2020 was a nightmare for many small businesses, with the leisure industry hit the hardest, but thankfully that is quickly changing with the U.S. economy rising back up. In fact, the economies of all 50 states, with the exception of New York, are at least 80 percent back to normal pre-pandemic levels. To take a look at the stats for yourself, check out the latest updates here.
Catching the upswing of the economic recovery could be just the incentive to start your own business or buy into a solid brand through a franchise. If you can give. thumbs up to these questions you are more than on your way:
Small business owners are always busy. From client calls to ordering supplies, and hiring personnel, and managing marketing, the list of tasks is endless for a boss. If you can devote more than 40 hours a week to the business, then you are on the right track to success.
As the old saying goes, it takes money to make money. You will need to have a nest egg and be financially secure before you venture into starting a business of your own. This is especially true if you have a family to take care of financially.
The first year a business is open is sometimes referred to as “code red” where you will be burning the candle at both ends with long, non-stop busy days. If you have the energy to devote to the establishment and subsequent maintenance of your business, you will do well.
According to the U.S. Small Business Administration, 20 percent of small businesses fail in the first year. And by the five-year mark, only half remain. Having previous business experience, with skills such as budget planning and employee management, will help you succeed in the franchise industry.
Running your own business is no small task, and having a realistic but positive attitude is the key to success for your business. Be prepared with a plan B for any possible setbacks and learn to build a professional network of associates that can help your business soar.
If starting a new small business this year is for you, FranSave is here to help. Contact us today at 844.476.7776 or email@example.com. We look forward to working with you!
This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your jurisdiction. Franchise offerings are made by Franchise Disclosure Document only.