Running your own Franchise Business is not easy. You need an investment to start a Franchise Business and you need to have money to buy your inventory and the products you want to sell. There are many franchise businesses that start with an initial six or seven figure investment.
You should do a proper research on Franchise Businesses, is a Franchise Business really what you have in mind? Or is it better to startup your own business.
Before you start as a Franchiser you should do research on the following important issues:
What Kind of investment is necessary to start the Franchise Business?
Do I have the right kind of budget to be able to start with the Franchise Business.
Do I like this kind of Business? Am I likely to succeed in this business?
What kind of products am I required to sell?
How have other Franchise Businesses done in the past few years? Did they make a profit? Or did they leave the Business?
Is it possible to sell your Franchise Business? If you ever want to get out of the business for any reason?
What Kind of investment is necessary to start the Franchise Business?
Every kind of business requires an investment. If you want to start up a Franchise Business you need to have a start-up capital. You cannot start a business without a start-up capital.
Not only you have to know what start-up capital you need to have, you also have to know your own budget. And you have to know how much money you are willing to spend to start this business and when it's started to promote your business until it makes profit.
Am I likely to succeed in this business?
You should ask yourself the question "Are they selling the products I like to sell?" You are more likely to sell products that you like to sell. You can pursue others to buy the product if you know your own motivations to buy the product. You should also research if there is really a market for the products that you want to sell. If everyone is selling it, why would people come to your shop to buy the product? And if no one is selling the product yet, what is the reason why it's not being sold or offered in many (on-line) stores yet?
It's important to do research on the market you are aiming for. If you want to leave your normal job for your business you need to be sure you can make enough money from your business to make a living.
You should investigate the risks of starting business now in the crisis time, research if now is the right time to start your business.
I would not leave your normal job if you do not know yet what you will make with your own business. You could possible try start work less on your normal job until your own business will make you enough money to quit. You should have security instead of insecurity.
Small Business Versus Franchise Business
If you start with making a business plan for an individual business you need to start-up your business from scratch. You do not really know if the assumptions you make in your business plan are realistic or not. If you start a franchise you can call as many of the existing franchisers and ask for their experience. So you know the reality of the business and you do not have to make assumptions.
If you start a Franchise Business the business that you start already has built a name and image. And they already have the products that you can sell and that made them successful. A Serious Franchise Business will take every effort to help you succeed when you start a Franchise business and use their name and products.
A Franchise Business is an investment you need to invest in the name the image, the location. A home based Franchise Business asks a lower investment, because you can start the business from your own home. The advantage of a home based Franchise Business is not just that you start the business from your own home. You are your own boss, you do not have to hire employees, you are your own boss but also your own employee.
The success rate of a Franchised Business is said to be higher than the success rate of a small business. This is not always the case. It depends on what kind of Franchise business you start how high your success rate is.
Statistics of Franchise Businesses do not say much, the own statistics are your own experience with Franchise Businesses.
You should not be blinded by success rates you and your employees can make or break your business. That is the case for a small business but also for a franchise Business.
How can I recognize a Legitimate Home Based Franchise Business
Only some people like to work a whole day in the office and have a boss who tells them what to do. A lot of people dream about starting an own business, being their own boss.
That is why starting a Franchise Business sounds so appealing to many people. But you have to keep your eyes open in all times. The Internet is a great marketplace where people can sell all kind of stuff also a Franchise Business. But the amount of fraud web shops are also rapidly increasing. You should be aware of the amount of schemes and scams on the Internet before you start your own (on-line) Franchise Business.
You should recognize the get-rich-quick schemes on the Internet and not invest in them before you start your own business with using one of them and instead of the promised get-rich-quick opportunity lose-money-fast-without-anything-in-return.
Research the business by using the Internet look if people call the business a scam, and also research why they call the business a scam. Do not look at the reviews on the website itself, they might be fake . And once you start reading those reviews you might be blinded by them, reading what you want to read. Not what you should read.
You should read it with a business mind, look at the risks, the amount of businesses already started. Not just reviews…
If you look for a good opportunity you should not look for the schemes that offer you a six figure income (or more) or a great sports car, you should look for an income potential opportunity this home based business can make you about what you are making now in your daily job and which offers you training and support to start the business. You first should look for something that can replace the income of your daily job before you can start looking for more income. Be realistic in your goals and do not invest in to good to be true schemes.
Use your intelligence and not your desire to start a new Franchise Business.