Want to Start a Business? 3 Business Models You Must Consider
Starting a business requires more than a good idea. It requires strategy. Part of your business strategy needs to include what type of business you want to run. You want to choose a business model that compliments your strengths, honors your time and budget, and allows you to keep the best things about your prior jobs and ditch what didn’t suit you.
Choose a business model that compliments your strengths, honors your time and budget, and allows you to keep the best things about your experience. #businessmodel #strategy
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Which of these options will fit your time, energy, and budget the best?
Business Model #1: Start your business as a side gig
Sometimes you need to continue to work for a while as you build knowledge, resources, and connections for your new business. This business model of working on your new venture part-time lets you gain skills, network, set up your systems, and start attracting clients while benefiting from a regular paycheck.
Business Model #2: Jump in feet first
Circumstances may have left you without a choice about leaving your last job. Now you get to decide if you want to put all your energy and resources into building a business or get another job. Before deciding to jump in feel first, ask yourself these questions: Do you have the resources to cover living expenses while ramping up your new business? How many of your existing skills transfer to your business? Do you need a degree, certification, or license?
Business Model #3: Open a Franchise
Franchises make it possible to buy into a successful concept and duplicate a profitable business model without having to start from scratch. A franchise can shorten the time it takes to get up and running and gives you a step by step guide on how to do it. The downside of this business model is a franchise can be expensive. And, if you are used to doing things your way, you may find the rules of a franchise too restrictive.
Taking the time to think about your options ahead of time will save you a lot of heartache and frustration in the long run. Find one that best suits your strengths, financial resources, and goals so you can build your success with intent.
Sandra is an author, entrepreneur, and business strategist. Drawing from 30 years of business building experience, she teaches new and aspiring entrepreneurs how to achieve sustainable success.