There are many reasons why you should be starting your own business or buying your own franchise. It will give you flexibility, you will earn more money, you will become own boss and you can build and learn new skills. However, there are also some challenges and difficulties that business owners will face (especially at the beginning). You should consider the following challenges when starting your own business and how you can overcome them.
Funding a business or franchise
Whether you are buying a franchise or starting up a new business, the biggest hurdle you might face early on is funding. Perhaps you can fund it yourself through your savings, but if you cannot then you might need to approach a bank for a loan. At Home Care Preferred we enjoy good relationships with many high-street banks who are often willing to lend up to 75% of the investment required for a franchise. Ensure you speak to your franchisor and bank to find a good solution that works for you and that can help drive your plans forward.
Managing your time
This is both an essential but difficult task for most entrepreneurs and franchise business owners. Not only will you be running your own schedule and team, but you will need to be able to maintain a balance between the various aspects of your business. Check out these tips to help you create a good balance without sacrificing your lifestyle or business dreams.
Whether it’s installing new tech or learning new software, technology can sometimes be a struggle. If you don’t have the budget to bring in an IT specialist the task can often seem quite daunting, not to mention it will take you twice as long to complete. At Home Care Preferred we support our franchise business owners with the technology they need, the training and ongoing support (should something go wrong). Find out more about what our offering includes here.
Keeping up-to-date with your team and ensuring you (and the business) are on track can be quite a challenge for many entrepreneurs. You can get stuck in the moment of “doing the work” rather than focusing on the bigger picture. At Home Care Preferred we understand these challenges and offer franchise business owners weekly and monthly performance reviews. This helps them to stay on track, achieve their goals and tackle any issues they may have early on. Click here to find out more.Business, franchise, Franchise Owner, Startup
Categorised in: Startup Tips
This post was written by Home Care Preferred