Maybe the corporate lifestyle is dragging you down, or perhaps you were laid off from your company. Or it could be that you’re ready to fulfill a lifelong dream of becoming an entrepreneur before heading into retirement. The reasons for starting a new business or franchise are numerous — and extremely personal.
While there is much to consider before starting a small business or franchise, the benefits of following your dream can far outweigh the risks. Read on for three of the best reasons Guidant clients have cited for saying ‘yes’ to becoming a business owner.
1. You want financial freedom.
When you work for a start-up, you never know when the money may run out. Conversely, when you work for a larger corporation, it’s possible to experience lay-offs and organizational shifts that lead to job dissatisfaction and even job loss.
But when you work for yourself, you are more in control of your financial destiny — and your career in general. You can choose the work you’re most passionate about, work with trusted financial advisors to make solid business decisions and enjoy transparency into the numbers at all times. In other words, you can ensure the checks always arrive on time and your doors don’t close unexpectedly.
“The freedom of making your own decisions and working to accomplish goals you set for yourself … is a real gift. [My wife and I] get up every morning with anticipation of what new experience we will learn that day.”
— David George, Guidant client & owner of Caney Creek RV Park in Sargent, Texas
2. You’re ready for more ‘life’ in your work/life balance.
It’s hard to put a price tag on your time, but if you’re like most people, time is at the top of your list. Unfortunately, time is often overbooked with work schedules, family obligations and volunteer commitments. In fact, Americans work more than anyone else, take less vacation and work longer days, according to ABC News.
Now might be the time to alter that formula so you can add in hobbies and activities that you enjoy, like hiking, spending time with friends and family, and travelling. And if the benefits of feeling happy aren’t enough for you, the idea of lower stress and better physical health may be intriguing.
“When you work for other people, it’s their dreams, it’s their way they want to run the business. You’re not as flexible to … do the things you want. Raising a family is very important to me, and [as a business owner], I’m able to take the time that I want to spend with them.”
— Chrissy Mayhew, Guidant client & co-owner of Beach House Miracles in Bethany Beach, Delaware
3. You love a challenge.
Think about the feeling of working hard and following through with your wildest thought or idea and becoming a successful entrepreneur. Does it excite you?
Entrepreneurs share a love of adventure and thrill of success. The idea of being stuck behind a desk from 9 to 5 is too dull for them. This isn’t to say there won’t be tons of hard work as you start your business. On the contrary, there will be – especially in the beginning. But for entrepreneurs, the hard work pays off in big dividends when they’re able to realize their dreams.
“Working hard feels better when you are working hard for yourself.”
— Sharon Streb, Guidant client & owner of Oil & Vinegar franchise in Frederick, Maryland
If you decide you‘re ready to make the jump into business ownership, Guidant offers a variety of small business financing options to make your dream a reality. You may even qualify to use your eligible retirement funds for a Rollover for Business Start-ups (ROBS), an option that eliminates tax penalties usually associated with using retirement funds and doesn’t involve incurring debt.
So what are you waiting for? Let’s get started on your entrepreneurial adventure!