Are you dreaming of escaping the corporate nine-to-five grind and starting your own business? If so, you're in the right place! In this episode of "What's Your Next?" Dave and Stacey Riska, a husband-and-wife franchising duo, discuss the various options for business ownership and the pros and cons of each. Let's break it down in a simple, skimmable format:
Three Paths to Business Ownership:
Starting a Business from Scratch:
Your business, your rules.
Unleash your creativity.
Flexibility in work hours.
No established recipe for success.
Buying an Existing Business:
Immediate access to an established customer base.
Existing cash flow.
Uncertainty about why the business is for sale.
Validating financials can be challenging.
Proven business system.
Ongoing support, marketing, and technology.
Access to a network of fellow franchisees.
Not all franchises are created equal.
Initial investment required.
Understanding the Risks:
- Starting from Scratch: 90% of new businesses fail within the first five years.
- Franchises: About 85-90% of franchises are still in operation after five years.
- Buying an Existing Business: Statistics vary, but it falls somewhere in between.
Key Consideration: Your "Why"
Determine your motivation for business ownership.
Consider factors like flexibility, financial security, and your passion.
Dave and Stacey's Example:
Their "why" was financial freedom.
They set a clear goal to exit their first business within 10 years and achieved it.
Opportunities abound in the world of business ownership.
Choose the path that aligns with your entrepreneurial spirit and financial comfort.
Seek expert guidance to match your goals with the right business concept.
Remember, the journey to business ownership is exciting, but understanding your motivations and the potential risks is crucial. Whether you're starting from scratch, buying an existing business, or exploring franchise opportunities, make an informed choice that's right for you. Good luck on your entrepreneurial adventure! If you found this information helpful, don't forget to like, subscribe, and stay tuned for more valuable insights on "What's Your Next."
What's Your Next? - Podcast
I’m Stacey Riska aka “Small Business Stacey”, your franchise placement specialist. I help aspiring business owners find the PERFECT franchise so they can get to the next level in life and business.