There are approximately 27 million entrepreneurs in the U.S., which makes up almost 14 percent of the working-age population. The entrepreneurial spirit is alive and strong in the U.S, which has a positive effect on the economy since new businesses usually create new jobs. However, even the most optimistic entrepreneur will tell you that making a new business successful is challenging. Many new business ventures fail to make it past the 5-year mark, so how can people find success in business? Here are 4 tips if you are considering starting a new business.
Consider beginning with a franchise
Tapping into an already-established franchise is a good way to shave your learning curve. It allows you to get a feel for running your own business without all of the associated risks you typically have. Another positive aspect of purchasing a franchise is you do not have to start at the bottom and build up; a franchise is already established so this gives you a head start. With your investment, you typically receive a prepared business model, a name that is operational, and a package of resources. All of these are instrumental to a smooth operation. Some franchises even offer additional services such as training, back office services, state-of-the-art technology, marketing and sales support, and membership in industry associations. Many of these services save you time and money.
Research what markets are viable
You want to earn enough money from the start to keep yourself afloat and see steady growth. Researching the market is important to find what industries are experiencing growth. Starting out in a field with the potential for growth is a wise choice. Another reason research is important is to discover what the maintenance costs will be for a particular business. For example, many people do not want to get into a business that has high overhead costs, therefore, a franchise that has low operating costs would be ideal.
Look at the staffing industry
One of the many industries experiencing growth right now is the staffing industry. Both the temporary staffing industry and the staffing market are expected to see at least a 3 % growth rate and possibly 4 % in 2017. The other piece of information that is relevant to this market is the jobs added to the economy. The unemployment rate recently dropped to a new low and many new jobs were added to the market in May. This is good news for people looking for jobs but may be more challenging for those hiring. The reason is that with the increase in job opportunities, the most talented candidates have their choice at positions leaving employers with not as many options. That is where staffing agencies come into play. Employers often use staffing partners to fill the void. Also, employers may want to hire temps while the economy is in recovery mode. Check out 3 reasons to start a staffing franchise
Think about the future
While the future may seem far away, the decisions you make now will affect the future. It is easy to focus on the moment but looking ahead will pay in the end. Delving into the unknown can have unpredictable results. Buying into a franchise can ease the worry and stress of starting a new business. Having an established business model on which to refer makes the process simpler.
If you are considering investing in a small business venture and want the supported of an established franchise, contact us for more information, or see if owning a staffing franchise is right for you.