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