Starting your own business is no easy task. No (sane) person has ever said “I don’t want a stressful life, I will start my own business”. However, around 80% of those who have started their own business feel they are “somewhat happy” or “very happy” with their decision, according to a 2020 survey conducted by Guidant Financial’s Small Business Trends Alliance.
I believe you need to be a bit crazy to jump from a stable job to starting your own business. I bet if you tell your partner and family that you will quit your job to start your own business, “Wow, amazing, let’s go for it!” will probably not be the first words out of their mouths. Actually, they will most likely remind you of all the challenges you will face.
When you share your idea with great enthusiasm, they will ask if it is actually feasible for a business. And if you will have an audience. You will be reminded that your finances will not last forever. “What if it doesn’t work?”. “You don’t have all the skills you need to develop the business”. “How are you going to convince others to join you?” or “How will you track your own finances if you can’t build a spreadsheet?” are also common responses.
Starting your own business can be quite scary, of course. But, there are a lot of perks to it as well. You’re not crazy after all. But, sometimes, even when your alter ego is telling you that you can do it, reality checks in and you feel a bit apprehensive.
If that is the case, do not worry! We’re here to give you that boost of energy to move you to the next step. So here we go, let’s get into the benefits of starting a business:
Have you ever been so passionate about something that you wake up on Monday morning fully energized? And ready to tackle the challenges that life throws at you?
You will be able to find motivation even on the toughest days. Not every task will be pleasant or even your talent. However, knowing that you are the one setting the rules and in total control (that depends on your financing tools, but that’s a story for another post) will be thrilling.
You have the chance to bring people to the team who inspire you and complement you.. Just imagine showing up to work everyday with this incredible group of people. People moved by the same mission, working towards the same goal and celebrating the small achievements. You can choose to be different and implement your vision of a working culture. I am pumped already, how about you?
P.S.: If you are not pumped then it is best not to start a business as one third will fail in just a couple of years and 50% within 5 years. Passion is key.
This is a big one for most entrepreneurs. When starting your own business you have the power to choose what product or the service you want to provide.
You will also be able to craft a unique workplace culture and this is so powerful. Just imagine that you can create a culture where people are empowered to improve your product or service because they feel it as their own.
The make it or break it is really in your hands. You can work as much as you want to achieve your vision and you have chosen the right people to be by your side. You can do what you want, how you want it, when you want it. This means that you are the designer of your own destiny. Of course, independence goes hand in hand with accountability. There are no excuses, there is no team member who couldn’t deliver, there’s no market that was not prepared, there is no context that can justify failing. It is on you! That’s what independence means.
The best part is that you create everything needed for your business to succeed: from the team, to the product or service and the way you work. And you put your best in every single task. This doesn’t mean you can’t go and catch that perfect wave at noon and come back to the office later and be fully energized for what lies ahead.
Most companies thrive when they are able to innovate, be ahead of the curve and, most of all, have perfect execution. It is a lot easier to start something new, being a new product, a new service or line of business when you are in a small company. The ability to move a big machine like a big company is a lot more time and energy consuming. As someone starting their own business, you’ll be at great advantage when it comes to thinking outside the box and breeding innovative solutions.
When having your own business you can define a strategy to keep innovation at the core of the company’s DNA and keep everyone focused on new opportunities, be it changes in the technological knowledge base, customer preferences, or new markets.
Innovation means an opportunity to expand your business by growing your offer and increasing your market base. Innovation will also give you an opportunity to be ahead of the competition. It will help you understand your clients and offer them products or services that can better satisfy their needs. If you can be faster than the competition, especially if they are big players you will get a head start in reaching a wide base of clients.
Starting your own business has many perks. But why go for social franchising?
Well, social franchising gives you all the above and more. It is still scary and risky to start a new business. According to data from the Bureau of Labor Statistics, as reported by Fundera, 50% of businesses fail within the first 5 years. So, if you are a bit conservative about starting a business it only means you are conscious about the risks and the failure rate. If you start a social franchising business some of them can be mitigated and some are just soo good! If you want to learn more about Social Franchising check out SPEAK’s post on how to grow your impact with Social Franchising here.
Ok, so you really want to start something and you know you want it to be a social enterprise, afterall you truly believe in doing good to the world. However, you are passionate about several topics and you are not sure where to start. Here you go! If you start a social franchising business, there is almost for sure a powerful mission behind it. There is a team that believes full heartedly in its mission and a community that has been engaged already.
Naturally, this mission needs to be something that makes your heart beat faster and that makes you want to tell the world about it.
This is a pretty cool one! When you start your own business the question that is in your mind and lets face it in your partner and family’s mind is: will people buy what I am trying to sell them? Well, it is a fair question that should not be ignored. Reinvention of the wheel is avoided, making it easier and quicker to start up.
When you start a social franchising business, the product or service you will be working with and the business model have already been tested. Being a proven model doesn’t mean it will automatically work in your location but there is some indication that you’re set to succeed.
A successful business model is normally in place and is set in a way that combines both social impact and financial sustainability. This will allow you to guarantee that the impact of your solution is there. And you will also be able to make a living out of the social enterprise.
For me, this is a big one. Starting something on your own can be quite freeing, yet daunting. Therefore the support of a partner is very powerful. But imagine if you could have the best of both worlds. With a social franchising will have a central team ready to support you in your location. It allows for the support to exist without creating a hierarchical business. This means you will still have a say on the way you run your social enterprise! Adding to that you will have the guidance and knowledge from a team that has seen it happening many times.
Naturally, you can still set up your team in loco, with whom you will work together on the day to day strategy and operations to reach your targets.
Nobody can say that starting a business is an easy job. Even if there are ways to mitigate the risks,there will always exist. You can, however, have a lot of fun while devoting your full self and energy into something you truly believe in. If that’s not worth the risk, I don’t know what is.
SPEAK has launched its social franchising in 2018. So far more than 20 entrepreneurs have started SPEAK in their own city. We have learned a lot in the past 4 years and we are ready to share it with you! If you want to know more about it check our page Take SPEAK to Your City or book a call with me through firstname.lastname@example.org