Becoming an Independent Business Owner
Becoming an Independent Business Owner – Arthur Freydin
Becoming an independent business owner can be very rewarding, but there are also some risks. Read on to learn more about the advantages and disadvantages of being an independent business owner. In this article, we’ll look at the skills required to succeed as an independent business owner, as well as the pros and cons of starting your own business. According to Arthur Freydin, if you’ve always dreamed of owning your own business, read on to find out more about what’s involved!
Skills required to become an independent business owner
In order to succeed as an independent business owner, you need to have a number of important skills. These skills can range from financial management to marketing to leadership. Developing them is crucial to success. You should learn as much as possible and ask for help as necessary. These skills will give you a strong foundation on which to build your business. Listed below are some of the essential business skills. To become an independent business owner, develop the following skills.
Creativity. Having an eye for creativity helps a business stand out from its competitors. Creativity allows you to think of unique ideas for a product or service. Creative people are also resourceful. They know where to look for the answers offline and can run experiments. Creativity is also important because it will help you come up with new ideas for marketing and websites. Creativity helps you think outside the box and solve problems.
Adaptability. You need to be able to change. Business owners need to be flexible in order to change with the times. If you don’t change, you’ll soon become obsolete. For example, BlockBuster, a video rental company, had a great opportunity to acquire Netflix, but opted not to take it. Netflix managed to survive because it changed its business model. By embracing these changes, they remained in business.
Arthur Freydin – Risks involved in being an independent business owner
Owning a small business carries its own risks. There are many potential financial problems that can occur, and many entrepreneurs end up taking business loans. Unfortunately, this can put them in debt to the lending company. This makes it hard to generate revenue while trying to pay off your loans. There are some steps you can take to minimize this risk, and here are a few of the most common ones:
Although many external risks are out of your control, you can take steps to minimize internal risks. These can be technical, human, and financial. Identifying your business’s top risks will take time, but will be well worth the effort once you begin to see a positive return. To help identify the risks you’ll face in running your business, the U.S. Small Business Administration suggests ranking each risk and determining the potential costs of each. Once you’ve identified your top risks, you can then begin to plan for possible scenarios, such as an economic downturn.
Buying a franchise vs starting a business on your own
There are many advantages to buying a franchise versus starting a business on your own. One of these advantages is brand recognition and customer trust. By purchasing a franchise, you have access to a well-known brand and will automatically have a large customer base. In addition, a franchise has a well-defined marketing plan and a larger buying power. A business can benefit from these advantages, but each option has its advantages and disadvantages.
The primary advantage of buying a franchise is the consistency that comes with being part of a brand. Arthur Freydin believes that, a franchise is tried and tested and comes with a set of rules and regulations that you must follow. But the biggest disadvantage is the lack of personal freedom that you will have if you choose to start a franchise. Ultimately, starting your own business will allow you to pursue your own vision and be more flexible in your business.
One disadvantage of starting a business on your own is that you have to acquire the necessary skills to run a business. However, a franchise gives you access to training, support, and mentoring from the franchisor. The training provided by the franchisor is excellent and can lead to a successful business. If you enjoy the process, you can always expand the business to other locations. A growing market will most likely generate demand for your products and services.