February 19, 2024

3 Ways to Start a Business

Discover the Best Path For You

Embarking on the entrepreneurial journey is a dream many of us share. The allure of freedom, the potential for unlimited income, and the desire to define our own success are powerful motivators. Yet, the question looms large: Where do you even begin? The path to starting your own business is fraught with decisions – from the type of business to the nitty-gritty of marketing plans and customer acquisition. It's no wonder many would-be entrepreneurs are stopped in their tracks by the sheer overwhelm.

Starting a Business Can Be Overwhelming

But it doesn't have to be this way. The fear that paralyzes us, the uncertainty that holds us back – they're all conquerable. The key is to take action, to move forward towards your goal, one step at a time. If you don't, you risk finding yourself in the same spot year after year, your dreams of a better life and a fulfilling career still just out of reach.

To help you navigate the entrepreneurial landscape, I'm going to share three viable paths to starting your own business. Each has its own set of challenges and rewards, and by the end of this post, you'll have a clearer idea of which path might be the right one for you.

1. Starting From Scratch: The Startup Route

Building a business from the ground up is a popular choice, but it's not without its pitfalls. Statistics are sobering, with a staggering 90 percent failure rate within the first decade. Why? Underestimating the time, work, and money required to get a business off the ground is a common culprit.

Starting from scratch means you're in charge of everything – from your website to your sales process. It can take months, even years, to set up, all while you're not generating revenue. This opportunity cost, coupled with the tendency to underestimate the financial investment needed, often leads to a prolonged path to profitability and contributes to the high failure rate.

2. Buying an Existing Business: The Shortcut to Success

Purchasing an already established business sounds like a great shortcut to success. These businesses are often profitable, well-run, and can operate without the owner's daily presence. However, finding such a gem is not easy. Ninety percent of businesses on the market never sell, often because they're not built to be a sellable asset. Those that do sell come with a hefty price tag.

If you're considering this route, due diligence is your best friend. It's crucial to understand the numbers and be thorough in your investigation, as hidden problems can quickly become your own.

3. Investing in a Franchise: A Blueprint for Success

Franchises are often a favorite among first-time business owners and seasoned entrepreneurs looking to expand their portfolios. The appeal of a franchise lies in the turnkey nature of the business – you're provided with everything from a website to marketing materials, along with proven systems for every aspect of the business.

With a franchise, you can hit the ground running, potentially generating significant revenue from the start. You're backed by a blueprint for success, with initial and ongoing training and support to ensure you thrive.

As an ActionCOACH Master Licensee, I've seen the ActionCOACH franchise model work wonders. It's a system that's been refined over decades and across continents. It's about more than just a business; it's about building an industry and continuously driving it forward.

Stop Delaying, Take Action!

So, if you're sitting on the fence, don't let another year slip by while you're stuck in the same job, dreaming of what could be. Consider exploring a franchise opportunity that can help you fast-track your way to business ownership.

Ready to take the leap? Start by scheduling a discovery call or watching our franchise discovery video series to see if this path aligns with your goals. Whatever your choice, it's time to take action and move towards making your business dreams a reality.

Let's talk soon – your future awaits!