5 Things to do Now to Own a Business in 2015

Owning a business and being your own boss is a dream held by many people. You can move that dream five steps closer to reality by focusing on these action items now.

1. Get Your Family On Board: Your first priority when considering business ownership is getting buy-in from those that could be impacted. Sit down with your spouse, significant other or family members and discuss your idea and how it could affect them. Explain how owning a business will change your work schedule initially, and that, depending on the business and your purchasing options, it could potentially impact your finances. Knowing that you have the support of your family up front can keep you on the path toward business ownership and can also contribute to your success.

2. Research Your Options: Next, evaluate the driving factor behind your desire to own a business. Do you have an idea for a new business model that doesn’t exist yet? Or would you just like to leave the 8-to-5 lifestyle behind and be your own boss? Starting from scratch is much more difficult than purchasing a successful business model. For many people who have never owned a business before, franchising can be the ideal scenario since the majority of the details are already in place including a business plan, branding, marketing, product supply, advertising and more.

3. Scout a Location: While not every business requires real estate, if you’re going to open a retail-based business, the right location can make or break it. Scouting a location requires time and effort on your part. Start by contacting a real estate expert who knows the area and ask for a list of all Class A Retail spaces available. Class A can be more expensive, but it is located near a higher concentration of population and higher household income levels. Once you have the list, scout each location on evenings and weekends to monitor traffic flow.

4. Start a Business Plan: Convincing the bank or investors that your idea is worthy is a critical step. A well-written business plan is essential and needs to be professional and thorough. If you’ve never written a business plan, contact an expert with a proven track record of writing plans that attract investors. The process of writing the business plan will also give you the information you need to determine if your business idea could be a success or a flop.

5. Build Your Team: As a new business owner, the first realization you’ll need to make is that you cannot do it alone. Successful entrepreneurs surround themselves with other successful people who are experts in their industries. A great business consultant, lawyer and financial advisor should all be part of your team during the first year of business.

Mike Welch is the President and Owner of FranNet Minnesota, a franchise consulting firm serving Minneapolis, St Paul, and the state at large. Mike has a proven track record of matching entrepreneurs with business ownership opportunities. To learn more about becoming your own boss, click on the Follow button above, visit www.franchisingminnesota.com, and follow Mike on Twitter and Facebook.