The decision to start your own business is an exciting one. You have always dreamed of leaving corporate America behind, and now you are ready to do it. You are about to embark on the greatest entrepreneurial adventure of your life!
Starting a business, however, takes more than just the decision to do it. It takes time, planning, and the ability to go over a million details first.
So where do you start?
We have a few pieces of advice for anyone who is serious about becoming a business owner. These words of wisdom will work for anyone–whether you are starting a business from scratch, or going another route, such as purchasing a franchised business.
Research, Research, Research
Should we say it again? Research. You need to determine:
- Is there a market for your product or service?
- Would you have competition?
- What is the growth potential of the business?
In other words, assess your market before you dive right in. If you don’t do your due diligence, disaster could be lurking around the corner.
Know Your Finances
We do not need to say this, but we will anyway: starting a business takes money. Marketing, inventory, rent, attorney fees. You need to make sure you have the finances to cover all the expenses to get a startup going. At the very least, you need to make sure you can obtain the financing to make it happen.
While we are on finances, realize that there is the real possibility you will not be able to take a paycheck for the first six to twelve months. Do you have enough savings to cover your own bills and lifestyle?
Understand the Legal Stuff
Becoming a business owner means taking on all sorts of liability. You need to consult with an attorney and make sure you understand every legal point, from starting an LLC, or other entity, to knowing the ins-and-outs of employee management. If you do not cross your t’s and dot your i’s in this area, chaos will ensue.
You also need to understand your tax burden. Taxes as a business owner are completely different than taxes as an employee. Find a great CPA who can help you understand your tax obligations.
Create a Business Plan
Instead of “playing it by ear”, put it in writing. Create a business plan you can follow to make your new business a success.
Write down your mission statement, a description of products or services, who your key demographics will be, your financial obligations, and estimated sales. This will not only help you stay on target but could be requested by anyone you are trying to secure business financing from.
CLICK HERE for a great article on writing the perfect business plan.
Know the Risks
Success is not a guarantee. There are many factors, both from within and from the outside, that can affect your business. Economic factors, health issues, world problems (think pandemic), and others that can put up roadblocks to your success.
It is impossible to be prepared for every contingency, so just know that there are highs and lows in business ownership.
There Is an Easier Way
Starting a business from scratch can be rewarding. But it is hard. Many entrepreneurs consider a franchised business as the perfect alternative.
A franchise comes with many perks. The franchisor has already created a known brand and they have the process of business ownership down. They’ve created a plan, will train you, have the branding and marketing guidelines in place, and will always have support for you because they know that your success is their success.
And the best way to look at franchising? Contact a professional franchise consultant who can guide you from A – Z. They will help you find a franchise that is right for you, will help you obtain business financing, can introduce you to the right legal help, and so much more. Just like the franchisor, the consultant knows that your success is theirs.
If you are serious about business ownership, we wish you success on your journey!
Franchise Matchmakers is a team of franchising professionals that are dedicated to helping people explore business ownership as a career path. Contact them at email@example.com to find out more about franchising options that are perfect for you.