PRLog - May 14, 2014 - TORONTO -- From their first lemonade stand, a large number of Canadians have wanted to own and operate their own business. But how do you make sure your new business or franchise doesn’t turn into a lemon? And what are the best investments in your business - time, money or know-how?
The Business, Franchise & Investment Expo, www.thebusinessexchange.com
The Business Exchange is pleased to announce its upcoming Business, Franchise & Investment Expo and Conference taking place in Toronto from Saturday May 24th to Sunday May 25th. As Canada’s leading business and franchise resource and event, the Expo will offer both aspiring and seasoned entrepreneurs a chance to hear and learn from the experts on what you need to have to start your own business; what to look for in a franchise; and how to increase your chances of business success and profitability. The experts from The Business Exchange know there’s a lot to consider when buying a business or franchise and to make it easier they are sharing their Top 7 Tips for kick-starting a successful business:
1) Passion – People must be passionate about what they are looking to buy and operate. If you’re not passionate about the industry you want to pursue, it will be difficult to be successful at it.
2) Relevant Industry & Work Experience – it’s important to have relevant experience in the area that you’re passionate about. If you love animals, and you think it would be great to open a pet grooming franchise, work at one to get a feel for it before jumping in and investing in one. Although it may be your passion, you may not enjoy working in it for 8-10 hours a day, 5-7 days a week to start.
3) Capital / Funding – so many people get into business or franchise ownership being undercapitalized. It’s important to realize that you need back-up funding, of at least 1 year, to support yourself and your business. There will always be unexpected expenses that will come up, and you want to ensure that you are able to manage and get beyond those expenses.
4) Dream Team – create a dream team of advisors around you that you can count on and trust as your go-to mentors and advocates. This should include a franchise/business lawyer, accountant, business advisor, marketing specialist, etc. Get them familiar with your business and communicate with them regularly.
5) Family Support – business or franchise ownership has its rewards, but you will need the support of your family behind you. They need to understand that you will be busy, working many hours, especially when you first open your business. Make sure they understand your goals and tell them how they can assist you, whether that be emotionally, physically, etc.
6) Are you a Good Boss? – Lots of people make great employees, but not everyone makes a great boss. Are you ready to handle people issues? Are you a leader who loves to motivate your team? Are you a visionary who can share and communicate the vision with others and get them excited about your business?
7) Are you able to follow direction? – All franchises are systemized. When buying a franchise, you’re in business for yourself, but not by yourself. You have the support of head office, but you have limited, if any, room for creativity or implementing new ideas. You need to follow all of the systems in place by the head office. If you’re the type of person that walks to their own beat, than starting a new business or buying an already established business that isn’t a franchise is likely a better option for you.
Still have questions or want to hear from top industry experts or companies offering business or franchise opportunities?
To expand on the topic of how to start or buy the best business for you and/or for expert tips and commentary, please contact:
Rania Walker, Sparq Street Communications
P.R. and Media Relations
About The Business Exchange
The Business Exchange is your connection to business and franchise opportunities. Published since 1998, The Business Exchange is Canada’s number one resource for entrepreneurs by providing the most comprehensive listings of business and franchise opportunities in print, online and at our expos. www.BusinessExchange.ca
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