Many people in the United States have a desire to start their own business, change careers or simply pursue a job related to their personal passions. In fact, according to USA Today, the majority of American professionals would like to pursue a career with a deeper, more personal meaning. Many of these same aspiring entrepreneurs have also spent a significant amount of time asking themselves, “is now the right time to start my business?”
During an uncertain economic or political climate, many of these motivated, business-minded individuals convince themselves that the answer is no. They often fear that political instability will yield an extra layer of new business challenges. They conclude that it’s safer to wait it out.
But in my experience as Vice President of Franchising for Primrose Schools, I’ve learned that this isn’t the right question to ask! Rather than worrying and debating if now is the right time to start a business, ask these questions to chart a course toward business ownership:
Why do you want to start your own business? The answer to this question can provide a great deal of direction – many Primrose Franchise Owners chose to open a school after recognizing their goal to make a difference in the lives of children and families. Identifying what motivates you, whether it’s achieving a better work-life balance or working in an industry you’re passionate about, will help guide the types of opportunities you pursue.
Are you financially stable? Whether striking out on your own or opening a franchise, starting a new business requires a significant financial investment. Do your due diligence to ensure you have a full understanding of the financial commitment and have enough funding in place before getting started.
Is a franchise the best model for you? Franchises offer a wide range of benefits, from the ability to leverage the strength of a brand name to having access to a wide range of training, operational and marketing support programs. For example, at Primrose, we provide Franchise Owners with real estate and construction support, operational training, marketing and communications resources and more. Franchises also offer greater stability and less personal risk for owners.
What type of franchise opportunity is right for you? If you’re interested in a franchise opportunity, compare how the company aligns with your personal goals and passion, and evaluate its brand reputation and its financial stability. Also consider that no matter the political or economic climate, people will always have fundamental needs, such as education and health services, to be met. Personal services franchises, like Primrose Schools, will always be in demand and are excellent entrepreneurial opportunities to consider.
If you’re considering taking the first step in your entrepreneurial journey, I encourage you to not put your dreams on hold because of uncertainties in politics or the economy. Remember that businesses supporting a need-based product, like education, will always be in demand. If you’re interested in taking the first step toward business ownership with Primrose, you can learn more here: http://franchise.primroseschools.com/opportunity.