Been thinking about going out on your own?
Ah, the lure of running your own show. Owning that quaint bar, restaurant or coffee shop because you have just the right idea. A recent study shows that there has been an increase in restaurant startups but the failure rate has been 90%! Not too encouraging.
How about a franchise? You pay a percentage for a business that has a system for success. Not so fast, Timothy Bates, a Wayne State University Economist, paints a very different picture. After 4 years, only 62% of franchises have survived.
However, your chances of being happy are pretty good! NFIB reports that most Small Business Owners feel their businesses are successful. A bit more than half (51%) are doing what they like best. Most report (8 on a scale of 10) are personally satisfied.
Looks like those who make it are pretty happy. Dream a bit more and then go for it!