Itching to Do a Business? Read this to Save Time and Money After being in employment for many years, you may have the desire to own and run a business. It can be a dream, and it can be a goal. Hold your horse for a minute; this article could save you time and money before you jump into the business world.
Before we discuss what industry you should choose and what size you should start with, we should set some preconditions. How many people you know are doing business if you use your common sense to do simple statistics? How many are in employment, it is easy to conclude that doing business does not suit everyone. Can you work 10 hours a day on average? As far as I have seen, business owners, especially from those start-ups or fast-growing businesses, hands-on owners always put the most hours in the company. Different from in employment, not only the overtime work is voluntary, but also it may not be paid by the business.
Are you good at managing money? It is far more complex to manage money for a business than for your family. You must have a certain level of accounting knowledge about cash flow, tax, payment terms, cost, margin, profit, payroll, etc. Lack of knowledge could lead to a costly decision.
What about your sales and marketing knowledge and skills. You may say you don’t have it, but you can use agencies/employees to do it for you. Yes and no. You could hire others to do it for you, however if you don’t know basic knowledge about it then it will be pretty hard for you pick and
manage the right agency or employees.
Last but not least important, do you have start-up capital? It is not too hard to get this, any business needs some investment to start with. It can be cash plus a loan, it won’t work you have no cash and you want to get all your startup capital from a loan.
The above four points are the most important considerations for any business owner-to-be. It would be best if you had all questions answered with a firm yes, then proceed to your business journey.
Next big question, shall I start a business from scratch or buy in a franchise? What’s the difference? You may ask. I can discuss 20-30 points; however, you don’t want a lengthy report, so I will keep it short and brief.
Suppose you go alone to set up a company from the ground. In that case, the amount of time and money you need to invest is quite considerable. Just image, whatever business you plan to set up, how many days you need to get sales and marketing procedures established, make you brand recognized by the market? And then how many days you need to find the right equipment/vehicles/training etc to set up your operations? And how much money do you need to spend tougher with the time? We have not talked about Finance and Admin yet.
There is another choice, join an established franchise. The vast difference here a franchise can offer is everything is already set up and verified by the market. A good example in case is Elite Maintenance Services. Since 1984, nationwide franchisees have run their business on the platform
as a trade service franchise. By joining Elite, they have saved the time and money to set up their own, making their company 80% more likely to succeed. As mentioned in the beginning, it is hard to fail if one answers the four profound questions with confidence of yes, then join Elite as a franchisee.