By Anica Oaks
College-aged adults faced with the question of what to do as a profession are frequently advised to simply look for a job. Those who wish to follow their passions and those who seek a higher level of personal freedom are often drawn to the idea of being their own boss. But how does one get started in their own business exactly? The answer for many can be found by following one of these four paths to entrepreneurship and the financial freedom that hopefully comes with it.
A Consulting Career as Your Launch Pad
A consultant is someone who is knowledgeable and authoritative about one particular subject. The knowledge and experience consultants possess is the value proposition that they offer their clients. Establishing a consulting practice is a popular way for professional people to transition into self-employment.
Historically, it was senior-level managers who took the consulting route, but a burgeoning freelance labor market has created new opportunities for all types of people with specialized technical and creative services skills to enter the consulting market. The relatively tiny startup costs associated with starting up a new consulting practice make this path toward self-employment a viable one for everyone who possesses the skills and professional experience clients demand.
A franchise opportunity is a very good path for those who want to start a new business that already has a proven methodology. One of the advantages of owning a franchise is the marketing and support that comes from your relationship with the franchisor. One advantage of this path is that franchise businesses are known for having a higher probability of success. One downside of franchising is the higher initial investment required of you.
Incubators and Accelerators
In the United States, startup organizations enjoy the benefits of a number of new venture incubators and startup accelerators that exist to nurture emerging businesses. These laboratories of enterprise are designed to assist fledgling entrepreneurs in developing their ideas under the supervision and guidance of experienced entrepreneurs. If you’re looking to gain some relevant training prior to launching a startup, a master’s degree can be a good option. If this makes sense to you, then consider registering for an online MBA program from an accredited business management school or technical university.
The SBA Route for Millennials
Entrepreneurship can be an exciting way to blaze your own career path. It’s a path that does not require a college degree or an angel investor to fund its launch. The Small Business Association (SBA) makes resources available to the millennial generation geared toward encouraging young people to consider self-employment as a career. SBA resources include business startup information, online courses, competitive strategies, marketing guides and other tools designed to get you to believe that starting a business is far easier than you might think.
It is a rare person indeed who happens to be born with all the strengths and characteristics that will make a growing business flourish from the first day. In reality, successful entrepreneurs are made, not born. If you believe that you’re ready to strike out on your own, then the foregoing ideas and concepts will give you a good sense of which path to take on that long road to self-discovery and self-employment.
Anica Oaks is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. She was raised in a big family, so she’s used to putting things to a vote. Also, cartwheels are her specialty. You can connect with Anica here.