3 Alternatives To Starting Your Own Business

Becoming an entrepreneur is a dream for many people. Unfortunately, most people realise they aren’t cut out for entrepreneurship after investing a large chunk of their finances into a doomed business idea. Plus, the failure rate is high for most small startups. About 60% of new businesses fail within the first three years. Fortunately, there are several alternatives to starting a business that gives you fulfilment and a feeling of entrepreneurship without the challenges. Check out these other profitable alternatives.

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  1. Invest in other startups

Although it might not be the same as running your own business, investing in other startups and small businesses can also be extremely profitable. Sure, it might be a risky endeavour, but it can yield potentially high rewards. Investing in another business also helps diversify your investment portfolio. That means you have spread your investments into various asset categories. It might also be wise to invest in a startup because, unlike stocks and bonds, they are less vulnerable to fluctuations in the market. 

The great thing about investing in a startup or multiple small businesses is that they exist in various industries and emerging fields. If your interests are in technology, medicine, or manufacturing, there’s something for you. So long as the startup aligns with your goals and sparks interest, it would be best if you considered investing in it. 

  1. Purchase a franchise

Starting a business from scratch can be a hassle, and you would have to wear many hats to get it running off the ground. But, if that’s not up to your speed, you can choose to become a franchise owner. The franchise industry is thriving and contributes over £15 billion to the UK economy. Franchise owners typically follow a business map or plan that has proven successful in various other locations. Plus, you wouldn’t have to worry about branding, resources, and economies of scale with a franchise, as you will already have a wide network to help you. 

It might be more expensive to purchase a franchise. If you do not have a problem with creative control, running a franchise is a better option for you. Despite the cost, franchises have higher success rates than startups. There are tons of franchises available for sale for potential business owners. Websites like Franchise Direct have a wide range of franchises you can buy at reasonable prices. 

  1. Buy an existing business

If you are looking for a quick shortcut to running your business, you can buy an existing profitable business. That way, you will spend less time planning and already have access to infrastructure and resources. You will also have existing customers who are loyal to the brand. 

It might cost more to buy an existing business than start one from scratch. But, if you choose this option, you must be thorough in your research. Ensure that you work with a team of legal and finance professionals to give you the best business advice. 

Starting a business from scratch may not be for everybody. But that doesn’t mean you should give up your dream of investing or running a business. Hopefully, these tips will help you find the right business venture.

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