Choose Your Future! Develop a Business or Buy a Franchise
You have been, no doubt, thinking, and maybe discussing, the type of business you would like to open. The purpose of Easy Guide to Business Success is to assist you in not only making this decision based on your desires, but to help measure your qualifications and aptitudes, as well. This was begun in Success Topic 1 and will continue as we go through the 11 Success Topics.
In this Success Topic you will start to decide on the type of business; Service Centered or Product Centered. The questionnaires you completed in Success Topic 1 will help to make this decision. We address both types in this Success Topic by looking at the following dynamics:
- What expertise do you bring in each of these types of businesses?
- Are you stronger in Sales or Marketing?
- What physical evidence of planning for your business have you done i.e. Building, Office, On-line Presence or Work From Home?
- The Business Plan you develop will address some questions, but you have to decide how & what your want to operate to make the plan viable.
The 500 Franchises & 600 Businesses supplemental material is something you may want to consider. We will talk about how to evaluate these franchises & businesses with your needs in mind.
You will start to work with:
- ROI (Return on Investment)
- ROA (Return on Assets)
- Risk/Reward Ratio
- Performing Due Diligence
Success Topic 2 will show you how to evaluate the Pros and Cons of buying a Franchise.