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HomeBusiness InsightsFinding the Right Fit: Part 1

Finding the Right Fit: Part 1

Choosing an Industry

Franchising is a great option for people who want to go into business for themselves, but don’t necessarily want to build something from the ground up. And no matter what industry you want to be a part of – from restaurant to home service, education, and everything in between – there’s likely going to be a franchise (or two, or three, or four) to choose from! The decision process can be overwhelming, but we’re here to help you map out your best option(s) and find the right industry for you and your lifestyle. 
 
Choosing the Right Franchise

So, you’re interested in franchising but you’re not sure what industry is for you. There are so many things to consider prior to making your final choice. If you’re considering starting your own business, you’re obviously not 100% satisfied with your existing career. Are you craving more? Maybe you love the industry you’re in, but you’ve always aspired to be an entrepreneur and work for yourself.

First, ask yourself what you’re passionate about. Whatever the reason is for wanting to move on and start a new venture, before you do, make sure it will be something that will light a fire within you, making you excited and motivated to get out of bed in the morning.

Next, look at your skillset. Determine what you’re good at and what professional skills you’ve acquired throughout your years in the work force. Consider making a list of all the roles you’ve worked in and write down the tasks you were responsible for in each job. What position(s) did you excel in? What roles were you best at?

Do your research. Are there fifteen coffee shops in your area? If so, opening another one probably wouldn’t be your best bet. What’s lacking in your marketplace? Are you willing to relocate? Consider the future. Is the industry you’re considering going to fizzle out, or is it there to stay? Is your ideal target market someone who lives in the area? Don’t forget to investigate your potential competitors, too!

Lastly, what’s your investment budget? Some industries are more expensive than others and some require more up-front capital. Ensuring your financials are in check is key! Is the industry you’re researching profitable? Could you build a scalable business?

Starting your own franchise can be extremely exciting, but the discovery process can be tense if you’re not sure where to start. It’s imperative that you give yourself enough time to make a decision you feel good about. Start by following the steps listed above, and identifying the industries you’re most interested in, to give yourself a solid starting point.

Congratulations on taking the first step to entrepreneurship! Have questions? We’re here to help.
 

Whether you’re an entrepreneur looking for an affordable investment, an existing business owner looking to diversify, or simply eager to become your own boss, Weed Man Lawn Care can help you achieve your career aspirations. Want to learn more? Request a consultation or send us a message on our live chat today!