Realistic Expectations When Selecting A Franchise Opportunity
Owning a franchise business can prove to be a very rewarding endeavor. The type of business you own can determine many things about how your life will look every day. Some businesses involve products, some services, and some both.
If you’re not a business owner but have dreamed about or even mildly contemplated it, doing the right research first can help you decide if it’s the best decision for you.
Benefits of Franchise Opportunities
There are a couple of basic ways to open the doors of a business. Some people have a fantastically unique vision that they act upon; opening the doors to a one of a kind establishment pioneered entirely by their creativity. New start-ups can be a bit more of a challenge in this respect.
Everything from start to finish is charged and created by the owner, from logistics and marketing to employee management. Others prefer to take advantage of a franchise opportunity. While initially franchise’s make opening a business a little more expensive, that extra dough spent up front can equate to a business that can also be profitable much faster.
They have generally already established brand and product or service recognition, use proven business models of operation, and take the guess work out of advertising and marketing campaigns – as they are often developed and distributed from the corporate office creating simplicity and consistency among all franchise locations.
Self Analysis
If you can’t shake the idea of being your own boss, the first and possibly most important thing to do is dive into some serious self analysis. When contemplating whether business ownership is for you, it is highly recommended that you take some time to scrutinize your own ability to own and operate not only a business, but a successful one.
Here is a list of things to think about. Remember to be completely honest with yourself. A business is no small investment of time or money. You will only be cheating yourself in the end if you find that you are not cut out for the task of owning and operating a business. Being realistic about your own lifestyle, habits and priorities is the first step in creating a successful venture.
Are you self motivated? Disciplined? Do you generally always meet your commitments?
Are you prepared to sacrifice some time away from family and possibly live on a tighter budget while your business is in its infant stages?
Are you a self promoter, willing to talk to anyone and everyone to spread the word about your business and services?
Do you have a strong support system at home and in your community?
Do you have a minimum of 3-6 months of personal savings and operating expenses for your business?
Be Realistic
When people hear that you are a franchise business owner, the general assumption is that you are successful and make a lot of money. This isn’t always the case at first, or even at second. Good advice when first getting into business, whether it is a start-up or franchise, is to pace yourself and set realistic budgeting and goals.
Often one of the shortcomings of zealous new business owners is the lack of knowledge about business cycles. Excitement about a flurry of business in one month can lead to over enthusiastic spending for new business owners, who aren’t familiar with the fact that in two months their industry may come to a slow period.
Prudent planning in extremely productive months will help see a business owner through the tougher ones. Using sales figures from other franchise locations as a guide, franchise opportunities can be somewhat more predictable than start-ups, allowing for more stable planning.
At Blue Coast Savings Consultants we are here to help you with your business every step of the way. We are delighted to learn about your growing interest in the benefits of business ownership, and would be happy to put our industry expertise to work for you.
Blue Coast Savings Consultants is not a franchise, it is a business opportunity. There are some important differences. You can learn more about these differences on our Frequently Asked Questions page.
If you are looking to start a new business this year we hope you will consider becoming a Blue Coast Savings Consultant. We offer a turn-key business opportunity much like that of a franchise except that there are no ongoing royalties to be paid and there is a low initial licensing fee. Learn more about what’s included and the investment required when you become a Blue Coast Savings Consultant.
At Blue Coast we also have proven marketing strategies and numerous tools and programs to help you succeed as a Business Savings Consultant. View our webinar to learn more.
