A business opportunity, in the simplest terms, is a packaged business investment that allows the buyer to begin a business. (Technically, all franchises are business opportunities, but not all business opportunities are franchises.) Unlike a franchise, however, the business opportunity seller typically exercises no control over the buyer's business operations. In fact, in most business opportunity programs, there's no continuing relationship between the seller and the buyer after the sale is made. Although business opportunities offer less support than franchises, this could be an advantage for you if you thrive on freedom. Typically, you won't be obligated to follow the strict specifications and detailed program that franchisees must follow. With most business opportunities, you would simply buy a set of equipment or materials, and then you can operate the business any way and under any name you want. There are no ongoing royalties in most cases, and no trademark rights are sold. Business opportunities are difficult to define because the term means different things to different people. In California, for example, small businesses for sale--whether a liquor store, delicatessen, dry-cleaning operation and so on--are all termed business opportunities, and individuals handling their purchase and sale must hold real estate licenses. Making matters more complicated, 23 states have passed laws defining business opportunities and regulating their sales. Often these statutes are drafted so comprehensively that they include franchises as well. Although not every state with a business opportunity law defines the term in the same manner, most of them use the following general criteria:
These are the most common types of business opportunity ventures: Distributorships. A distributorship involves entering into an agreement to offer and sell the product of another, without being entitled to use the manufacturer's trade name as part of the agent's trade name. Depending on the agreement, the distributor many be limited to selling only that company's goods or may have the freedom to market several different product lines or services from various firms. Rack Jobbing. This involves selling another company's products through a distribution system of racks in a variety of stores that are serviced by the rack jobber. In a typical rack-jobbing business opportunity, the agent or buyer enters into an agreement with the parent company to market their goods to various stores by means of strategically-located store racks. Under the agreement, the parent company obtains a number of locations in which it places racks on a consignment basis. It's up to the agent to maintain the inventory, move the merchandise around to attract the customer, and do the bookkeeping. The agent presents the store manager with a copy of the inventory control sheet, which indicates how much merchandise was sold, and then the distributor is paid by the store or location that has the rack, less the store's commission. Vending Machine Routes. These are very similar to rack jobbing. The investment is usually greater for this type of business opportunity venture since the businessperson must buy the machines as well as the merchandise being sold in them, but here the situation is reversed in terms of the payment procedure. The vending machine operator typically pays the location owner a percentage based on sales. The secret to a route's success is to get locations in high-traffic areas and as close to one another as possible. If your locations are spread far apart, you waste time and traveling expenses servicing them, and such expenses can spell the difference between profit and loss. Opinions expressed by Entrepreneur contributors are their own.
Every entrepreneur has a different story about why he or she decided to start a business. Some have known from day one that they wanted to work for themselves and others come up with ideas while working for someone else and decide to take the entrepreneurial leap. Most business owners will agree on one thing -- being an entrepreneur is great. There are endless reasons for this, and every entrepreneur will have his or her own personal reasons as well. Here are 60 reasons, in no particular order, why I think entrepreneurship is amazing. 1. You have full control over your destiny. You call the shots and make the decisions that ultimately determine the success or failure of your business. Nobody will get in the way of your vision. Related: 50 Reasons to Start Your Own Business 2. Entrepreneurs are innovators. Think of all the new technology and ideas that have come to life over the past few years. Those were all once just an idea -- but amazing entrepreneurs brought those ideas to life. 3. You become part of a family. The entrepreneurial culture is almost like a big family -- and you won't find a better group of people willing to offer advice and help than fellow entrepreneurs. 4. You control who represents your brand. The team you surround yourself with plays a major role in your success -- you can assemble a team of like-minded individuals that share your same drive and passion. 5. No dress code. CEO and Founder of Vivint, Todd Pedersen, was recently on the TV show Undercover Boss and stated that he wears a company-branded baseball hat daily. He is the boss -- he can wear whatever he wants. 6. You have the opportunity to change lives. Have an idea for a product or service that has the potential to make a huge impact? Go for it -- nothing is stopping you! 7. You have full control over your workspace. Do you excel in a creative environment? Want an office with dry-erase paint so you can draw on the walls and a full espresso bar to keep you full of caffeine? Make it happen! 