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