It is a fact that starting one’s own business entails some risks and this is why you should have some basic knowledge in order to minimize these risks.
The number one pointer is knowing your tolerance for risk considering both professional and financial risks are involved in going into a business. Since risks are involved in starting business, it is but natural for one to think deeply on the steps that should be taken in order to manage the risks and have an increased probability of succeeding.
It is worthwhile to know that a business survey conducted a study and found that 62% of non-franchised businesses have failed within 6 years, and also another study conducted by another organization came to a conclusion that 97% of businesses that are franchised are still open after 5 years in operation. These studies conducted independently just show that franchising carries a significant less risk than starting a business on your own.
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The next pointer is to confine your work within what you have got. It is advisable that when you start your business, you realize your strengths and honest review of your weaknesses. It is thus necessary before selecting a franchise that you take a moment to make a list of your strengths and weaknesses given you are the future business owner. This list will be your guide when you start your decision making process. It is advisable that you take time to ask questions to franchise owners like what are the duties they perform, or what are the job requirements that you compare to your profile. If a business has a steep learning curve but is a potential business, you may opt to hire someone more experienced for the position. Making this your choice, be sure that the salary and benefits of the hired personnel are included in the financial business plan.
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Remembering how to run the business is another recommendation to run a business. Buying a franchise of your present field may not always be the best way to go, and some potential franchisees make this mistake.
Very important way to grow the business is to run the business itself. Among the many works of a business owner are out for networking, marketing and interacting with clients.
Bear in mind that no business is recession-proof. This means there is no such thing as a business that cannot be affected with a weak economy.
Some examples of top recession franchise resistant industries are food, automotive, healthcare, medical clothing and education.
It is also suggested that you make an objective evaluation and professional advice from personal sources. In launching a business, your friends and family will have your best interest to prepare you in the new venture. Another key to a successful franchise venture would be to take advice also from professionals in the industry you want to venture into.