Should I Start My Own Business? 5 Questions to Ask Yourself

According to a study by Guidant Financial, the main reason people go into business for themselves is simply because they’re ready to be their own boss. Of those who chose to become entrepreneurs, more people did it through franchising than with an independent business.

Should I Start My Own Business? What We Ask and Why

At Teriyaki Madness, we talk to people quite a bit about their “why” in starting a business because it helps us match with franchisees who are well-suited to our brand. Here are some of the questions we ask and why we ask them:

1. What is motivating you to want to become a business owner?

To truly answer the question “Should I start my own business?” you must be motivated to get up and run that business every day. You’re often in a better decision-making position if you want to move toward something (i.e., greater control over your time or finances) versus moving away from something (such as a dislike for your boss or your job).

2. What do you see as your role in the business?

You can own a business in a few different ways. For example:

• Be an executive owner: Oversee the business with others providing the hands-on work
• Be an owner-operator: Actively run and own the business
• Be a semi-absentee owner: Own the business but have others manage and run it for you

We offer all three ownership options at Teriyaki Madness. Sometimes people grow through these roles, and sometimes they stick with the same role for the entire franchise term. If you know what you want your role to be, it can help you decide which type of business works best for you.

3. What are you passionate about doing?

Passion helps keep you motivated to run the business every day. Being in an industry you don’t like can become tiring very quickly. At Teriyaki Madness, we want someone who can commit to being passionate about a great food and customer experience for 10 years (and hopefully longer!)

4. What kind of business will work with your skill set?

There is a learning curve to owning a business; however, if you choose to go into a business for which you have zero of the required skills, that’s going to be a challenge. You’ll need to either obtain those required skills or find people with those skills to be part of your business.

We don’t require any restaurant experience at Teriyaki Madness because we train you on every skill you need to know. Some franchises will be less thorough than we are, and certainly starting an independent business will require you to learn those skills on your own.

5. Do you have the capacity to invest financially in starting a business?

You may want to start a business part-time to keep your current job, or you may choose a business where you need to leave your job to commit to getting it started. Either way, you’ll need a good financial position to get started and to keep going until you’re generating revenue.

Prepare a good overview of your financial position from cash on hand to investments to your overall net worth. Knowing where you sit financially will help you make the best decision on the business to pursue.

Should I Start My Own Business through Franchising?

Should I buy a franchise or start my own business? Well, becoming a franchise owner has a few benefits that are not available when starting your own business.

First, they allow for a faster transition to being an owner. There’s less background work to do because you’re buying a proven model. Everything you need to get open and running is already laid out.

Second, you have a history of the franchise’s AUV, if that franchise includes an Item 19 in its FDD, to let you know what other franchisees are averaging. This will help you better understand the investment.

Third, you have a team to support you. This includes the franchisor team with support in marketing, vendor relationships, hiring, and management as well as the franchisee network – people who are in your shoes running the same business as you.

Explore Teriyaki Madness

The bottom line of why you should start your own business is because you want to do it and you’re willing to put in the time to do it. Joining an experienced franchise like Teriyaki Madness may give you the leg up you need to head down the right path.

You can download our franchise report to get an idea of what it would be like to become a business owner through franchising with Teriyaki Madness. Get started today!