New Years Eve has come and gone. Resolutions were made, some already broken, and the whole year is stretched out in front of you. Hopefully any entrepreneurial resolutions you made are still intact. If you’re reading this, odds are that you’re at least considering owning your own business whether it be a franchise or a stand-alone operation. While we hope you continue to research and eventually join the wonderful family of Neighborly® franchisees, we understand that taking the leap to business ownership is scary to say the least, especially if it’s your first time. It’s a long road between making the initial decision and opening doors for business. Use these tips to get started and make the process a little smoother.
Just do it
I don’t mean that as in just buy a business. That’s not a good idea. I mean just do it as in just start somewhere. You can spend the next decade going back and forth on whether or not to buy a business. The research and decision process is a lot of work and can be discouraging to a lot of people, so take it one step at a time. Start by Googling “Tips for First Time Business Owners” or “Things Every First Time Business Owner Should Know.” The results will just graze the surface, but will help get you closer to a final decision.
Evaluate your budget
One of the least enjoyable parts of the process should be done first. A simple net worth assessment, comparing your assets and liabilities, will determine where your financials lay. From there, you should have an idea of how much capital you are comfortable investing. As you look at specific business opportunities, you can further adjust this number. But to start, you should create a financial benchmark for yourself . This will also help you narrow down options throughout your research.
Narrow your focus
Taking advantage of every opportunity, while usually good advice, is not necessarily beneficial in this case. Remember how I said you can spend a decade deciding whether or not to buy a business? Well, you can spend even longer lost in research about which business is best for you. To limit time spent in the research phase, first understand your own interests and passions. Your business is far less likely to succeed if you’re not fully invested in it. Are you interested in home services? The food industry? Retail? Would you prefer a year-round business to a seasonal business? Do you want to start your own operation or join a franchise with a built-in support system? The options are endless, but you probably already have an idea of what you’d like to do. Start there, and look into business opportunities that suit your interests.
Know your strengths and weaknesses
Certain businesses are more suitable to certain personalities and skill sets than others. A restaurant owner probably thrives in a fast-paced, high-stress, creatively-challenging environment. Contrastingly, the owner of a financial advisement firm probably enjoys an analytical and systematic setting. In order to choose the right business for you, you first have to honestly evaluate yourself. What do you enjoy? What are you good at? What are your weaknesses? Your business will be more successful the more it’s in tune with your strengths and interests. This process will also help you find others who can compensate for your weak points when shaping your team.
Get used to asking questions
At every phase of this journey, you will have what feels like an endless list of questions. Financials, regulations, supplies, and hiring staff are just a fraction of the things you’ll have to figure out. The benefit of buying a franchise is the built-in support system provided by the franchisor. Mosquito Joe, for example, has a wide web of personnel and resources ready to help you from the moment you express interest in our business to the second you sign the agreement. Whether you are looking into a franchise or a stand-alone business, do yourself a favor and find the answer to every question you have. There are no stupid questions when it comes to your own investment, and you will thank yourself later.
We might be a little biased, but we encourage all aspiring entrepreneurs to look into owning a franchise because it offers a great opportunity to be a business owner, without doing it alone. Neighborly provides support and training, a recurring revenue system, and a lower-cost options – the perfect formula to ease the transition from first time business owner to thriving entrepreneur.
