Starting a business can be both an exhilarating and nerve-wracking experience for entrepreneurs. On the one hand, starting something new can lend you a renewed sense of purpose and excitement. But starting a business also comes with a certain amount of risk. To mitigate that risk, there are things you can do now to give your business a strong start. In fact, whether you’re new to the idea of franchise business ownership or have been an entrepreneur for years, the steps to start a business are essentially the same. Perhaps the only real difference would be the amount of experience you can bring to the table. But even that may not be a true advantage, especially if you are exploring franchise business ownership in a new industry or service niche. If you are driven by an entrepreneurial spirit and ready for your next venture, now is the time to take steps toward realizing your goals.
Find Your Niche
As an entrepreneur, you probably already know a lot about how to start a business. In fact, if this is not your first successful business venture, you may be thinking that a franchise business isn’t the right choice for you. However, franchise businesses are becoming increasingly popular among entrepreneurs because they offer something that start-ups simply can’t: an established business model. Unlike most start-ups, where the unknowns vastly outnumber any guarantees of success, franchise businesses are designed to succeed. Rather than going into business by yourself, a franchise business offers you a chance to go into business for yourself, with the full support of the franchisor behind you.
But the best part of considering a franchise business, especially those in the high-demand industry of home services, is that each one is designed to fill an essential need in the market. By focusing on a specific niche in the industry, you can expand into services in new and profitable areas you may never have considered before. A home services franchise also typically requires a lot less initial capital and overhead, making it a flexible, scalable addition to your professional portfolio.
Choose the Right Franchisor
Of course, no two franchise companies are alike, and so it is important to do your research before choosing one to partner with. Unlike many other top franchisors, Neighborly’s family of brands appeals to entrepreneurs looking to take steps to start a business, take on new challenges, increase profits, give back to their communities – or all three! Contrary to popular belief, owning a successful franchise business takes hard work and a dedication to excellence. Whether you thrive on new challenges or are simply looking for something new, a home services franchise business may be just what you’re looking for.
Make a Plan
Among the steps you’ll need to take to start a business, one of the most important is to make a plan. You’ll need a detailed business plan, something that is much easier to accomplish for a franchise as opposed to a startup business. With a startup, you will need to make quite a few educated guesses on your budget, projected income, and more. No so with a franchise business. Rather, your franchisor will be able to give you a much more accurate picture of how much you’ll need, where to spend it, and more.
You’ll also need to get your business financing lined up. One of the major benefits of investing in a franchise is brand recognition. This can help smooth the way toward better loan terms and lower interest rates, especially if you choose to work with a lender who considers franchisees from your brand in a positive light. In contrast, most lenders will hesitate before approving a loan for a business they’ve never heard of, leaving you to figure out where to get your initial capital on your own.
No matter how long you’ve been an entrepreneur or how much experience you have starting and running a business, a home services franchise has a lot to offer. If you’re ready to take those first steps toward your next business venture, start by downloading our Franchising: A Path to Your Future eBook.