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When Is the Right Time to Start a Business?

June 08, 2021
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There's no greater dream for many Americans than having the freedom to be in charge of your financial future by being your own boss. Being a business owner can help you live that dream, but many Americans never really get around to achieving it. So, why is it a dream for most Americans?

Sometimes the money to invest into their business ideas aren't there, or maybe it's the fear of leaving their current job. It could even be a lack of knowledge about getting started, and sometimes it's just simple procrastination and complacency.

Employee Looking Tired Wondering if Its Time to Start His Own Business
Many people spend a great deal of time wondering when's the right time to start a business. The answer depends on the individual, but here are a few things to consider if you're wondering if it's the right time.

Are You Stuck in a Rut and Ready to Be Your Own Boss?

One of the driving forces for many people who decide to go into business for themselves is that they are tired of the mundane feeling of getting up every day to clock in and make money for someone else. If you feel like you're part of this group of people, then it might be time to start thinking about starting a business of your own.

The COVID-19 pandemic has shown us all how scary it can be to lose work and not have any control over your future. Many small businesses have indeed had to shut down during the pandemic, with the possibility that they may never open their doors again. However, many small to medium-sized businesses have found various ways to move forward and adapt despite the pandemic trying to hold them down. But what about the franchise industry? How did the pandemic affect that?

Believe it or not, franchise business opportunities have been thriving despite the ongoing pandemic. That's because so many of those who've lost their jobs are looking for ways to secure a better future. They're taking advantage of losing their current employment to look for opportunities to be more in control of their future, so they're looking for essential business opportunities built to withstand unforeseen situations that affect their financial stability.

Animated Business Man Flying Over Coronavirus Molecules With Percentage Balloons
Cleaning and sanitizing services, healthcare, educational businesses, home repair services, online businesses, and delivery services are some of those essential business opportunities that are set to grow as the pandemic winds down. If you've lost your job or feel uncertain about your future and you've always wanted to own a business, now's the right time to start looking for essential business opportunities that can offer you financial security.

Curving Financial Roadblocks

Starting a business is easier said than done, and one of the biggest challenges is getting financing. This is one of those hard-hitting roadblocks that so many people face, and since they don't have the initial investment on hand, many of them give up before they even get started.

The good news is, there are a lot of ways to finance a business. Not having the money to get started doesn't have to be an issue. The Small Business Administration (SBA) offers a range of loans for small businesses, whether it's for opening a new one or for expanding a current business. With COVID-19, there are even more financial resources available.

These loans aren't given directly by the SBA, but they'll guarantee loans from participating lenders, making it more likely for anyone interested in starting a business to get the loan they need. That's because the SBA minimizes the risk to the lender.

Business Man Holding a Glowing Light bulb
If you're buying a franchise business, you might even have a greater chance of getting the funding you'll need to get started. That's because a franchise brings some things to the table that lenders like to see, including a recognized brand and a proven business model that makes giving a loan to an applicant even more attractive.

Fear Can Be Immobilizing

Being afraid to leave your current career or being afraid to take action and start your own business are immobilizing feelings that prevent you from achieving your dreams. It's often the driving force behind procrastination and complacency. As much as you want to start a business of your own, it can feel uncomfortable because nothing in life is guaranteed.

The same things that make being a business owner attractive can be the things that cause fear. As an employee, all of the major decisions, workload, and results (good or bad consequences) fall on the business owner. When you own the business, there's no one to turn to other than yourself. Everything that happens in the business, whether it's success or failure, comes right back to you. This can be frightening for some people.

The key is taking the first step. There are plenty of resources and articles available by the SBA, including "10 Steps to Start Your Business", that can help answer some of your questions and alleviate your fears. If you're buying a franchise, there are franchise consultants and other franchise resources that can help guide you.

Don't worry about lacking the knowledge to run a business. There are plenty of guides out there that can help. In reality, many people learn as they go. You can read all the books you want and go to school to learn, but the real knowledge comes from your hands-on experiences as you start operating and managing the business.

If you buy a franchise, though, you're likely going to get the necessary training that'll you need to help you successfully operate your business. The bottom line is, you don't need to be afraid just because you lack the knowledge to operate a business. Instead, you'll learn how to run one successfully by actually doing it.

When's the Right Time to Start a Business?

The right time to start a business is when you feel confident and ready. Whether you have a business that you want to open and build from scratch or if you'd rather experience the support and training that comes with buying a franchise, you can take those initial steps on getting started when you feel like the time is right. The important thing is to overcome the roadblocks we've talked about here in this article. As we've mentioned, there are ways to work around each of them.

Business Man Holding a Piece of Paper With the Phrase What Would You Do if You Weren't Afraid?

Is a Franchise Business Right for You?

Maybe you have a business idea of your own, and you want to put your efforts into building on it, then franchising may not be for you. However, if you'd rather have the brand recognition, built-in customer base, tested products or services, and established operational strategies that come with owning a franchise, then that's the way to go.

You get all of the benefits of owning a business while having the support and backing of an already established company. If this is what you're searching for, All USA Franchises can help. We are the largest FREE franchise directory on the market, on a mission to list all of the franchise opportunities in the United States. You can start your franchise search here and find the ideal franchise opportunity that works for you. Search by investment or by industry to find a franchise that fits your desired criteria.

If you're looking for resources, we have those too. We provide you with an informative AUF blog that's full of helpful articles and tips for franchisees. You'll also find the latest franchise news and the latest information about the franchise events you won't want to miss. In addition to the blog and events information, we bring you a valuable resource section that helps you locate franchise advisors, franchise brokers, franchise consultants, franchise financing, franchise developers, franchise lawyers, and franchise training services. These resources will save you time and can provide you with additional franchise help when you need it. There's never any need to "wing it." There are plenty of opportunities and resources for when you're ready to find the perfect franchise. Let All USA Franchises help you take the first steps toward being a business owner.

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