle each day, this is where many new small business owners fail.
Lack of Experience
It might sound obvious, but a lack of general business experience is one of the most common reasons small business owners fail in building a successful brand for themselves. In many cases, people who really haven’t had much involvement in the business world take on a franchise or company and immediately feel overwhelmed by what they must do each day just to keep the lights on.
When starting a small business for the first time, the experience you’ve gained in the corporate world can come in handy. Simply by working in that environment for years, chances are you’re familiar with many basic business practices that won’t be too different when you’re running your own company.
Choosing a type of business that you have some experience in can also be extremely helpful. If you’re going to be running a business that requires some serious technical know-how, it only makes sense that you should have some grasp of the industry before you’re a small business owner within it.
Pick a type of small business that you have an interest and understanding in already. There will still be things to learn, but with your general business experience, interest in and knowledge of the industry, you’ll be putting yourself in a strong position to succeed.
Not Enough Funding
When it comes to starting a small business or owning a franchise, funding is a major problem for many people looking to get out of the corporate world and into their own business. Even if you have the money to buy the franchise, that may not be enough to allow you to support yourself while your new location gets off the ground.
The fact is that not all businesses bring in a ton of revenue from the minute they open. By being able to support yourself – even if your company is in the red for a little while – you’ll be on a much better path toward making the right decision for your company and achieving the independence you’ve always dreamed of.
About the Author
Jenifer HustonJenifer Huston is a freelance writer and digital marketing consultant. (show bio)
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