A lot of us dream about running our own business. Being your own boss has many rewards, but it also involves a lot of work. If you are considering starting a small business, consider opening a franchise.
Franchises are outlets of established companies that operate independently, allowing owners to build small businesses using nationally recognized brands. Franchises are available in nearly every market, from fast food to boutique services to apparel and electronics repair.
If you are considering opening an embroidery business or any other type of small business, keep the following do’s and don’ts in mind.
Do Have a Business Plan
Although your franchise is part of a larger company, you need your own business plan for your own day-to-day operations. Research small business plans for embroidery businesses to determine what can work for you, given your resources and your location. Your business plan should include the number of employees you will hire, the positions each of them will hold, how you will market the business and your projected expenses and income for the next few years.
Your business plan is a document that outlines all of the topics discussed above and how they will be handled for the next few years. As you run the business and your needs change, you will alter this document as necessary. But at the beginning, use this as a guideline for your operating procedures.
Don’t Assume You’ll Have Automatic Success
It is not uncommon for a new business to take three years or longer to become successful. Plan for this by having a sufficient amount of money saved for your own living expenses. You might need to rely on loans, careful budgeting or live solely on your spouse’s income until you begin to see profits from your embroidery business.
Do Have the Capital to Start an Embroidery Franchise
As the old saying goes, “You have to spend money to make money.” This is true in all types of entrepreneurship, including franchising. Typically, opening an embroidery business costs between $174,000 and $178,000 in startup costs.
If you do not have this money or you cannot comfortably spend this amount of money, consider putting your goal of opening a small business on hold for a few years. Although a well-managed franchise can be very profitable for its owner, going into business with unmanageable debt can make it very difficult to come out ahead, even if you have high profits.
Don’t Get Discouraged
This is probably the most important thing for prospective embroidery business owners, and really all franchise owners, to keep in mind.
When you’re a business owner, you’ll have some bad days. You’ll probably even have a few bad weeks or months. It happens.
Whether your bad times destroy your business or not depends on your attitude and how you handle difficult issues like negative reviews and low sales.
However, you’ll have a great franchisor, United Franchise Group, behind you every step of the way to answer questions, help you when problems arise, and give you all the necessary training you could possibly need to open and operate a Fully Promoted franchise in a thriving and growing industry.
Another huge help you can take advantage of is keeping in contact with other business owners to discuss your difficulties and your successes and learn from other business owners who have experienced them before you. Remember, your community is an asset. Use this asset by learning from it to build your business stronger.
Are you interested in becoming part of a growing industry? Then contact us today and find out how you can open a Fully Promoted franchise of your own!