8. It provides a rush that is hard to duplicate. There is no greater shot of adrenaline than the one you receive after reaching a goal and knowing you worked extremely hard to get to that point. 9. You serve as a role model. As an entrepreneur, people will look up to you. You have the ability to be a role model for family, friends, employees and community members. Your success serves as motivation and inspiration. 10. You will never be bored. There is always something to do and you will more than likely always have a mile long to-do list. Every day presents new challenges and new opportunities to keep you on your toes. 11. Freedom to travel. Modern technology, remote employees and the Internet allow you the freedom to travel while still running your business. Being able to see the world while creating an amazing company is a realistic possibility. 12. There is no age barrier. Entrepreneurs are starting at very young ages -- some straight out of college, some while still in high school and even children as young as 9 years old that want to create healthy treats. 13. Your mind will always be utilized. Every single decision that involves your business is your responsibility, from the initial concept and branding to the growth and goal setting. 14. The satisfaction of saying you're a business owner. It is a great feeling to be able step back and say, "this is my company," while proudly holding your head up. Being an entrepreneur takes an incredible amount of work -- those few words feel so good coming out of your mouth. 15. Go cubicle free. Entrepreneurs have total freedom to roam, create, delegate and work. There are no cubicles or desks to be tied to all day. 16. No blame game. As an entrepreneur, there is no finger-pointing when something goes wrong. Knowing every decision that I make daily directly impacts my business is the best kind of motivation. 17. You never feel undervalued. If you have ideas to make the business better you can implement them right away -- you don't have to hope that someone in a higher position will give you the time of day and listen to your suggestions. 18. Creating something from nothing. Every business starts as an idea. You get to create it from the ground up. 19. Opportunity to make a better mousetrap. Have an idea to make something better or more efficient? Make it happen! 20. Spend more time with family. Entrepreneurs with children have the ability to adjust their schedules to attend school functions and activities. 21. You get out what you put in. If you are willing to work harder than anyone else, you will be rewarded accordingly. Want to experience more growth and opportunities? Simply work harder. 22. Provide opportunities for family members. Many will say that mixing family and business partnerships is a bad idea (and I agree) -- but this is less of an issue when talking about an employer/employee relationship. 23. Opportunity to give back. Owning a business gives you the opportunity to support local charity events, local schools and nonprofit organization. Being able to make a difference in your community is a great feeling. 24. Become healthier. A flexible schedule allows you to create a fitness routine and stick to it. Hit the gym early in the morning, at lunch or in the evening -- whatever works for you. 25. Enjoy your hobbies. As long as you "do the work" and give 100 percent when in work mode, your free time can be spent doing the things you love. Attend more sporting events, play more rounds of golf or fish more. Being an entrepreneur provides you with the ability to enjoy your hobbies more. 26. You contribute to society. You can directly impact society by introducing a service or product that people use. 27. No more frantically checking the time. How many times does the 9-to-5 crowd check the clock daily? Often. As an entrepreneur your time management balance is key. Your day ends when your tasks and responsibilities are taken care of. 28. You report to nobody. There is no boss to report to and you don't have to get expense requests approved. If you want to do something you believe will help your business there is no red tape to navigate through. 29. It'll be one of the biggest challenges you will face. Leading a company and team members on a growth path is a huge challenge. The obstacles you face along the way will provide you with an experience you won't find anywhere else. 30. No career hamster wheel. Imagine doing the same thing every day for as long as you work. Thankfully, as an entrepreneur you don't have to worry about this -- you wear multiple hats and play a variety of roles. Related: Passion, Freedom and Impact: The 3 Ingredients of Business Success 31. The ability to pivot. If your business model slows down, you have the freedom to pivot. Think of how many businesses died because of the Internet. The ones with good leaders simply pivoted and made adjustments to survive. 32. You get to work with brilliant minds. As an entrepreneur you will connect with extremely intelligent people from all over the world. You encounter brilliant minds on your team and through business relationships. 33. Create a legacy. Creating a successful brand to the point where it leaves a personal legacy behind is appealing and serves as motivation for many entrepreneurs. 34. Turn your passion and beliefs into a business. Are you passionate about health and fitness? Become a nutritional consultant or open a gym. You have the ability to create a business as well as impact people through your passions and beliefs. 