Starting your own business takes time, effort, energy, money, experience & dedication. Here are some tips from franchise expert, Derek Cafferata, on how to set yourself up for success.

Play to Your Strengths

When considering starting your own business, it helps to evaluate a few things first, like your personality, your financial, career and lifestyle goals, as well as your knowledge, experience and passion.

“One of the first things to consider when wanting to start your own business is to play to your strengths,” says Derek Cafferata, CEO and President of franchise experts All State Franchise Finders. “This might be your industry experience, your passion that drives you or your knowledge in a particular field.”

Derek is quick to point out that it isn’t just your personal or career experience that should be the only guiding factor when starting your own business. Some of the most successful small businesses started from one person’s passion or hobby.

Being a small business owner requires you to enjoy what you do. That may be working hands-on in the day-to-day workings of the business or it might be managing the business from outside its daily running.

“If you love selling and cold-calling, then find something that enables you to focus on this,” says Derek. “If your skill is in managing a team, consider a business that lets you develop in this area.”

Consider Your Lifestyle

Do you want to work full-time or part-time? Do you prefer to work on your business or in your business? Are you wanting your business to supplement your primary employment, or do you prefer to jump straight into your business as your sole employment?

These are just a few of the questions to consider about how you see a business fitting into or around your lifestyle. Take into consideration your current lifestyle and the lifestyle you desire for the future. Family commitments and financial commitments are two of the most significant areas that a new business will influence. Consider whether the new business is likely to have a positive or negative influence, and for how long, on these areas.

Family Involvement or Go It Alone

Some businesses thrive when family members are involved, while others fail. “I am often asked whether its right to go into business with family or not,” says Derek. “Unfortunately, there is no simple yes or no answer to this question.”

Family involvement can range from silent investment and financial input to the daily running of different aspects of a business.

Some families work well together, able to build a strong, solid business, while others start well, but roles and relationships break down over time, usually causing the business to suffer in the process.

“The most successful family businesses are those that state clearly the roles and expectations of each person,” says Derek.

Research, Research, Research

From a business plan to local market research to financing, researching before starting your business is vital. Look into the legal and contractual aspects of starting your own business, consider both the personal and business tax issues before you start, ensure you thoroughly research your industry and market, both locally and beyond. Look into potential competitors, taking note of those who are considered market-leaders and those who are not. Be sure to talk to those already in business. Is the business you are looking to start seasonal or does demand fluctuate throughout the year? Is it open to being affected by economic or market changes? Is the demand for your product or service likely to increase into the future and for how long?

These are all questions you need to cover when researching before you start setting up your business.

Benefits of a Franchise Concept

The main benefit of a franchise concept is that you can buy into a business that has an established product or service. Marketing, advertising, training and systems are already in place for a new franchisee to build upon. Becoming a franchisee means you don’t have to start from scratch with business setup.

Branding is one of the most difficult and costly aspects of building a strong business. With a franchise concept, the branding is already established and known.

Training in daily running of the franchise, business management and development and team management are more readily available to franchisees, something you as a business owner would have to create and establish if you were in business on your own.

Derek Cafferata is an expert in franchising, helping new business owners through the process of selection, financing and setup of a new franchise. His experienced and knowledgeable team at All State Franchise Finders are there to offer sound advice and guidance to those who are looking to start their own business.

For more information contact All State Franchise Finders on 1-800-544-2161 or visit allstateff.com today. All State Franchise Finders – Your Franchise Experts!