Many people view the New Year as a chance for a new start – a clean slate. Some people make New Year’s resolutions to make changes in their lives, while others use the first of the year as a starting point for taking new life paths.
This year may be your time to begin exploring your options in starting your own business. We are all aware of the economic and political variability that came with November’s presidential election, and many people are feeling unsure about what the future holds in terms of social implications. However, despite these insecurities, 2017 is shaping up to be a GREAT year for economic stability and small business success.
Looking forward to 2017 this past October, Forbes Magazine found that “increasing employment, accelerating wage growth, consumer sentiment, cumulatively result in the perfect formula for consumer spending and retail sales, which account for approximately 70% of U.S. economic output.” The housing market is also on the rise since the market crash of 2008, which adds to consumer confidence. Obviously, when consumers are comfortable with discretionary spending, small businesses reap the benefits. No one can predict consumer trends with 100% certainty, but if you are thinking about owning your own business, it is important to gauge what consumers are thinking.
Consider a franchise.
Franchising allows first-time business owners a well-trodden path, with full support, and it is a great way to get started on the entrepreneurial path. Like any business, cash flow won’t be immediate – but if you have the financial runway to support yourself for the first year or so, it can be a terrific long term solution. It’s a solution that can allow you to have flexible hours, teach your kids about business, and create and build an asset that can be sold down the road. There are many terrific businesses you can run from home that are service oriented where you can be fully up and running in less than 90 days and with less than $100,000. Franchise opportunities today number in the thousands – it’s not your father’s franchising world anymore.
There will never be a perfect time to make big, life-altering decisions. You will probably always be able to make an excuse not to do something. Perhaps 2017 is the year to take a leap of faith (with research and planning behind you, of course!) and own your own business. Remember, you do not have to go at it alone. An experienced franchise consultant can help you find the right business opportunity that meets your personal and professional goals.
Previously with a large Wall Street firm, Jane Stein was a Certified Financial Planner for over 25 years, and provided comprehensive wealth management solutions for a large base of families – representing over 250 million in assets. She wrote an investment column, and established a program called “Money Matters for Women”, in an effort to empower women to take charge of their investments. Now she helps men and women achieve financial security through business ownership, which is far more empowering. With her financial background, she is uniquely qualified to guide you through the process to identify and evaluate the right business model, and then later can help you secure funding to open your business.
Jane Stein is the founder of Your Franchise is Waiting, a consultancy firm for men and women exploring franchising as an alternative career path. Visit her website to download a free copy of her ebook The Girlfriends Guide to Franchising.