Becoming an entrepreneur can feel like risky business, but the payoff can be high. According to a collection of salaries and income research by Indeed, the average salary for an entrepreneur in the United States is $70,273. But it's not time to dive into business ownership just yet. There's a darker side of entrepreneurship. Half of all failed businesses halt operations because of lack of profits or issues with financial funding, as reported by Global Entrepreneurship Monitor (GEM). An established business model, educational business resources, or marketing support can go a long way to keep entrepreneurs on their feet.
Fortunately, there are plenty of brands out there that help aspiring entrepreneurs fulfill their dreams. From getting the right exposure to providing opportunities, here’s where to turn if you’re an aspiring entrepreneur.
A common struggle for entrepreneurs is finding the right connections for their business whether they're looking for new clients, support, or potential funding opportunities. But you can find it all in one place on LinkedIn with over 15 million entrepreneurs in the United States and the United Kingdom alone. To stand out on the platform, entrepreneurs can leverage LinkedIn's tools and engage on the platform by asking for introductions from potential clients, engaging in industry-focused LinkedIn groups, creating a company page for their start-up and publishing on LinkedIn Pulse.
Dell doesn't just make great computers and devices for consumers and entrepreneurs alike. The company also keeps a focus on entrepreneurship in the global marketplace. Its founder, Michael Dell, became the United Nation Foundation's first Global Advocate for entrepreneurship to help job creation and entrepreneurship to pave the way for the next billion jobs. Dell also offers an Entrepreneur In Residence (EIR) program to offer entrepreneurs a chance to bring their skills and vision to their corporation for a set period of time. EIR's often come in with a unique skill set that doesn't exist within the organization and helps define new innovations. Dell's first ever Entrepreneur in Residence (EIR) was Ingrid Vanderveldt, who led initiatives like helping Dell's Government Affairs team create the first Federal State based Entrepreneur in Residence Bill.
Entrepreneurs looking to step into an established business can look at franchise opportunities to avoid reinventing the wheel, but the level of time and financial commitment is usually high. According to the Small Business Association, today's franchise fees range from $20,000 to $50,000 plus costs for marketing, royalties, and the cost of the franchise itself. That means entrepreneurs could be spending upwards of $100,000 just to enter into a business model without guarantee for success. Meanwhile, established brands offer opportunities to step into direct sales at low or no cost and create the opportunity you want.
For example, Amway's $8.6 billion global corporation offers everything from corporate jobs to directly tapping into their established products to sell and profit from on your own. Entrepreneurs enjoy flexibility whether they want to use the money as a side income to fund their dreams or scale it full-time and make it into their own business.
Knowing that entrepreneurs and small business owners often spread themselves too thin, Office Depot launched Bizbox in 2017 to offer a solution. The monthly subscription platform includes all the tools, services, and expertise to run and grow a business from figuring out email marketing campaigns to building a brand online. To make sure the starting price of $49 on up to $299 a month is a good fit for entrepreneurs, BizBox also offers a free consultation to talk through their products and services.
TOMS already built a name for itself with its socially conscious and eco-friendly business model. To give back, TOMS works to invest in the next generation of entrepreneurs using business to improve lives. The company's Social Entrepreneurship Fund invests in innovative business models that work to create meaningful change and purpose-driven companies. Some of their investments include Thrive Market and Change.org. The investments not only help financially but give these entrepreneurial pursuits credibility and exposure in the marketplace.
However you start building your entrepreneurial journey, remember that you're not alone. You can reach beyond your current support system and network to partner with brands giving entrepreneurs a chance. From stepping into your own business model to finding the right tools and resources, you can build your business with the help of a brand that's been there and done that before.