If you are considering going out on your own to run your own business, there are three fundamental questions you should take under consideration. These include the following:
- Do you want to buy a business, launch a true startup, or consider a franchise?
- Do you want to do something you really enjoy and for which you have a special passion?
- Is the market segment you’re considering at a plateau, shrinking or growing?
Taking a look at the first question, it is important for every budding entrepreneur to understand the pros and cons of the different ways to own and grow your own business. If you are buying an existing business, there are special risks that involve the loss of key personnel, understanding the reasons for a seller to move on, and the fact you are basically going to be on your own to learn the business while it is operating.
On the other hand, a true startup is one of the most challenging business endeavors anyone can undertake. Aside from the unique and significant risks, you are often faced with investing tens of thousands of dollars – or more – before you have any idea whether your idea will be successful and generate enough revenue and profits to survive.
For an increasing number of individuals, finding the right franchise opportunity is proving to be a preferred and successful alternative to either of the above options. In fact, the franchise industry generates more than $1 trillion in sales each year and represents more than 40 percent of all retail sales. Franchises create more jobs than any other segment of our economy, with more than 170,000 in 2012. You will also find franchises offering opportunities in more than 300 industry segments, offering a wide range of products and services.
The growing reliance on franchising is based on its win-win-win foundation. Many successful businesses become franchisors because it is a way to grow rapidly without going public or needing excessive levels of working capital. Customers win because they are assured of uniform standards, quality and service across the country and globally. For franchisees, the benefits of the winning equation are numerous. These include:
- Independence while not having to stand alone
- Access to a proven product or service with a known potential for revenue and profits
- Provision of a full operational system and proven procedures for marketing, operations, management and finances
- The ability to grow at a self-determined pace, including the acquisition of additional franchises
- Significantly reduced risk and exposure
These and other reasons are all part of why franchising does now and will increasingly provide the kind of opportunities many individuals seek.
One of the primary reasons many individuals want to own their own business is the desire to do what they enjoy and can be passionate about. If you are the kind of person who wants to deal with people and know you are making a real difference, you will find a number of franchise opportunities that provide that unique situation.
For example, you might love animals, and explore those franchises that offer grooming or care businesses. On the other hand, you may feel you have something to offer to other adults and seniors, and can find just the role you want to play in elder care franchise opportunities. Whatever your special passion, the more closely you match your franchise opportunity with it, the more likely you will be to enjoy success and a sense of accomplishment.
A third major consideration for evaluating your right entrepreneurial venture is choosing a robust, growing market. You certainly don’t want to be one of the last people to purchase a video rental or yellow pages franchise. For example, if you are interested in elder care franchise opportunities, you will find this is a market with a bright future. Statistics show more than 8,500 Baby Boomers are turning 65 every single day, and will do so form the next decade. In fact, the senior population is one of America’s (and the world’s) largest and growing demographics.
Many of today's seniors are remaining independent and living on their own. However, this very fact means that many seniors will need regular assistance with activities ranging from taking their medicine to help with basic dressing and exercise. These are precisely the types of capabilities the right elder care franchise opportunities are designed to provide.
Finding the right elder care franchise opportunities involves a lot of other issues and due diligence. However, addressing these three questions early in your search will help you find the right situation to meet your personal expectations and needs.