Community News C
CONSIDERATIONS BEFORE YOU BEGIN A BUSINESS By Dean Swanson, volunteer Certified SCORE Mentor
and former SCORE Chapter Chair, District Director, and Regional Vice President for the North West Region E ntrepreneurism is on the rise across America. According to the United States Census Bureau, Americans registered 4.3 million new businesses in 2021 — a 24% increase from 2019. This is supported by my observations that our requests continue strong for help about “going into business”. You want to start your own business and be your own boss. But how should you go about it? Should you launch your own business from scratch, buy an existing company or purchase a franchise opportunity? So let us take a closer look at these options to help you decide. I suggest several considerations which could save you some time and heartaches. My first suggestion is to seek out a mentor and have a chat about it. Do you already have a business idea that you’re passionate about? Perhaps you have a plan for doing something in a way it’s never been done before, “disrupting” an industry or bringing a new invention to market. Maybe you don’t like being told what to do and want to handle every aspect of your new business your way. If so, starting your business from scratch is likely the best way to go. If your business is truly groundbreaking, you probably can’t find an existing business or franchise opportunity exactly like the one you envision. If you don’t like following rules, you’ll chafe at the restrictions of franchising even if you do find an opportunity similar to your idea. And if you enjoy building things from the ground up, you probably won’t want to deal with someone else’s existing business. Starting from scratch is also a good option if you’re on a limited budget. You can shape your new business to fit your available capital, such as by op - erating from home or part-time, as opposed to
meeting the financial requirements of buying a franchise or a going business. My observation is that visiting with a SCORE mentor can clear your path for making a good decision. Also, one of SCORE’s valuable resources is the many content partners that share their experience and write pieces about various topics. Rieva Lesonsky is one such example. She is president and CEO of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBusinessCurrents.com. I will share one of her recent contributions. To read more, visit SCORE’s website at https://bit.ly/3lC7k6d
Advantage Magazine | 15
March 2022
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