Past IssuesDecember 20, 2010
Can't Find A Job? Start A Business!
Sponsored: Get a free consultation from a franchise expert!
You're dissatisfied with the 9 to 5 thing. You hate the politics. Perhaps you've even lost your job. You realize that you've been creating wealth for others but not for yourself. You've had the idea of owning your own business but aren't sure where to start. If you'd rather be independent, yet have a clear cut successful business plan, then perhaps franchising is right for you.
To find out which franchises are available and right for you, we recommend a complimentary consultation with a franchising expert from FranChoice, the "matchmaker" of the franchising industry. They will listen to your concerns and goals, guide you through the search process and answer all your questions. There's never a charge to the potential franchisee. Get the help you need by and sign up instantly for your complimentary consultation, go to FranChoice.
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Can't Find A Job? Start A Business!
Ray Haiber, Business Broker and Franchise Consultant
Can't find a job? Unfortunately that's not surprising news due to the fact that the current economic downturn has already lead to some of the highest unemployment rates we have seen in decades. Many of the hardest hit industries such as financial services and home construction face the prospect of an extended or permanent contraction that will force many workers to seek new careers as positions in those industries become eliminated or harder to replace.
One viable alternative that has always been available to workers who either want to leave the restrictions of the corporate world, or can't find a job in their industry because of tough economic times is to "buy a job". How do you do that? By either finding and purchasing an existing small business, or starting a franchise.
Buy An Existing Business: Business Brokerage Industry statistics indicate that your odds of success increase dramatically when you buy an established business. This is particularly true in challenging economic times, and if the target business has been established for over 5 years and has a proven track record that can be validated via a thorough due diligence process.
What Type of Business?: Your basic goals should be to find a business that you will enjoy working in and growing, compliments some of your existing skill sets, and will also provide enough net income for you to make a comfortable living. Ideally the business should also generate enough income to allow you to cover any debt service you may have incurred if you financed a portion of the purchase price.
How To Find a Business: What's the best way to find existing businesses for sale? The most efficient way to begin your search is via the Internet. There are quite a few online "Business For Sale" ads. When you see a business that strikes your interest, contact the owner for more information. In most cases you will be required to sign a confidentiality agreement and provide some basic financial qualifications before receiving a detailed business summary.
Another way to find an established business is to employ the services of a professional business broker in your local area. Many Business Brokers have access to listings that might not normally appear online. They often have knowledge about new listings coming available soon that may fit your investment parameters. A good Broker can also show and help you identify potential business matches that you may have not even considered.
Buy A Franchise: Another viable option to replace a lost job is to start a franchise business. The biggest advantage of buying a franchise opportunity is that it's a lot less risky than starting a new business from scratch. Most established franchise concepts are proven business models having a verifiable track record of success that can be easily validated during your investigation of the offering. Franchisers can also provide comprehensive training and support before and after you open your location. And keep in mind that one of the main reasons for the success of franchising as a business model is that Franchisers have a vested economic interest in your success in the form of royalty and other fees.
Find A Franchise: As with existing small businesses, the fastest and most convenient way to begin the process of finding a franchise is with an Internet connection. There are now dozens of franchise directories online today that offer comprehensive listings of franchises available for sale, including information about investment levels, training, availability, and how to contact the franchise company for more details. These directories are also a good source for free information about the general process of buying a franchise business.
Always thoroughly investigate any franchise or business opportunity, obtain all appropriate disclosure documents available, and seek consultation from a franchise expert prior to making any investment decisions.
Ray Haiber has 10 years experience as a professional Arizona Business Broker and franchise consultant.