Building a business takes time. This is so when the entrepreneur started this business from a dream. The first five years is almost always a roller coaster ride. Challenges after challenges come up and earth shaking situations may be tremendously felt. This is as if the entire purpose is to test if and when the entrepreneur may be easily uprooted.
Here are some reasons why entrepreneurs start a business:
- Alternative to employment: Many always dream of having a business which may be a saving factor as compared to being employed. However to enter into business no matter how small but without proper orientation or guidance may be disastrous. Life time savings may be at stake.
- Additional income from existing income: This is true – some who may be employed would perhaps have a spouse enter into a business. It is more practical as both are still earning. There will come a time when the employed spouse may be facing a cross road. If and when the business starts to grow, the employed spouse may have to give up and fully concentrate in further enhancing the business. Reality check: couples must be able to be comfortable in becoming an entrepreneur couple. They have to identify the work areas each must focus.
- Business Expansion: An entrepreneur after fully concentrating in the business may realize the need to further branch out. Staying in one area may not fully maximize its potential. The entrepreneur has to explore and learn the benefits of franchising. We all wonder how a certain brand has managed to grow into different places. We also read how brands which were unheard of suddenly we may see in foreign countries like the United States or Middle East?
This is what franchising can give to the entrepreneur.
(Armando Bartolome is a business mentor to numerous micro entrepreneurs who are now themselves big names in the industry. This article was previously published on the author’s website. For questions and more information, you may contact Armando "Butz" Bartolome by email:firstname.lastname@example.org or on Twitter @philfranguru. His website is www.gmb.com.ph)