 |
 |
|
 Print Friendly
 Email to Friend
|
|
Franchise Versus Independent
|
|
|
Article 7: Cons Of Going Independent
When considering whether to be an independent small-business owner, here’s a fair warning: Pollyannas need not apply.
First, understand that having a dream and loving what you do are fine motivators. But they don’t guarantee success. As for being your own boss, that also is a two-edged sword, bestowing not just authority, but also ultimate and ceaseless responsibility.
Second, some people are simply better suited to working for others, than to running their own businesses.
With those understandings, here are some of the downsides to going independent.
Hobbies aren’t businesses – Just because you love to do it doesn’t mean you can make a living at it. Unless there is a demand for what you do, you will fail. And unless you are willing to discipline yourself to do what you do efficiently and economically, you will fail. Fun’s fun, but business is business. No free time – Particularly in the startup stage of a new independent, small business you will find that you have little if any time for anything else but work. If you yearn for long weekends and sleeping late, going independent is not a good idea. Steep learning curve – If you think you know it all already, you don’t. And if you think learning everything about running an independent business is going to come quickly and painlessly, it won’t. If you’re averse to the hard knocks of going independent, don’t go. Me an expert? – Saying that going independent might require expertise you may not have is like saying the sun might rise tomorrow. As an independent business owner, you will have to become expert at managing people, accounting, marketing, sales, manufacturing, negotiating contracts, finding prospects and the countless other tasks of going independent. Financing is difficult – Don’t be surprised when the bank isn’t swept off its feet by your bright idea about going into business. The vast majority of small business startups are financed with personal savings, second mortgages on the homestead and loans from family and friends. In the business world, you have to have money to make money, and not particularly need money to borrow it, at least from the institutional sources.
|
|
|
|
|
|
|
|
|
|
|
|
|
Print Friendly
Email to Friend
|
|
|
 |
|
|
Franchise Versus Independent
|
 |
|
|
 |
| Select an online seminar from the Success Skills Archives:
|
|
|
 |
|
|
If you liked this topic, check out these related Success Skills Seminars:
|
|
