If you spend time at work daydreaming about the day when you’ll be your own boss, you‘re not alone. Many successful entrepreneurs were once like you. Long before they started their own businesses, they worked for someone else. But they had the drive to take a risk and go out on their own.
And while you may dream of becoming a small business owner and starting your own business, it can be daunting to take that leap. Here’s the thing: even the most well-known entrepreneurs had to get their start somewhere.
Take Sam Walton, the founder of Wal-Mart. The first business he owned was a variety store franchise. Richard Branson got his start by creating Virgin Mail Order Records. Reportedly, he named the company ‘Virgin’ because he and his employees were so inexperienced in business.
Small businesses are paramount because they breathe life into a community by creating jobs and pumping money into the local economy. According to the latest Small Business Administration (SBA) statistics, there are more than 32 million small businesses in the U.S. So, if you’re interested in becoming a small business owner, you’re in good company.
Dream Big, But Start Small
While starting your own business can be difficult and risky, it can be very rewarding.
The first step toward becoming a business owner is determining the product or service you want to provide. You’ll need to conduct research to see if your idea is viable, and if there’s enough demand to build a customer base, or if the market is over-saturated. You’ll also need to draft a business plan. This includes coming up with a company name, getting federal and state tax ID numbers, and getting the proper licenses and permits. Since your business plan will also be presented to banks, it should outline how much capital you need to get your business started. SBA backs loans to make it easier for small businesses to get the funding they need by reducing lender risk.
Be sure to have a clear marketing and advertising plan within your overall business plan, as you must find some way to differentiate yourself from the competition. Lenders want to see how you’ll reach your audience and convince them to purchase your product or service.
Starting a business from scratch is a risky venture and can be especially difficult if you’ve never done it before and don’t know where to start. However, there is always the option of becoming a small business owner through franchising.
Become A Small Business Owner by Buying a Franchise
There are many advantages to owning a franchise vs an independent business. As a franchisee, you buy into the system of a larger company, but since you own and operate your own establishment, you are also considered a small business owner. The main difference between franchisees and other business owners is that franchisees are backed by a corporate brand.
This support, along with the proven business model, and the well-known name, are what generally makes buying a franchise less risky than starting a business from scratch. And many franchisees are sold as turnkey businesses.
Of course, not all franchises are the same. Some come with high price tags. Others may not have the proper support system necessary to help guide a new business owner. Some industries may see demand for their services fluctuate with the economy.
If you are looking to franchise, you may want to consider the lower risks of one in the home services industry.
Benefits of Buying a Home Services Industry Franchise
The home services industry is comprised of businesses specializing in maintaining, decorating, or remodeling someone’s home. It includes plumbing and electrical technicians, interior decorators, house cleaners and landscapers, just to name a few.
Most home service franchises have low startup costs. Since the service you provide is done in your customers’ homes, you don’t need to have a retail location for your business.
There is a continual need for these services. Things need to be repaired or replaced. Homeowners want a new look, either for themselves or because they are planning to sell. More people are working from home since the start of the pandemic, and they want to make their surroundings as pleasant as possible. Many homeowners don’t have the skill, or the time to take on these jobs themselves and older homeowners may not be physically able to complete the tasks.
Also, no matter your skill level, the franchisor will teach you how to perform the services and how to run the business, while providing the continued support you’ll need as a new business owner.
Consider One of the Home Franchise Concepts Brands
Home Franchise Concepts makes it easy for new entrepreneurs to start their own business in the home services industry. Having been in business for more than thirty years, we are the parent company for nine well known home services brands: Budget Blinds, The Tailored Closet, Premier Garage, Concrete Craft, AdvantaClean, Aussie Pet Mobile, Kitchen Tune-Up and Bath Tune-Up, and Two Maids.
Home Franchise Concepts brands are also backed by our parent company, JM Family Enterprises, a $18 billion company that’s ranked 17th on Forbes list of America’s largest private companies. Our combined support gives all of the Home Franchise Concepts brands a stability that can’t be beat.
Get Started with Home Franchise Concepts Today
If you’d like to begin the path to financial independence by starting your own business, contact us today. One of our franchise consultants will be in touch to discuss our franchise opportunities.