8 Steps To Starting Your Own Business
Many people dream of business ownership, but few follow through.
Here are the steps to take to start your own business.
There are many business ideas and opportunities, but how do you find the right one?
This is where I help people. I use a straight forward 8 step process to help you decide if business ownership is right for you, and research the right opportunities.
With franchises, you explore proven business models, talk to current owners, and make an educated decision before you go into business. You partner with an experienced company and have a network of other owners to learn from. However, you shouldn’t just shop for franchises on your own. There are hundreds of franchise opportunities out there, and a franchise consultant can provide expertise to help you find the ones that are a good match for you.
Here’s my 8-step process to start your own business.
- Evaluate your goals. What are your business skills and strengths? What are you trying to accomplish with business ownership? Where do you see yourself and your business in 5-10 years? What’s your decision criteria to open a business? I have a questionnaire that I can send you to get you started.
- Put together a starter list. Pick 2-4 franchise opportunities that may meet your goals. Keep it short. You can always add more later, but you want to focus to get started or you won’t get anywhere. Here’s a franchise directory to give you some ideas, but I don’t recommend just picking from this list or searching online. You want a business model that matches your strengths and goals, not just to pick by industry or brand. I can do research and make suggestions once I know you better, and some might surprise you!
- Interview franchisors. I don’t recommend to call franchises randomly or you’ll quickly get overwhelmed. I can connect you with the right person at each franchise to help you dive in deep. They’ll tell you about the business model, marketing, unit economics, and connect you with key people at the franchise to answer your questions. This is a two-way process, as they are also interviewing you as a potential owner, so make sure you’re professional and respect their time.
- Review the franchise disclosure document (FDD). Each franchise has a detailed legal document, updated annually, that provides a lot of information about the business opportunity, including investment costs, franchise terms, and any earnings claims.
- Talk with existing owners. If you’re seriously interested in a brand, the franchisor will connect you with existing owners, so you can learn what to expect as an owner. You can ask them anything!
- Visit the franchise headquarters. Most franchises host an on-site Discovery Day where you can meet their management team and they’ll answer any final questions.
- Make a decision. If you decide that a franchise business is right for you, you’ll sign a franchise agreement to get a license to open a location (or multiple locations). If you decide it’s not the right business, or not the right time for you, that’s fine too. There is no cost and no obligation to this process.
- Open your business! Your franchise will have a process and team to help you get open your business, based on their experience with other locations. They want every new owner to open quickly and start strong!
This whole process typically takes 2-3 months, and I provide free consultation to help you find the right opportunities and answer questions throughout the process. To get started or if you would just like more information, contact me below!