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Tips for Being Your Own Boss
Special to The Truth
If you’ve ever thought
about starting your own business, you may have found the
prospect of starting from scratch overwhelming, particularly
after reviewing statistics about the success rates of new
start-ups. But there are ways to become your own boss while
eliminating some of the intrinsic risk that comes with this
territory, say experts.
One way to do this is to
start a franchise of an existing popular business.
“Franchising is one of the
best ways to start and develop a successful business in
America,” says Dr. John Hayes, consultant, franchisee,
franchisor, speaker and author of the new free downloadable
eBook, “12 Amazing Franchise Opportunities for 2015.” “The
training and guidance you get from a franchisor can be a
crucial factor in helping you produce a successful business.
These are benefits you don’t get when you start from
scratch.”
Indeed, direct jobs in
franchising are growing faster than amongst all other
businesses, according to the International Franchise
Association.
If you’re thinking of
becoming a franchisee yourself, Hayes is offering some
helpful tips and considerations:
• Search the registry:
Approximately 1,000 franchise brands, about a third of the
franchise companies in North America, appear on The
Franchise Registry. This is a great way to check out a
franchise opportunity, especially if you’re planning to
apply for a Small Business Administration (SBA)-backed loan,
which reviews all the franchisors listed.
• Know thyself: Is
franchising right for you? Many franchisors and franchisees
make it look easy, but you should consider whether the
nature of the business meshes with your abilities. While it
is never an autopilot business, you will do most things the
franchisor’s way and not necessarily your way. The ideal
franchisee is an active, thinking person who can make
decisions, but can relinquish some control over the
investment.
In Hayes’ new book, there
are assessments that can help you discover whether
franchising is for you, and what kind of franchise makes the
most sense.
• Use a broker: Just as
you would use a real estate broker or agent to guide you
through the purchase of a home, consider relying on a
franchise broker when buying a franchise. A broker can guide
you through the selection process and can help you avoid
certain risks. As an expert in franchise documents, he or
she can save you considerable time and confusion.
• Choose wisely: What
makes an amazing franchise? To start, look for one that is
eligible for an SBA loan. For such a large investment, the
advice of an expert is helpful. In Hayes’s book, he profiles
and recommends multiple franchise brands that are
uniquely-positioned in the market to succeed. To download a
free copy of the book, visit www.amazingfranchises.com.
When it comes to being
your own boss, you can eliminate some of the risks
associated with business ownership by investing in a
franchise. But remember, franchising may not be right for
everyone.
Courtesy StatePoint
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