Starting your own business can be a very risky affair. One main reason behind this is the need to have enough capital, which could mean having to take out a loan. Also, statistics show that almost half of start-up companies fail to grow within a few years.
In 2013, there were more than 860,000 start-ups in the U.S., but at the same time, there were 788,000 that closed. This is a very small margin of growth. Data also showed that only about a third of start-ups survive for 10 years or longer while half survive longer than five years.
But don’t give up yet. If you feel starting a business from scratch is still too big a leap for you, you can choose to buy a franchise instead. And while at it, why don’t you go for a home-based franchise opportunity? Here are its benefits:
With a home-based franchise business, you get to avoid the cost of renting office space, paying for utility bills, and spending on transportation. This means lower capital and running costs, which is great for a starting entrepreneur such as you.
Being a franchisee means operating under an already established business brand. So there’s no more need for you to carve out your name in the industry yourself. You also get to have the necessary support and reinforcement from your franchisor, unlike when you start your business on your own. This includes training on handling your day-to-day operations, building marketing strategies, and dealing with your staff.
You can say goodbye to your 9-to-5 schedule at the office and say hello to a flexible work schedule. This is convenient especially for new entrepreneurs who are taking too many things on their hands.
Having your own business has its advantages, but so does buying a franchise. It’s much easier and less expensive, perfect for the starting entrepreneur in you.