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Thinking of Becoming An Entrepreneur in 2020?

Jan 10,2020

Thinking of Becoming An Entrepreneur in 2020?

Embarking on an entrepreneurial journey starts with deciding on the path to take. There are three ways you can go:

  1. Starting a business from scratch
  2. Purchasing an existing business or
  3. Investing into a franchise system

Whichever path you take, running a business is all-consuming and full of challenging decisions, distractions, setbacks and a daily test of your fortitude.

Building A Business from Scratch

Building a business from scratch is the most time-consuming and challenging option of the three paths. It can take years to complete the stages from development to turning a profit. A start-up entrepreneur will need to have:

  • The flexibility in their personal lives to commit to long hours and choose the development of the business from concept to launch before other obligations.
  • Skills and knowledge to run a business from forming an entity to hiring employees.
  • Insight and knowledge of the industry chosen for the new business.
  • Adequate personal capital. It is often more difficult to achieve outside financing for a start-up business.

Buying An Existing Business

Buying an existing business offers a way to skip the pain points, learning curves and prolonged personal financing that a start-up entrepreneur experiences. An established business usually already has developed successful operational procedures, a customer base, vendor and professional relationships and trained employees.

Purchasing A Franchised Business Concept

Purchasing a franchise is a popular entrepreneurial option, which allows you to start a business in a field that you may not have previous experience in but one you have a passion for. The franchisor of the brand offers extensive support and detailed operational support in all areas of business. It’s a way to buy a business and develop your own territory — you are starting from scratch but working alongside a system with strong experience in the field.

Though these business models differ, all require that the owner be self-reliant, success driven, accountable, responsible and available.

What kinds of questions should someone ask to help them decide whether to buy a business is right for them?

  • Are you passionate about the business?
  • Are all the financials and records available to you?
  • For what reasons are the previous owners selling?
  • Is the market and location right for the type of business?

Asking some of these questions may lead you down other paths as well but going into a business with eyes wide open is key. You want to troubleshoot all potential causes for concern before you jump in.

Purchasing a franchise will be more straightforward with ready resources for start-up and operation, onsite support in developing routines for success, industry specific marketing and sales techniques, finance and accounting procedures, and more.

Email me at kara@elderwelladultday.com to learn more about our concept, what makes us different and why this might be the ideal time for you tobegin a rewarding business serving others.

Best Regards,

Kara Harvey-CEO

Elder-Well Adult Day Program

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Disclaimer: Nothing on this website is intended, and shall not be deemed to constitute, an offer to sell a franchise. Franchise offerings are made only by a Franchise Disclosure Document and only in those states where permitted. The Elder-Well Franchise Disclosure Document has not been filed with any franchise registration state.