35. You can make people happy. There is a good chance you own an Apple product -- an iPhone, MacBook, iMac, iPod or iPad. These products bring a smile to faces of millions every single day. Sure, Apple is making billions of dollars, but they are also making their customers happy. 36. You will never hit a ceiling. Some jobs have a growth cap and you can only advance so far. When you are an entrepreneur, there is no growth ceiling. 37. Earn a living doing what you love. Let's face it, money is important. When you are able to make a comfortable living doing what you love it's a win-win situation. 38. Feeling appreciated is great. It's a great feeling when you receive an email or phone call from someone that took time out of his or her day to let you know that your business impacted them in a positive way. 39. Build your own security. It doesn't get any more secure than controlling your own destiny. You will never stress about having the wrong person in charge of a business. 40. You get to constantly learn. As an entrepreneur you are always learning lessons -- sometimes the hard way. It is a priceless education that you can't get in a classroom. 41. Eliminate downsizing or layoff fears. Businesses make cuts and lay off employees daily. That can be extremely stressful. When you become an entrepreneur this fear doesn't exist. 42. Bad days could always be worse. A bad day as an entrepreneur is better than a bad day working for someone else. 43. No degrees or pieces of paper stand in your way. You don't have to have a degree from an Ivy League school to start a business. In fact, some of the most successful tech billionaires dropped out of college. 44. You get to push the envelope. There are no boundaries -- create, invent and disrupt as you wish. This is how brilliant ideas are born. 45. Satisfy your personal curiosity. Most entrepreneurs are curious -- will my idea work? Can I grow this into a sustainable business? Can I be a good leader? 46. No more boring meetings. Gone are the days of boring meetings -- now, if you are in a boring meeting, you have nobody to blame but yourself. 47. Media and press acknowledgement. When your company receives media coverage and validation it is extremely satisfying. Recognition for the hard work you put in helps fuel your inner fire. 48. You become a provider. As an entrepreneur you will become a provider for many. Your employees will depend on your leadership and decision-making, as it will directly impact their livelihood and well-being. 49. Create your own corporate culture. You get to create a corporate culture based on your beliefs. Want to allow your employees to work from home on Fridays? How about providing in-office daycare to allow your employees to bring their children to work? You get to develop the corporate culture that you believe will provide the best environment for success and excellence. 50. Experience personal growth. It is a great feeling when you look back and see how much you have grown as an individual. The growth and success of a business is often directly related to the personal growth of the entrepreneur behind it. 51. You become an expert problem solver. As a business owner you become very resourceful and over time you will learn to overcome anything and solve any problem placed in front of you. 52. It never feels like work. Some might disagree -- but that just means they haven't found what they truly love to do. Once you do find that you will never refer to what you do as work. 53. Even learning disabilities can't stop you. Johnny Earle, the creator of the brand Johnny Cupcakes, is proof that not even a learning disability can stop an entrepreneur from succeeding. If you don't know Johnny's story watch this video for some inspiration. 54. Endless life experiences. You get to travel to new places and interact with different people all the time. What some might see as just a business conference, you see as an opportunity to visit a new part of the world and meet people you would never have met otherwise. 55. You develop an iron jaw. You are going to get hit and knocked down. Learning to take the punches and continuing to get up turns you into a stronger business owner and individual. 56. You get to walk on the wild side. When you put your own livelihood and finances on the line because you believe in something 100 percent, it becomes an extreme rush. 57. You conduct your own performance review. Sales, company morale, growth and customer feedback can all be used to judge your performance -- not some person with a clipboard and a generic Q&A review test. 58. You can get competitive with yourself. Entrepreneurs are competitive by nature. The goal is to constantly improve and grow, so turn it into a personal competition. Can you make more business contacts today than you did yesterday? Can you motivate your sales team to crush the numbers from yesterday? 59. It enables you to dream big. No idea is too crazy and no goal is too big when you are an entrepreneur -- you can dream as big as you want! 60. You don't have to be lucky. Luck has nothing to do with being successful. Thinking it does is just an excuse that prevents you from achieving success. What are some other reasons why you became an entrepreneur or why you are striving to become an entrepreneur in the future? Share your thoughts in the comments section below. Related: It's OK to Be Great: Why Entrepreneurs Deserve to Stand Out
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