What's Your Next?

Choosing Your Path to Business Ownership: Starting from Scratch, Buy Existing Business, or Franchising

December 14, 2023 Stacey Riska Episode 60
Choosing Your Path to Business Ownership: Starting from Scratch, Buy Existing Business, or Franchising
What's Your Next?
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What's Your Next?
Choosing Your Path to Business Ownership: Starting from Scratch, Buy Existing Business, or Franchising
Dec 14, 2023 Episode 60
Stacey Riska

https://www.NextLevelFranchiseGroup.com

Are you dreaming of escaping the corporate nine-to-five grind and starting your own business? If so, you're in the right place! In this episode of "What's Your Next?" Dave and Stacey Riska, a husband-and-wife franchising duo, discuss the various options for business ownership and the pros and cons of each. Let's break it down in a simple, skimmable format:

Three Paths to Business Ownership:

  • Starting a Business from Scratch:
    • Pros:
      • Your business, your rules.
      • Unleash your creativity.
      • Flexibility in work hours.
    • Cons:
      • No established recipe for success.
      • High risk.
  • Buying an Existing Business:
    • Pros:
      • Immediate access to an established customer base.
      • Existing cash flow.
    • Cons:
      • Uncertainty about why the business is for sale.
      • Validating financials can be challenging.
  • Franchise Ownership:
    • Pros:
      • Proven business system.
      • Ongoing support, marketing, and technology.
      • Access to a network of fellow franchisees.
    • Cons:
      • Not all franchises are created equal.
      • Initial investment is required.

Understanding the Risks:

  • Starting from Scratch: 90% of new businesses fail within the first five years.
  • Franchises: About 85-90% of franchises are still in operation after five years.
  • Buying an Existing Business: Statistics vary, but it falls somewhere in between.

Key Consideration: Your "Why"

  • Determine your motivation for business ownership.
  • Consider factors like flexibility, financial security, and your passion.

Dave and Stacey's Example:

  • Their "why" was financial freedom.
  • They set a clear goal to exit their first business within 10 years and achieved it.

Closing Thoughts:

  • Opportunities abound in the world of business ownership.
  • Choose the path that aligns with your entrepreneurial spirit and financial comfort.
  • Seek expert guidance to match your goals with the right business concept.

Remember, the journey to business ownership is exciting, but understanding your motivations and the potential risks is crucial. Whether you're starting from scratch, buying an existing business, or exploring

📚 [Resources]


📝 QUIZ: WHAT FRANCHISE CONCEPT IS RIGHT FOR YOU?

https://www.nextlevelfranchisegroup.com/whats-your-perfect-franchise-quiz


💰 FREE FRANCHISE INVESTMENT CALCULATOR

https://www.nextlevelfranchisegroup.com/franchise-investment-calculator


📖 FREE E-BOOK: THE ROADMAP TO BUYING A FRANCHISE - IN 9 EASY STEPS

https://www.nextlevelfranchisegroup.com/files/the-roadmap-to-buying-a-franchise-in-9-easy-steps.pdf


📰 TONS OF ADDITIONAL RESOURCES AND CONTENT

https://www.nextlevelfranchisegroup.com


CONTACT US


👍https://www.NextLevelFranchiseGroup.com/contact

📰https://www.linkedin.com/company/next-level-franchise-group/

Show Notes

https://www.NextLevelFranchiseGroup.com

Are you dreaming of escaping the corporate nine-to-five grind and starting your own business? If so, you're in the right place! In this episode of "What's Your Next?" Dave and Stacey Riska, a husband-and-wife franchising duo, discuss the various options for business ownership and the pros and cons of each. Let's break it down in a simple, skimmable format:

Three Paths to Business Ownership:

  • Starting a Business from Scratch:
    • Pros:
      • Your business, your rules.
      • Unleash your creativity.
      • Flexibility in work hours.
    • Cons:
      • No established recipe for success.
      • High risk.
  • Buying an Existing Business:
    • Pros:
      • Immediate access to an established customer base.
      • Existing cash flow.
    • Cons:
      • Uncertainty about why the business is for sale.
      • Validating financials can be challenging.
  • Franchise Ownership:
    • Pros:
      • Proven business system.
      • Ongoing support, marketing, and technology.
      • Access to a network of fellow franchisees.
    • Cons:
      • Not all franchises are created equal.
      • Initial investment is required.

Understanding the Risks:

  • Starting from Scratch: 90% of new businesses fail within the first five years.
  • Franchises: About 85-90% of franchises are still in operation after five years.
  • Buying an Existing Business: Statistics vary, but it falls somewhere in between.

Key Consideration: Your "Why"

  • Determine your motivation for business ownership.
  • Consider factors like flexibility, financial security, and your passion.

Dave and Stacey's Example:

  • Their "why" was financial freedom.
  • They set a clear goal to exit their first business within 10 years and achieved it.

Closing Thoughts:

  • Opportunities abound in the world of business ownership.
  • Choose the path that aligns with your entrepreneurial spirit and financial comfort.
  • Seek expert guidance to match your goals with the right business concept.

Remember, the journey to business ownership is exciting, but understanding your motivations and the potential risks is crucial. Whether you're starting from scratch, buying an existing business, or exploring

📚 [Resources]


📝 QUIZ: WHAT FRANCHISE CONCEPT IS RIGHT FOR YOU?

https://www.nextlevelfranchisegroup.com/whats-your-perfect-franchise-quiz


💰 FREE FRANCHISE INVESTMENT CALCULATOR

https://www.nextlevelfranchisegroup.com/franchise-investment-calculator


📖 FREE E-BOOK: THE ROADMAP TO BUYING A FRANCHISE - IN 9 EASY STEPS

https://www.nextlevelfranchisegroup.com/files/the-roadmap-to-buying-a-franchise-in-9-easy-steps.pdf


📰 TONS OF ADDITIONAL RESOURCES AND CONTENT

https://www.nextlevelfranchisegroup.com


CONTACT US


👍https://www.NextLevelFranchiseGroup.com/contact

📰https://www.linkedin.com/company/next-level-franchise-group/