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3 Options You Have When Starting Up Your Own Business

June 22, 2021 By Christine Field

This post may contain affiliate links.

The idea of starting up a business is exciting, you get to run things your own way, and make money based on your own ideas – but there’s more to it than that! You have a lot of options when it comes to the kind of business you want to run, and the type of ownership that runs it. Everyone has their own ideals, and starting up a business to run completely by yourself isn’t always the best option for you! Some businesses benefit from having a partnership as the owners, and some people benefit more when they run an already existing franchise.

Source

 

Opening a franchise

 

When you start a business from scratch, you have no reputation, and you’re working from the ground up. While it might sound like a great venture, it’s also quite risky for you, and you stand to lose a lot of money. When you open a franchise, it’s with the branding and reputation of that business, meaning that you’re running your own store – but with something that’s already been built. It’s still a challenging and risky venture, but you have to focus on other things. Some people prefer this, but it’s not always the best option for people who are looking to have freedom with their direction.

 

Starting a tax prep business

 

While it’s not your conventional ideal for starting a business, a tax prep business can be very lucrative as the owner! If you want to know more about how to start a tax business, there’s plenty of information you can find online. However, you should know that this will take different licensing and expertise, as your business has a completely different focus.

 

Consider a partnership

 

Starting your own business isn’t something that has to be done alone, and more than one person can be the legal owners of a business. It’s not easy to pick someone to join you on your venture, as you need to be in agreement on where you want the business to go, and the values that you want the business to carry. People change their minds over time, so going into a partnership can be quite risky. On the other hand, starting a business with a partnership means that you’ll have access to more funds and that you’re not the only person liable if anything were to go wrong, or the business struggles financially.

 

Finding extra capital

Getting the money to start up your business can take time. If you’re ambitious, the capital you need to start your business can start to look like an impossible amount for you to reach. Not to worry though, as there are a few ways you can get some financial support for your startup. There are many investors out there who would hear your plans and consider investing their money into your business. Of course, you need to have something promising to show them, otherwise, they’re not going to be interested in it. Obviously, it’s not going to be free money, and you’re going to have to find a number to agree on in terms of what you’ll be giving back when your business takes off.

Filed Under: Home and finances Tagged With: starting a business

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Hi, I’m Christine

Have you been a wholehearted mother, but time, toddlers and teenagers have moved on? If you are wondering what comes next for you, you’ll feel right at home here.

Or, are you a mom for whom family life has been non-Pinworthy and parenting has been downright painful? I hear ya. There are many of us around.

Are you looking for a life full of exploration and adventure after the nest empties, but maybe you have no idea how to go about doing that? Stick around! We’ll explore adventures together to help you gain more clarity for your own path.

After a couple decades of writing books and articles about parenting, homeschooling and adoption, speaking to homeschoolers and other parent groups, and reaching out to the mom in the trenches who was trying to make the best of it - my kids grew up. Some grew up and grew away. I was determined to find a way out of the pain, emptiness and lack of direction.

For many of us, the journey starts with something we moms are not accustomed to. After years of caring for and serving others, sometimes we forget the beauty and wonder of US. We need to spend some time getting to know the parts of ourselves that have lain dormant, and take the time to explore interests and passions that we set aside.

I’d like to invite you to get the “What’s Next for Mom” workbook and jump into this growing tribe of Moms who are emptying the nest and filling the life! Let’s reignite your Mojo after Mothering!
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About Christine

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At Real Mom Life, my passion is to provide resources and reassurances for moms facing the surprising challenges of family life. In my writing and speaking, I explore solutions to unexpected issues in adoption, homeschooling, special needs, and more while encouraging moms to extract the maximum joy out of each day. Read More…

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