If you’ve dreamed of owning a business but are daunted by handling everything from the ground up, there are some alternative options that may suit you better. Here are four different ways to own all or part of an enterprise.
Buy an Existing Business
Mountains of guesswork, and legwork, are taken out of your way when you purchase a business that’s already established. From finding the perfect location to set up accounts with suppliers to building a client base, many of the concerns that might be holding you back from becoming an entrepreneur are removed when you buy an existing enterprise.
When it comes to finding the right fit, work with an expert. If you’re located in Tampa, Florida, an experienced business broker Tampa will help you purchase an enterprise that’s already capitalizing on the area’s pro-entrepreneurial opportunities. A local firm that’s familiar with Tampa’s advantages, such as tax incentives, lower regulatory burdens, and seaport access, will connect you with existing businesses that are well-positioned for growth.
Consider a Franchise
Although you may pay a premium upfront and be hit by ongoing royalty and franchise fees, there’s something to be said for the track record that comes with setting up an outlet for an already successful business. Franchisors provide branding and operational knowledge to entrepreneurs who want to be associated with a recognizable product or service.
Although commonly associated with fast-food restaurants, franchises are available in a wide variety of industries. Whether you’re interested in hotels, fitness facilities, hardware, or early education, there’s an opportunity to buy into a franchise in virtually any field.
Become an Investor
If you favor a more passive way to generate income while still being a business owner, then investing in startups or existing endeavors may be a good fit. You can fund a single entrepreneur as an angel investor or join in with other venture capitalists to buy interests in one or more businesses. Many successful startups get off the ground because they took on willing investors, and it can be an enriching experience for everyone involved. While losses are certainly possible, you’ll avoid some of the heartaches that can come if the business you’ve poured blood, sweat, and tears into never get off the ground.
Forge a Partnership
When you’ve got experience in an area, say food service or auto repair, yet you lack the expertise to do the grunt work of starting up a business, partnering with others who bring alternative strengths to the table. Finding marketing, finance, or real estate expert to join in making your entrepreneurial dreams come true can relieve some of the pressure of launching a business and allow you to focus on what you do best.
From buying an existing business or a franchise to joining with others as an investor or a partner, there are plenty of ways to become an entrepreneur without having to launch a startup on your own. If you’re considering getting involved in running a business, consider all options before you commit so you can be sure you’re making the smartest possible decision.