Research before starting your business

There are so many things to consider before starting a business. But first, you need to research a few different things to ensure that this is the right choice for you and it has an opportunity to succeed.

Lifestyle 

This is a big one. Most franchise agreements are for a duration of 5 years. This is a long commitment and you need to ensure that you can adapt your lifestyle to suit the needs of the business.

Finance 

There are costs associated with starting a business and it’s important to consider how you will finance these. If you don’t have cash to invest, you may be eligible for finance from your bank, another high street bank or from the Government Start Up Loan Scheme.

Premises 

Not all business opportunities require you to have premises. It may be possible to operate the business from home. However, if you do need premises you need to decide whether you will look at renting or purchasing.

Competitors, customers and demand 

You need to ensure that there is demand for the services that you are looking to provide and that there is room for you in the market place to differentiate yourself to stand out to your customers.

Staffing 

If you’re going to need to recruit staff, do you have access to that employee market? It’s important to be able to get the right employees to deliver your services and you need to ensure that you can pay them legally and the going rate for that role.

The above includes some of the operational matters that you’ll need to consider, but don’t forget you’ll also need to consider the use of technology and marketing to get the ‘ball rolling’.

If you’d like to talk through the above, along with the business model and our available territory – get in touch with our franchise recruitment team today on 0116 275 9005 or at franchisesales@servicemaster.co.uk