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The Entrepreneur’s Source Reviews the Question: Why Do So Many People Fear Self-Employment?

Why Do So Many People Fear Self-Employment? The Entrepreneur’s Source Reviews this Question

If the road to self-sufficiency was challenge free, we all would take it. Unfortunately, there are some obstacles to overcome in one’s journey to self-sufficiency, and the most difficult hurdle for an individual to overcome tends to be the fears they instill in themselves.

According to the Bureau of Labor Statistics (BLS), one in nine people is self-employed, yet fear of self-employment is one of the larger fears that individuals face when looking to achieve self-sufficiency. Many people are afraid of losing what they are familiar with by jumping into the unknown. These people may know what they need to do, but simply don’t take action because the risk involved with the career transition may seem too great. Today, The Entrepreneur’s Source reviews some of the fears associated with self-employment and what the reality of self-employment may look like for you.

So, Why Do Millions of Americans Fear Self-Employment? Many people fear being the sole decision maker in their career. Nobody wants to be the person who made the wrong call about their business, and when it comes to self-employment there simply is nobody else to blame but yourself. But think about it this way: Wouldn’t you rather be making the decisions in your own life and career rather than having someone make them for you? Fear of making the wrong choice shouldn’t paralyze you from unhappily staying in your old job. In fact, none of us have the ability to always make the right choice; that is called being human.  Having someone else make all of your career decisions for you is a complete loss of power in your career.

Other individuals fear that they’ll fail at being self-employed. Many people falsely associate being self-employed or being a business owner with a higher risk in terms of failure, but in reality it depends on how you define failure. Shouldn’t being unhappy in your career or not meeting or exceeding your Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals be considered a failure?

Many individuals fear being self-employed because they cannot escape the sense of insecurity that arises from the lack of a perceived corporate safety net, when in reality this corporate safety net may not even exist. Taking the leap toward self-sufficiency leaves you in charge of your career path. It is about getting your head wrapped around the idea that you are no longer going to be compensated for time and effort, but purely on results, regardless of how much time and effort you put in. For some this idea is liberating and admittedly for some it can be unnerving.

The Reality of Self-Employment and Business Ownership Yes, on average individuals who are self-employed tend to work slightly more hours and, on average, are paid slightly less than those who work for someone else, according to Pew Research Center. But just how big is this discrepancy? On average, self-employed people work 42.7 hours per week, compared with 41.7 hours for other employees and make on average $26 dollars per year less than an employee who works for someone else. Although these individuals are putting in slightly more hours for slightly less pay, the overall difference isn’t overwhelmingly significant. In fact, according to Pew Research Center, individuals who are self-employed actually tend to have a higher level of job satisfaction than those who work for others.

So why are people who are self-employed happier if they’re working slightly harder for slightly less? In short, people tend to value autonomy, flexibility and opportunity. When you put those ideals into practice, you’re a much happier professional. If you had the chance to enjoy the freedom, flexibility and work environment that comes with being self-employed, wouldn’t you work harder for that lifestyle?

As humans, we don’t like to leave our comfort zones, but what if there was a way to explore and learn what it takes to become self-sufficient? What if you focused on what you have to gain as opposed to what you have to lose? What if you found out that there was a career option that can lead to a more fulfilling life?

This is where working with an alternative career coach can be of benefit to those questioning their career paths. A coach at The Entrepreneur’s Source can help talk you through the advantages and disadvantages of self-employment and help you discover if it may be the right career choice for you to achieve self-sufficiency. For more information about becoming self-sufficient, contact an alternative career coach at The Entrepreneur’s Source today.

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The Entrepreneur’s Source Reviews: Why Franchising is an American Success Story

It’s clear that the landscape has changed. The New Career Economy® is forcing us all to be smarter about our careers. We’re not returning to the way it was. To the iffy corporate culture, the loss of job security and lower paying wages.

Instead of sitting back and watching our futures grow bleaker, many people are starting to step up and take control of their professional destinies. Entrepreneurial-minded individuals are looking for ways to be self-sufficient by no longer relying on the job market, but entering the path of entrepreneurship.

“More people are realizing that it is time to take control of their destinies. Being the laborer or the worker bee and giving their souls to their careers for corporate America is no longer the typical choice of most pragmatic people.”Terry Powell founder of The Entrepreneur’s Source®

Franchise businesses are expected to grow and create more jobs at a faster pace than the rest of the economy in 2015 for the fifth consecutive year, according to International Franchise Association (IFA).

Below are four ways to thrive in the New Career Economy® through franchise business ownership.

1. Franchising allows you to take all the skills you’ve learned working for somebody else and use them in your own business. If you decide you want to invest in a franchise in a different industry than your specific work experience, the franchise will provide you the initial and ongoing training to help you make that shift.

Over 73 percent of franchisees said they would “do it all over again” knowing what they know today*

2. The number one reason most aspiring entrepreneurs go into business for themselves isn’t money; it’s lifestyle. Being your own boss, controlling your own destiny and earning unlimited income potential is all great, but the priceless possibility of being able to have the life balance you can’t achieve in corporate America is often more important. Franchise ownership allows you to own your own business, without being in business alone.

Over 78 percent of franchisees said they would recommend their franchise brand to others*

3. Starting a franchise business creates unlimited income potential for you and your family. There are many possibilities when it comes to franchise business ownership, whether you aspire to create a business where you can build equity, have an appreciating asset, build a legacy you can leave to their family and get your children involved, or even eventually become a semi-absentee owner and create some residual income.

