Don’t be in too much of a hurry to get going. It's not a race. You have to slow down, and plan very carefully.
For individuals interested in opening a business, Greg Helwig, chief development officer of Kiddie Academy, offers the following tips:
- Work with a good partner who will help facilitate access to financing. With the current credit crunch, finding a credible partner that can help with lending can make opening a business easier.
- Conduct thorough market research on your desired business industry. This will help identify local competitors, calculate the need for the industry in the local market and determine other successful businesses. A good partner will have resources to support your research, as well as experience knowing what factors to consider.
- Align yourself with a credible brand. Benefits include smaller marketing expenses and an already established consumer base. Look for companies that have a proven business model, but also provide plenty of growth opportunities.
- Open a franchise in an industry that has volatile profit margins. Instead open a business where the ROI remains consistent regardless of economic conditions.
- Open a business that is susceptible to recession.
- Rush into anything. Research several franchise establishments to hear what they can offer to you. Picking the right franchisor can make all the difference in the support you receive and the success that you achieve.
- Choose companies/industries with limited growth potential. Instead look for companies who have ambitious growth strategies and can present growth opportunity to their franchisees.
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