If you want to be self-employed, particularly within the contractor industry, but you’re not sure that you want to actually start your own business, you don’t need to worry. Starting a business is not the only way you can make money and be self-employed. Luckily, there are a number of different routes that will enable you to experience some of the same thrills and freedoms of business ownership, but that come with fewer potential issues. Read on to find out what they are so you can take advantage of whichever one will suit you best.
Buy An Existing Business
Business owners choose to sell their businesses all the time; it can be an ideal way to enjoy a financially free retirement, for example. The benefit of this is that you can go in and buy a business that already exists, already has customers, and is already making a profit. You’ll be able to make money right away, which is not something that is usually possible with a startup.
You will also have plenty of creative control if you buy a business. Although you won’t want to change everything – if it’s bringing in money, there isn’t much point in changing it all – you can put your own stamp of things and make improvements such as adding a better revenue cycle management platform or updating the website or perhaps expanding the range of services you can provide.
The downside to this idea is the cost. It can cost as much as buying a house to buy a business, depending on how profitable it is, and that’s not something everyone will be able to afford to do.
Buy A Franchise
There are a number of construction businesses that run within the franchise model mold, and it’s like you’re already aware of at least some of them. If you want to be self-employed but don’t want to start your own business, buying a franchise can be a fantastic solution.
Buying a franchise is different from buying a business since you’ll need to pay a certain percentage of your income to the franchise owner, and there will be restrictions on what you can and can’t do – every decision you make has to be made within the systems already in place. This might include what suppliers you can use or what your website looks like. On a positive note, franchises are initially much less expensive than buying a whole business, and there will be plenty of support behind the scenes to ensure you are as profitable as possible.
Become A Freelancer
When you are a freelancer in the construction industry, you’re not tied to one company or employer, and you only need to think about yourself. You can choose how you work and where and when, so you can have the freedom and flexibility that comes with running a business. You are in control and only need to consider your customers.
The downside to this is that sometimes you might not have very much work, and finding new clients can be difficult without a business to impress them with. To combat this issue, you can work for an agency. They will take a fee, but you may feel it’s worth it.