Types of Businesses To Start

Is 2012 the year for you to start a business? Are you seriously thinking of becoming your own boss? Well, you’re not alone.

With U.S. unemployment figures consistently hovering around 8%, a significant number of people, especially ones that have experienced the joy of being downsized by their not-too-loyal companies, are becoming more open to the idea of self-employment. As a matter of fact, that’s what happened to me, and it’s turned out to be a blessing in disguise.

I remember reading Harvey Mackay’s book, “Fired Up.” In it, Mackay brings up the fact that lots of very successful people have been fired-downsized, call it what you want, and have been able to reach new heights in their careers because of it. From Harvey Mackay’s website;

“Mark Cuban got a job in a computer store early in is career. Got fired because he yearned to sell and work on computers rather than to sweep the floor of the store as the owner wanted. Today he is an Internet billionaire and owner of the Dallas Mavericks.”
Not too shabby, huh? Mackay provides lots of examples in his book. (I’ve read almost all of his books-he’s one of my favorite business authors.)

Business Choices

If you’re starting to get fired up about starting your own business, you have a few choices. I’m going to focus on two of them.

A. You can start your own business from scratch

B. You can start a franchise-type business

There are pros and cons to both business types.

A Pure Start-Up

If you have an idea for a product-or even a service, and you’re willing to take on a lot of risk…and use up a lot of time perfecting it in the marketplace, then a pure start-up business is probably the way to go. The best part of launching a business from scratch is the fact that you own it. All of it. it’s going to be your baby, and if it turns out to be a winner, the rewards are yours. No sharing necessary.

But, if your start-up business turns out to be a dog, you own that, too. You lose everything you put into to it.

Franchise Start-Up

Franchise ownership is quite different. There’s still risk involved; don’t fall for any franchise marketing ploys that suggest it’s not. You’re still putting your own money on the line, and you’re in charge of your “turnkey” business.

There are several great things about owning a franchise, and there are also some not so great things about franchising. Read about the pros and cons of franchise ownership.

Business Start-Up Infographic

I StumbledUpon this earlier today, as I was Stumbling around the internet. It’s from Intuit.

via: Weighing the Options: To Franchise or Self-Start [INFOGRAPHIC]

Sometimes, a visual representation of an important topic like starting a business helps put things into focus.

Here’s another one; feel free to click it.