Regardless of whether you choose to remain an independent business owner or become a franchisee, research is the single most important activity in making your decision. Without adequate information, you may end up making the most costly decision of your life. Just Right Franchises is here to help you find the answers.
STEPS FOR BEGINNING A FRANCHISE:
What Business?
Is there a market?
Can you afford it?
Can you make enough money to make it worthwhile?
WHAT BUSINESS SHOULD YOU START?
Sometimes people start a business because they think they’ll make a lot of money, only to find out that they do not enjoy the business. The adage, “know thyself” certainly applies here. You should start a business in an industry that you will enjoy for the next 10 to 15 years. What we can do for you is show you the many successful businesses out there you may never have known about that are perfect for you.
Ask Yourself:
What do you like to do? (interests and hobbies)
What do you know how to do? (experience)
What do you do well? (special skills and talents)
Which industry(s) involve your interests and use your skills and talents? (For ideas, refer to IFA's Franchise Opprotunities Guide's listing of industries in the table of contents.)
What products or services could you sell in this industry(s)?
Would you rather sell a product or service?
What products or services would you like to sell the most?
“Find something you love to do and you’ll never have to work a day in your life.” -Harvey Mackay
DETERMINE IF THERE IS A MARKET - We show you how a franchise takes the guess work out of this important step.
All Successful businesses must:
Satisfy a need or Solve a problem or Respond to a trend
Before starting any business, determine if there is a market for your product or service.
Conducting market research:
How many potential customers are in your area?
Will your product or service sell?
What need does it satisfy?
What problem does it solve?
What trend or fad does it address?
What should the appropriate oricing be?
Who are your competitors?
How many competitors do you have?
What do they offer?
How will your product or service be unique?
What marketing niche can you capture?
DETERMINE IF YOU CAN AFFORD TO START A BUSINESS
As your consultant we help you with all of these answers before you make a decision. When you decide on the right franchise it is the franchisor who will award the business to you. There a many simple steps to follow . After all questions are answered that is when the franchise is awarded to you.
Make profit potential your most important consideration.
In order to start a business, you have to have money! In order to stay in business, you have to make money! The single most common reason new businesses fail is that they did not have enough money to begin with!
Costs to consider: We give you all this information right from the start on any business where the territory is available and you qualify.
Estimate your start-up costs:
location design and construction
professional fees
equipment and fixtures
furniture
opening inventory and supplies
insurance
pre-opening labor
opening advertising and promotion
Estimate how much working capital you will need (the money you will need until the business becomes profitable--include your living expenses, if necessary):
salaries
insurance
utilities
advertising
rent
interest on a loan, if applicable
Brainstorm where you might be able come up with money:
yourself
family
friends
savings and investments
a partner
selling personal assets
loans
DETERMINE IF YOU CAN MAKE ENOUGH MONEY TO MAKE THE VENTURE WORTHWHILE
Estimate the profit potential for the business by talking to other franchisees
income
expenses
profit (income - expenses)
Think about the amount of time and energy it will take to make the business successful. Make a decision as to whether you think you can make enough money to make the entire venture worth your time and energy.