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Tips for Being Your Own Boss
- Updated: February 3, 2015
(StatePoint) 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 so 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 “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 also 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. For more information about 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.
