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29 June 2015

Owning your own business

Always wanted to own your own business but not sure how to go about it?

For most of us the thought of being your own boss has crossed our mind at one time or another, but owning your own business can seem very daunting to someone who hasn’t done it before.

There are several ways you can go about owning your own business that can be broken down into just three categories.

1. Start the business yourself.

2. Buy an existing business.

3. Join a franchise.

There are pros and cons to each of the above and I hope that in this article I am able to point them out in a clear way for you to be able to make the right decision based on your situation.

Starting your own business

Starting your own business from scratch can be a lot of fun and watching it grow as a result of your own initiatives can be extremely rewarding. However, it usually comes with quite a bit of trial and error when it comes to marketing you services locally and can also cost quite a lot, as you are starting out with suppliers that don’t know your credit history.

If you have friends or relatives that have been there before and started their own business, they can give you advice that you trust. This can be a great benefit as there is no substitute for experience when it comes to building a small business.

Buying equipment and tools can be expensive too and can take away from your budget for advertising and marketing, which is essential during the early stages of your new business.

Buying an existing business

The above may lead you to thinking that you are better off buying an existing business. In some cases this may be right but there are some challenges that you should be aware of when buying an existing business.

Businesses will often try to sell their business by promoting their existing clientele as a valuable asset. It’s important to realise that a lot of a business’ clientele may be loyal to the managerial team rather than the business itself, and will move on when the business changes hands. Regardless of how good you are at your work, it is likely that the existing customer will move on when the business it put under new ownership.

Nevertheless, buying a business allows you to buy a working system, including the equipment and methods required to be operational. This is much easier than slowly and expensively piecing this together yourself. Particularly is a business comes with solid processes and good staff, you can save a lot of time that would otherwise have been spent building a business from scratch and can concentrate on other areas like growing your business.

Joining a franchise

Lastly you have the option to join a franchise, which also comes with risks and rewards.  Historically, franchises have charged large fees to own an exclusive territory on top of the cost of purchasing the equipment you need, which will be subsidized by the buying power of a large franchise group.

For many budding small business owners this lure seems like the perfect option, but the finance required for the upfront fee and the ongoing monthly fees can either make it unviable or unmanageable.

With many other services these days such as software, cable tv, phones and online services moving to pay by the month services we saw no reason why a franchise can’t use the same philosophy. This is how Taskforce was created.

Taskforce is a pay by the month franchise with no lock-in contracts, which makes it very unique in this space.

With no hefty up front territory costs, a potential small business owner can spend their money on tools and equipment, which come at lower costs thanks to Taskforce’s group buying power and special supplier benefits system.

As mentioned earlier, knowing where to spend your marketing dollars early in you business ownership lifecycle is important. Taskforce has built a starter program, which includes Yellow Pages profiles, local area flyer drops and marketing collateral to get you started.  We also handle your local search engine optimization, which makes you and your details much easier to find online, which is becoming an increasingly important part of modern business.