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Decide Whether You Should Buy a Business or Start Your Own

To Jump in Alone or to Join with Others, That is the Question

Determining whether to start your own business or to tap into the resources of a pre-existing company, such as a franchise or business opportunity (both of which are discussed in detail in other articles on this website), is a pivotal decision that sets the stage for how you might choose to pursue self-employment. Perhaps one of the best ways to answer this important question is to examine your initial reactions to the following set of additional questions. Your answers can provide valuable clues to the next step that you might take along your career path.

• How much control do you want to have over your business venture? This question isn't asking you to identify yourself as a "control freak" or a "follower." It's an attempt to help you in defining your "control comfort zone." Starting your own business allows you to be involved in almost every detail of the decision-making process. While some people would thrive on such a challenge, others can be overwhelmed by such a responsibility. Purchasing a franchise or business opportunity potentially puts a certain amount of control in the hands of the parent company; buying an independently owned company provides you with a business that's had a number of prior decisions made, but allows you to determine its future direction. If you can't imagine someone else deciding such factors as the location and the marketing strategies associated with your business, you might want to strike out on your own. If you prefer to have input from those who have "been there, done that," then a franchise or business opportunity might be exactly what you're looking for.
• How much risk are you comfortable taking? Like it or not, every business venture has associated risks. Most franchises and business opportunities have some level of support and/or training that they provide with your purchase to help in lowering your risk of not succeeding; some simply offer more assistance than others do. Even if you choose to start your own business, it's possible to have a great support network (whether through business partners, employees, family, etc) that will help you deal with such risks, regardless if the uncertainties are related to finances, product selection, or the vast number of other dealings related to your company. Only you know how much of a lifeline you'll need to be able to sleep peacefully at night.
• Do you have the necessary resources to get your business going? We've said it before and we'll say it again…you don't have to know how to do every task associated with the successful management of your business, but you do need to be willing to ask for help in the areas that you're unskilled. Resources however are more than just relevant job skills. We're talking about such things as a location for your business, financial assistance, and a sufficient customer base. While it's possible to obtain these essential components as an individual business owner, once again you might potentially have greater access to these resources with the assistance provided by a franchise or business opportunity. Do your homework to determine what areas you might be lacking in and how well you can acquire what you need, whether by yourself or via existing businesses you're considering buying into or buying outright.

While these are just three main questions related to deciding whether to buy a business or to start your own, you'll probably come up with a list of your own questions related to this extremely important issue. Make a table of pros and cons associated with the various business choices that you've identified as being suitable options for yourself. Such a listing might make your decision an easy one; at the very least, it will potentially help identify the questions that mean the most to you, as well as assist you in finding the answers to such crucial matters.

Good luck finding the perfect home business opportunity!

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