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Getting Started How to start a business

4 Routes to Becoming Your Own Boss

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You’re working a regular 9-5 job, but you desperately want out of the rat race and to be making your own decisions. But how do you go about it? There are a number of options for you to consider.

A big factor in your decision will be the reason for wanting to work for yourself. If you’re seeking less stress and a work-life balance, then starting a business from scratch maybe isn’t the right way to go. However, if you’re currently working in a company and thinking ‘I can do better than this’ then it could absolutely be the right way to go.

Here we look at some of the options open to you when it comes to striking out on your own.

Buy a Franchise

A franchise can be a less daunting way to start your own business. Not only will you be investing in a tried and tested business model, but a lot of the hard work has already been done for you when it comes to branding, marketing, and suppliers.

You can discuss franchise financing with an accountant and legal professional to iron out any details of taking on the franchise opportunity.

There are franchise opportunities in almost any niche you can think of. From cafes and bars to marketing agencies and children’s classes.

There are many pros and cons to investing in a franchise, you will have to evaluate the opportunity carefully to see if it’s right for you.

Self-Employed

Going freelance is an attractive proposition for a lot of people. Usually, it involves doing the same type of job you’re been doing previously, but working as an outside resource rather than being employed.

Freelance life has a lot of benefits. You can usually work from home or a rented hotdesk and set your own hours and clients. Setting up on your own can be a big step and you’ll have to put in a lot of effort into setting up your brand and business processes.

Hybrid Working

Leaving your job can be a big step, and most people still want a measure of financial security. That’s where a hybrid style of working can come in. This involves continuing to work a regular job, either full-time or part-time, and freelancing around this until you’re at a point when you can confidently make the switch.

Setting Up a Company

So not only do you want to be your own boss, but the boss of other people too. If it’s your dream to run your own business, then you can look at funding alternatives to set up yours. It can be a lot of work but most business owners would tell you that it is worth it, especially as you build the type of company that you want to work for.

Takeaways

There are many routes to working for yourself. You might find that over the course of your career you try more than one of them. Take the time to work out what is right for your skillset, current circumstances, and future ambitions.

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