Starting a business may seem light years away if you are at a point where you are ready to become an entrepreneur, but just doesn't know what business to start or what to do. We will have the answer to you in this short blog, and explain why you should NOT just buy into this multitude of "business opportunity" that fake preneurs (Yes, that is a made up word) are throwing your way. If you have been impatiently looking for the right business opportunity to start that Hustle inside of you, scroll down on the 5 single points that you need to consider and continue on reading for our business suggestion.
Should you consider buying a franchise?
What is a franchise? A franchise is a business brand that is already existent in the marketplace where you are able to purchase its rights to own a single or multiple locations of it, just like McDonalds, 7Eleven, Expedia, etc.
Why should I consider buying a franchise? When you start your own business from scratch you will encounter a multitude of setbacks related to the lack of experience in that particular field. Many people trust their gut to being able to grow a massive and successful business of their own that they tend to go all by themselves in the business venture, and end up falling in the first 5 years. In fact, there are statistics stating that over 90% of businesses fail in the first 2 years of operation.
When you buy a franchise, you are buying into a business that has already gone through all of these initial setback experiences, guiding you along the way and giving free business advice as you navigate through your own business growth.
After all, why should would you compete with a new business of your own if you can leverage the successes of others and grow to massive levels?
So if you are considering starting your own company business, and grow to massive levels of successes, NOT just becoming self employed, then we will show you exzactly what to consider and which Franchise opportunities are out there for you to acquire. But this will only be if you are willing to expand into great team of your own employee, and not just work by yourself with limited growth potential.
Consider this before opening your own franchise:
Simply analyze if the franchise you are acquiring has its Franchisor's presence. The way you can tell if that business has a growth potential is by simply speaking to the franchisor of that particular business. Ask what his/her vision is and how much time do they dedicate themselves to the growth of the business. Ask simple questions such as: why do they consider themselves better than their competitors - You should not only consider their answer, but also consider their confidence in their response. Sometimes only numbers does not represent how well the business will grow. - Profits and losses is only a small percentage of the potential that business will represent.
This is the time to stick to your gut feelings more than the numbers and statistics. Ask questions!
Another way of looking at the growth potential now that you fully trust the franchisor's ambitious vision, is to Analyze if the market is not overcrowded with the same franchisees around your area. There are a multitude of huge and expensive franchises out there, but don't confuse yourself thinking that only because you know that particular brand, that that is a great franchise opportunity. It is better to start while business is at its beginning, than to spend Hundreds of thousands on a brand that has already overfilled the marketplace.
Look for educational material:
We have analyzed throughout the years hundreds of Franchise business "opportunities". It's quoted because many call themselves opportunities when they really aren't. Very few, if not one or two of all, offers an educational sales program to its franchisees, business owners. This Mobile business franchise offers one of the best Sales university materials for free, the entire Cardone University.
More headaches than growth:
Lastly, before getting into the selection of business that falls through all of these models, consider if the style of business will bring you more headaches than actual excitement and growth potential. Many people end up picking the business that will bring them more money in the short term, that they end up choosing the most stressful business model out there. Usually, Mobile businesses with lower overhead will bring the most fulfillment and lowest "bad" stress levels. You will always live your entrepreneur life solving problems, but when you get to a point where you are only putting out fires everyday instead of creating new ones, then you should reconsider that business model.
These were all simple tips to what you can look for when selecting the best businesses to get into. Now, if you are still confused about which business to start, we have selected for you the closest business opportunity that offers all of the positive qualities stated above. Click HERE to go to their main page or call today their franchisor to ask those 3 important questions listed on this blog: 804.250.1028