Starting your own business is a big step for anyone who chooses the entrepreneurial road. Franchise expert Derek Cafferata shares some steps to success.

Choosing the Right Concept

Choosing the right concept when it comes to starting your own business is one of the most significant considerations to undertake.

Is there a high demand for the particular product or service? Is the business concept sales or service-focused? Is it seasonal or subject to fluctuations? Does it require your full-time or part-time attention? Do you prefer to work in the daily running of the business or on developing and growing the business?

There are many questions to ask about yourself, your financial position, your lifestyle, your experience, your goals and much more before choosing which business concept to invest in.

“Sometimes the right concept isn’t the most obvious one,” says Derek Cafferata, CEO and President of franchise experts All State Franchise Finders. “The right concept may be based on your experience, your passion, your goals or even your financial position.”

Derek is familiar with helping people identify the right business concept for them, getting them off to a well-grounded, solid footing from which to launch, develop and grow a successful business.

Analysis and research is the key to choosing the right concept. Research local markets, check out competitors, talk to other business owners in the industry, analyze your strengths and weaknesses, ask the opinion of others including family and friends and as well as those who are familiar with small business. Be sure to seek the advice of a franchising expert like All State Franchise Finders.

Once you have undertaken enough research and settled on a business concept, begin to formulate your business plan.

Formulate the Business Plan

A business plan is valuable for several reasons. To start, you will not be able to source any financing without a solid, realistic and comprehensive business plan. But a business plan is far more than just about getting business funding according to Derek.

“A business plan is like a roadmap,” says Derek. “Well laid out, a strong business plan will help you see your goals and guide you towards achieving those goals.” Successful business owners utilize their business plan, continually analyze and reevaluate it and keep adapting it as the business grows and develops.

Seek Professional Advice

Business consultants, like franchise experts All State Franchise Finders, offer industry-specific knowledge and advice to those looking to start their own business. In the same way a lawyer, accountant or real estate agent offers professional advice in their specific industries, a franchise expert is able to guide you through the process of starting your own business, including franchise selection, understanding contracts and disclosure documents, sourcing financing and business setup.

Derek and his team come with more than 30 years’ experience in the franchising industry. With this wealth of knowledge and experience, All State Franchise Finders are the leading experts in offering comprehensive business advice on all aspects of starting a new business.

For more information, or to contact All State Franchise Finders, call 1-800-544-2161 or visit allstateff.com today. ALLSTATEFF.COM – Your Franchise Experts.