When some think of business men and women, they think of them as successful, they have a good life with all the money they could want. Other’s think of fast food chains and the success that must go with it because of the traffic in their parking lots.
There is a reality here. Most small businesses, even if profitable, only show a small return. It is a labour of love for most, doing what they have a passion for, with independence. Some get into business because of necessity. There may be nothing in regular employment that matches their skill set, or they may have a medical reason they can no longer work in their occupation. Others see an opportunity to bring something new to the community.
Yes, you can pay large sums of money for a fast food franchise and have line-ups the day you open the door, but there is a cost to this. Franchises dictate the rules of the business and control when and where you get your product and your offerings to the customer. There is an ongoing fee attached to the franchise as well as reporting obligations. Also, you have staff to manage. This is not to say it is not a good business model, but it is not for everyone. As someone said to me, “If I had enough money to buy the franchise, I wouldn’t need to work!”
Owning your own business is not for everyone and it take a lot of work up front to ensure you have considered everything. You need to know that there are enough customers in your geographic area to support the business. You must determine pricing, suppliers, legal issues, licensing, regulations, marketing, promotion, and location. You need to have the product or service knowledge and be able to deliver what your customers and clients want and need.
Most importantly, you must have a passion for what you do!
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