The prospect of corporate layoff has become all too common in today’s business climate. People of all ages and walks of life are being laid off and wondering what to do next. With many feeling lost and unsure of the future, more and more professionals are looking towards entrepreneurship and business opportunities for their future.
However, exploring business opportunities can be tricky and intimidating. With so many options to consider, knowing where to start and what questions to ask can be overwhelming. To help professionals explore business opportunities after corporate layoffs, we at the International Franchise Professionals Group (IFPG) have compiled a list of questions that one should consider when looking to start a business.
In this article, we will discuss the questions to consider when exploring business opportunities near you after corporate layoffs. We will cover topics such as franchising, investment needs, legal considerations, government resources, and more.
What are the Different Types of Business Opportunities?
When it comes to business opportunities, there are a variety of options that one can consider. The two most popular business ownership models are franchising and startup businesses.
Franchising is the process of purchasing a brand’s products or services in order to develop a business. When investing in a franchise, one has access to the brand’s name, business systems, advertising campaigns, training programs, and other resources. Franchising allows you to purchase an already established and popular brand and gives you the tools to earn profits from day one.
On the other hand, starting your business from the ground up requires plenty of research and planning. A startup business will require you to come up with the idea, create a business model, establish a business entity, find investors, and more. Starting your business from scratch involves a longer and more intensive process, but gives you the freedom to do things your own way.
What Are the Investment Needs?
The amount of money needed to start a business varies from opportunity to opportunity. Typically, one would need to have liquid capital of at least $100,000 to start a franchise. When it comes to starting a business from the ground up, the investment needs can vary greatly depending on the type of business that you are looking to start.
On top of the initial capital, it is important to factor in future investments for marketing, operations, and other costs associated with running a business. Additionally, prospective business owners should begin considering their long-term and retirement strategies as well.
What Legal Considerations Should I Take Into Account?
Starting a business involves a variety of legal considerations, such as deciding on a business structure, financing options, tax implications, labor laws, contracts, and more. Each business opportunity will have its own set of legal requirements, so it is important to research and understand the legal aspects before making an investment.
What Government Resources are Available?
The government provides several resources that business owners can use to get their business up and running. These include grants, tax credits, loan programs, and more. Depending on the type of business and the state in which you are operating in, you may be able to apply for certain incentives and resources to help ease the financial burden of operating a business.
Finding the right business opportunity after a corporate layoff can be a challenge, but with the right resources and guidance, it is possible to find the right opportunity for you. Finding a business opportunity begins with doing your research and asking the right questions.
Keep in mind that when it comes to business, no two opportunities are exactly alike. You need to assess your prerequisites, investment needs, legal considerations, and financial capabilities before making any decisions. Additionally, make sure to utilize the resources available to you, such as the International Franchise Professionals Group (IFPG). With all of these considerations in mind, you can begin to explore business opportunities near you.