Is franchise ownership for you?
Good evening Startup Nation visitors! Today we begin a 15-part, five week crash course that will help you decide whether or not franchising is the right thing for you. Starting your own business can be extremely daunting.
- What is the right business for me?
- How do I get financing (or do I even need financing)?
- Home based? Retail? Service? Food?
There are so many options that most people decide that staying in the “9 to 5” world is much easier. It doesn’t have to be.
So let’s get started with the first step.
Step 1 – Analyze Your Goals
Finding your passion is one of the first steps in deciding what business is the best for you. Do you like maintaining your lawn? Then something like Spring Green Lawn Care Franchise may be a good fit for you. Or what about assisting senior citizens? Then why not consider a Senior Care franchise. No matter what you decide, you should take all of the time you need with your family, a laptop or pen and paper and think about the following questions:
- Do you need a specific annual income?
- Are you interested in pursuing a particular field?
- Are you interested in retail sales or performing a service?
- How many hours can you work? How many are you willing to work?
- Do you intend to operate the business yourself or hire a manager?
- Will franchise ownership be your primary source of income or a supplement to your current income?
- Do you get bored easily? Are you in this for the long-term?
- Would you like to own several outlets?*
Jack Burris is president of Red Beard Marketing, a business development and branding company based in Charlotte, NC. Red Beard represents some of the best and brightest minds in the franchise community including Franconnect, Franchise Business Review and FranchiseWorks LLC, all small businesses designed to help franchisors, franchisees and interested investors through the franchise process. Red Beard has helped several clients achieve over 100% sales growth and regularly achieves double digit increases for all clients.