Ready to start a business but not sure where to look? Start with a franchise.
Sponsored content by Lendio.
You’ve heard the advice: if you want to make it big, buy real estate or own a business. But when you’re ready to start the latter—creating your own business—what should you do? Not everyone has an Etsy-ready talent that can bring in the big bucks. So what about a franchise instead?
How to identify the right franchise for you.
Deciding on a franchise requires more than just the facts-and-figures sheets you’ll be handed by the corporate rep when you inquire. Because franchise ownership will occupy a significant portion of your time, the one you choose should fit you and vice versa. In other words, it’s a good idea to do a little soul-searching first.
- Identify your “why”—your personal reason for starting a business, which goes beyond just wanting more control of your work or your time (although these are great reasons to go into business for yourself). Is your why a social cause? A local void? View franchise opportunities based on what you see as the end result for you and your community.
- Will the franchise take a long time to set up or is it something you can easily start and get up-and-running quickly? A quick-to-launch franchise may help you realize income sooner—an important consideration whether you’re looking at launching your first franchise or adding a franchise as a secondary business.
- Think about industries and roles you have experience in and enjoy. If you enjoy working face-to-face with customers, look for franchises that hinge upon customer relationships and taps into your skills. For example, if you’re an accountant, would a tax-preparation service franchise be right for you?
- Research industries that are currently growing in demand or where you see an opportunity for growth in the future—be sure to consider businesses that support these industries, too!
- Are there industries that lack a significant footprint in your area? Additionally, some franchises also offer exclusive areas—find out if you’ll be going head-to-head against a different “branch” of your own company and if there’s enough room in the local market for both of you.
- Determine how much capital you will need to start. A Lendio franchise, for example, may only require $55-65k in startup capital, while a fast-food restaurant and all of the equipment it requires could require upwards of $1 million to launch.
By the way, when you make the jump into business ownership, know that you’ll be in good company. Currently, there are 31.7 million small businesses in the U.S., which account for approximately 64% of new jobs created annually. If you identify as a woman or an ethnic minority, you’ll find plenty of people like yourself to connect with, too: approximately 42% of U.S. businesses are owned by women, and about 20% of all businesses are minority owned—and the numbers keep growing.
Learn more about franchise opportunities by Lendio to see if this is the right opportunity for you.