Don’t be a number, take action!
A revolution is upon us.
Have the vision to no longer be “just a number”
Your alarm clock goes off at 6:00am. You crawl out of bed because you have bills to pay. You drive to the job you hate. You glance at the clock. It feels like you’ve been in the office for eternity, but it’s only 9:00 am.
You wonder how you’ll make it through the next seven hours and this is a daily occurrence. You think to yourself, “if only I had the financial muscle to start my own business.” It needn’t be only a dream.
Life’s too short to settle for a soul crushing job. Here are five tips a wannabe franchisee needs to join the financial revolution today!
Challenges young entrepreneurs face
Getting small business loans are one of the biggest challenges young entrepreneurs face. With the current economic climate, the ideal minimum contribution that a prospective franchisee should make is 40% to 50% of the total finance request.
Here are three of the most common challenges that young entrepreneurs face:
- The application process is slow.
- Lenders want collateral that some young entrepreneurs don’t have.
- Getting a loan can take up to three months.
Another challenge is financial literacy. If they’re lucky to get the loan, young entrepreneurs assume it means ‘instant riches’.
In reality, obtaining a loan means:
- You must be responsible.
- You have to make savvy financial decisions.
- You need the right support structure; and
- You need to seek advice from experienced business people.
Help is at hand
While challenges exist, there are institutions that want you to succeed. whichfranchise.co.za is a perfect example.
The bank’s tailored solution for the franchising sector will help you as a young entrepreneur to run your business easier.
Here is what you should look for in a bank to fund your franchising dreams:
- Being able to walk into any bank branch and get franchising assistance.
- A bank that has franchise specialists who would be able to let you know if the franchise concept you’re investing in is viable. You need a bank that has been around the block – and can spot those not so ethical franchisors.
- You need to find a bank that places a high value on relationships. Your personal needs, wants, desires and goals will become central as you grow as an entrepreneur.
Starting a business is also starting a financial journey. If you don’t have a financial background you may find the finance aspect (and its cousin administration) quite daunting. When you choose your bank as a new franchisee, if you meet certain qualifying criteria, enquire about management training and if the bank offers it themselves.
4 Top tips to join the financial revolution
The dream and vision to become a franchisee or grow an existing business is in your hands. You’re the star of your own life. Keep these tips in mind to realise your dream:
- You’ll work harder than ever before. As you say goodbye to the nine to five you can expect to work much longer hours! Owning your own business demands more than investing your money.
- Love your customers. Regardless of your sector, you need to realise that return custom is the life blood of your business. In a way, your customers are like your new bosses.
- Play by the rules. Just because you have your own business, it doesn’t mean you’re in business for yourself. Joining a franchise means that you will need to comply with the rules and operating procedures set by the franchisor. Not every aspirant franchisee is suited to this role. Take the test to determine whether you are suited to this role.
- Tighten up your admin skills. Being a small business owner means that you’ll suddenly have to comply with a wide range of statutory requirements. From the legal requirements of opening your business, to SARS registration and various compliances when you employ your first staff – you’ll quickly find that you’ll get quite used to paperwork.
To be a young entrepreneur isn’t impossible. Now that you have the know-how, don’t settle for a job you loathe. Get in contact with the franchising experts at whichfranchise.co.za who are ready to assist. Tell us what’s holding you back from becoming a franchisee or what you need to take your business to the next level.