Over 80 percent rated their franchisor as good, very good or excellent*

4. Investing in a franchise business allows you automatic entry into the successful history of that organization. With a franchise, you get a brand name and an image of quality and success. Franchisors have already figured out the kinks, making the end-user buying experience repeatable and duplicable. Franchise business opportunities provide a proven operating system that helps set you up for continued success.

Franchise business ownership allows individuals to control their path versus having the market or someone else dictate what will happen in their future. When a person decides to take control, it is just the first step to learning what the possibilities would look like. The next step involves educating themselves in order to make the right business opportunity choice for themselves and their family through the discovery process. A business coach can also help in this stage by helping an entrepreneur establish his or her Income, Lifestyle, Wealth and Equity (I.L.W.E) goals.

For more information on how a business coach can help you move from Employment to Empowerment, contact a business coach at The Entrepreneur’s Source® today: http://www.entrepreneurssource.com/

* Source: Franchise Business Review, a national franchise market research firm, recently surveyed 25,000 franchise owners over 18 months

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The Entrepreneur’s Source Founder Terry Powell Explains the top Career Myth

“Growing up, it seems most people are taught to ‘do what you love’ (DWYL) or to find an occupation they are passionate about. This way of thinking is all well and good, but what happens when that passion doesn’t bring you anywhere near your goals?” said Terry Powell.

The High Cost of DWYL: 31 percent of College-Educated Americans Ages 35+ Never Worked Within Their Degree Field Source: CareerBuilder

Want to be happy? Don’t base your career path on something you love doing. Research has shown us that human beings are remarkably bad at predicting how they will feel when doing something in the future.

A business is simply a vehicle that gets you to your goals. Some people think you have to have an emotional connection to a business to be successful. The reality is successful people are in “the business of business.” They don’t have a love affair with the product or service.

Set yourself up for success… Make the rewards of a business be your passion   

The type of business you choose is less important than its ability to get you where you want to be. In essence, the vehicle is not nearly as important as the destination. The Entrepreneur’s Source® has the tools and experience to guide you.

Is a Myth Keeping You from Becoming a Legend?

When you own a business, your concentration is on running that business, not working in it. Studies show that when people are truly passionate about the service or product their business produces, their business judgment can get clouded and they tend to get stuck doing the technical work, giving them less chance of ongoing success.

Check out the 5 common franchising myths below that have kept many aspiring entrepreneurs from achieving success through franchising. So, don’t rule anything out! Keep an open mind when exploring your options—you may be surprised at the possibilities that present themselves.

The Entrepreneur's Source Franchise Infographic

At The Entrepreneur’s Source®, business coaches work with aspiring entrepreneurs to answer the tough questions and help establish income, lifestyle, wealth and equity (ILWE) goals in order to find the best business opportunity fit.

The decision to take control of your professional career through entrepreneurship is only the first step. An E-Source Coach can help take you through the Discovery Process and identify the right business opportunity that meets your y ILWE goals.

 

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The Entrepreneur’s Source Reviews: Exploring Financing Options

Although now is a great time for prospective entrepreneurs to enter the franchising industry, many of these individuals don’t know where to start.  One of the most critical unknowns when transitioning from employment to business ownership is financing. The Entrepreneur’s Source® reviews how you can set a financial plan and explore all your financing options.

As expected funding is a major concern for many individuals looking to improve their career paths, but it’s important to remember the money question is one that could be dealt with in a variety of ways and eventually overcome. Often people are not aware of the strategies available to them to finance a franchise or business.

Franchisees are expected to borrow over $30 billion during this year alone.

Lenders consistently provide commercial loans and business credit lines for proven business systems, such as franchise opportunities. Strong franchise brands with a history of success and experienced support teams are viewed as an important and tangible asset for lending companies. In many cases, you do not have to rely on one single source of funding and can look to multiple avenues to achieve your financing goals. Here are just a few of financing options available today:

  • Traditional Commercial Bank Loans
  • Equipment Leases & Loans
  • Lines of Credit and Unsecured Loans
  • Angel Investors
  • Creative Leverage of Existing Assets

The key is to learn more about both traditional and non-traditional forms of funding that you may not be aware of. For instance, most people who have a 401k don’t think they can leverage it without a steep financial penalty. However, many small businesses today  got their start with what is called a 401K rollover.

Other funding often overlooked or simply not considered are things like whether you qualify for a veteran discount or a small business loan through the Small Business Association (SBA). Even during difficult economic times, the combined elements of a proven success record of a franchise system and the credit history of the franchise prospect, are ideally suited for many financing options.

Other options to consider:

Franchisors that offer Financing.

Many franchise brands have created their own franchise incentive or financing programs for both first time prospects and multi-unit owners. In fact, Steve Caldiera, president and CEO of the International Franchise Association (IFA) reported that as many as 100 franchise brands offer original financing solutions, such as discounts or refunded franchising fees, to aid in franchise ownership and that this number is expected to increase.

Franchisor-Preferred Lenders.

Many franchisors, while not directly involved in financing, have established preferred relationships with banks and other lenders. These lenders have financed loans for past franchisees and understand the specific needs of that particular franchise. Their experience will speed up the process and help them process future loans to the franchisee’s best advantage.

No matter what, there are numerous sources for finding funding outside the traditional avenues. It is simply a matter of exploration. “People from all walks of life are making career transitions, and many are now choosing to take control of their destiny by considering becoming self-sufficient. The Entrepreneur’s Source® provides aspiring entrepreneurs with the tools needed to create a roadmap to financial freedom,” says Terry Powell, Founder of The Entrepreneur’s Source®, which has helped tens of thousands of people find new business opportunities throughout its 25-plus years.

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