The Road to Entrepreneurship

The economic downturn has created a surge in entrepreneurs, and being your own boss can happen in many ways. You can buy a franchise, operate online, work out of your home or create a startup based on a new product.

These days, Southwest Florida residents are trying it all.

Harry Looknanan Jr., a certified business analyst with the Small Business Development Center (SBDC)at Florida Gulf Coast University, frequently hears would-be entrepreneurs make comments like: “I can do it better. I know how to do this. I have a passion for this.”

But most entrepreneurs, successful or failed, would agree that the lure is the ability to control their destiny.

“Your decisions are going to determine how much money you make, as opposed to working for a company,” says attorney Jeanne L. Seewald, managing partner-Southwest Florida for Hahn Loeser & Parks LLP. “There are a lot of people that don’t want that kind of responsibility. But there are a lot of people that have that spirit and want to do that.”
 

Four Routes to Being Your Own Boss

Franchise

Buying a franchise gives you access to resources and business expertise from someone who has been there and done that but also allows you to have an entrepreneurial spirit. With a franchise, you own the right to use a trademark, service mark trade name or advertising symbol to sell a product or service, according to the U.S. Small Business Administration (SBA).

Some franchise companies offer you assistance on everything from the supply of products to training employees to selecting sites for the business. If you buy a franchise, follow the company’s guidance, says Robert Thomas, owner of the Assisting Hands Home Care franchise in Fort Myers, who mentors potential franchisees to expand the in-home caregiving business. Franchisees are successful when they adhere to the company’s well-developed plan, he says.