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If you ever reach a point where you hate every job you apply for because you never earn what you’re worth, you do have another choice. It’s a choice that’s been made by millions of Americans who have chosen to be their own boss by working as consultants, contractors, or freelancers. These people work for themselves by offering clients their specialized technical skills.

Still, that’s not the only option available when it comes to being your own boss. You can also decide to start your own business or invest in a franchise. These two options, in fact, are often more effective ways to get you closer to your dreams of financial independence.

What’s more, you can own a business that reflects your interests. If you start your own business, you can, of course, choose what type of knowledge, skills, and aptitudes you can monetize. And if you opt for a franchise, there are many types of franchises to pick from, so you’re sure to be able to find one that plays to your strengths.

Assuming, then, that you don’t want to be a consultant, contractor, or freelancer and would prefer to either own your own business or sign up to be a franchisee, how do you decide which is better?

Let’s take a closer look at this question to see which route will work out for you.

Benefits of Starting Your Own Business

  1. You can pursue your vision: A vision is a beautiful thing. It gives your life purpose and meaning. If you can monetize your vision, then you’re not the only beneficiary. Your work will change the world for the better. A perfect example of someone who is pursuing a grand vision is Elon Musk. He is not only changing the world of automobile transportation, but also of space travel and renewable energy through his three interdependent companies, Tesla, Space X, and SolarCity.
  2. You can do it your way: If you find it hard to follow directions, it’s because you see a better way something can be done. If you’re somebody who likes to fine-tune ideas and business processes, then you’ll enjoy designing every aspect of your own business.
  3. You can choose your own hours: As a business owner, you don’t have to work a 9-to-5 shift or an 11-to-8 shift.  You can choose any type of work schedule you please. Instead of organizing your life around your work, you can organize your work around your life. This freedom to choose your own hours will allow you to work according to your biorhythms, choosing to be active during your peak energy cycles and to unwind when you’re feeling a little overwhelmed.

Benefits of Signing up for a Franchise

  1. You can start with little or no business experienceOne reason many people don’t start their own business is simply that they’ve always been employees. As a result, they feel that they don’t have enough knowledge or skills to start their own venture. When you join a franchise, you will get all the training and coaching you need to successfully run a business.
  2. You can follow a proven business model: Instead of having to learn through trial-and-error, you can benefit from all the business lessons learned by the franchisor. You don’t have to reinvent the wheel. Your job is just to make sure that it rolls in the right direction.
  3. You can enjoy all the advantages of an established brand: It takes time and money to build a brand that consumers recognize. When you join a franchise, all the work of brand building will have been done for you through national advertising campaigns. If, for instance, you join a retail franchise, customers will recognize your branded name as soon as they see your store sign.

Making a Decision

Either option could work for you. You would enjoy starting your own business if you’re fiercely independent and want to do everything your own way. You would enjoy working for a franchise if you have little business experience, don’t enjoy embracing unnecessary risk, and would like a proven formula to follow to build your wealth.

Now that you have a much clearer idea of what each option entails, it’s time to change your life. The joy of being your own boss and creating your own financial future is one of the most rewarding things you can do in life.