Your idea: high risk – high profit? Realizing your business idea is undoubtedly the “royal class” of self-employment. You have to design and create everything from scratch. As a founder, you can freely determine which product your offer should have and which target group your work is aimed at, how you want to position it, advertise it, etc. It’s all fascinating and fun – we speak from our own experience! The advantage of this enormous creative and entrepreneurial freedom is, at the same time, a significant challenge.
For one, it takes a certain amount of creativity to develop an idea. One of these ten creativity techniques can help. This includes, for example, a professionally conducted brainstorming session. A mind map can also help to rearrange and structure thoughts.
Because you are starting with a completely new concept, careful planning is necessary on the one hand, which is associated with a high expenditure of time. The risk can be reduced, for example, with the lean startup approach, in which, for example, the market is tested with a product that is limited to the minimum ( minimum viable product ).
On the other hand, founders with their business idea also need a lot of courage since there is no real proof of whether their concept is accepted and taken up by the market at the time of the founding. Therefore, it is not surprising that founders with their business ideas fail comparatively often – around a third of all founders give up again within the first three financial years.
However, once you have survived the critical years and built a successful company, in addition to a comparatively good salary and the company value that may have been created, the emotional factor is usually the actual reward. After all, the feeling of having successfully built your own company is priceless.
Anyone who wants to set up a business needs a business idea. Anyone who wants to be successful needs a good business idea. Finding a good business idea is not that difficult, sometimes you just have to do it better than the others. We will introduce you to over 400 business ideas.
Franchising: own boss with a tried and tested concept
Starting up via franchising is a very interesting and usually successful (er) way to become self-employed. As a franchisee, you implement an already established business model in a new, mostly geographically demarcated region.
The advantages of franchising are accordingly obvious. Since a tried and the tested concept is implemented, the establishment usually occurs relatively soon after an agreement with the franchisor. Franchisors support new members both in the start-up phase – e.g., in finding the right location and financing – and company management. Another significant advantage is that franchising does not necessarily require industry expertise. Therefore, franchising is particularly suitable for those who want to venture into a lateral entry.
On the other hand, there is more limited entrepreneurial freedom, as one has to adhere to the franchisor’s specifications. However, since the guidelines have already proven themselves in practice and are continually being optimized, in our opinion, they are to be regarded as useful pointers.
Franchise ideas in our franchise exchange
In our franchise exchange, numerous franchise systems and their ideas are presented to you. You can filter by industry and required equity and have the right franchise ideas displayed: search the franchise exchange now.
Well planned is half the battle, and that also applies to setting up a business. That is why we have put together ten steps for you to serve as a guide on the way to self-employment with a franchise.
Not for beginners: take on a successor.
The third and indeed, the most complex path to self-employment is the succession. Establishing a line is complicated because the right company’s search usually turns out to be rather tricky. Once you have found the right company, it is time to examine the company (due diligence) and negotiate the contract. If one then agrees, a staggering handover usually follows.
The challenges that usually arise when founding a successor are high compared to other forms of formation. On the one hand, a large investment in advice, e.g., for due diligence and contract drafting, is usually necessary. On the other hand, months often pass due to tough negotiations with the owner. It is also important that the chemistry between the parties is right – after all, the former owner wants his “baby” to be in good hands. The seller also expects extensive industry expertise and management experience, which is another hurdle for many founders.
However, the succession’s significant advantage is that you continue to run an already established company and thus not start from scratch. The company usually has to pay a high purchase price, but you can pay yourself a reasonable wage right from the start, which is generally not the case with the two other forms of formation.