Building Your Business Ownership Team

Just like a football team starts in the preseason, practicing and building a team before the real games begin, when you're exploring business ownership, you also need to "build a team" to help you succeed. In the context of franchising, this could mean assembling the right people (like employees, advisors, or mentors) to support you as you start your business venture. The key point is that preparation and teamwork are essential for success, whether in sports or business.

Starting with the Right Players

One key player on your team could be a franchise consultant like me. With my experience working with franchisors, I can help you identify the right franchise that matches your skills and goals.

You’ll also want a few other experts on your team: a banker, an accountant, and a franchise attorney. Together, we’ll help you make well-informed decisions every step of the way. This team will educate you on the financial aspects, the legal side, and the best options available so that you feel confident and supported when you make your decision.

A skilled banker will walk you through your financing options, whether a 401k rollover, an SBA loan, or self-funding. They’ll help you determine what makes the most sense for your financial situation.

A franchise attorney will carefully review your franchise agreement. While they can’t change terms like royalty fees, they’ll ensure that you fully understand the legal aspects of the agreement before you sign. Their job is to protect your interests and ensure no surprises down the road.

Having this team in place helps you feel confident in your decision and ensures that you make the best choice for your future in franchise ownership.

The Financial and Legal Playbook

In addition to a franchise consultant and a franchise attorney, having a qualified accountant on your team is a crucial step when considering franchise ownership. Many potential franchisees don’t realize the significant tax advantages available if you set up the correct business entity in your first year. For example, certain equipment purchases may qualify you for tax credits, which can significantly reduce your tax liability.

Setting up the proper structure is essential for maximizing your financial benefits. Proper planning can allow you to take advantage of tax write-offs in your first year, and these savings could be the difference between making a profit or not. Your accountant will help you navigate these financial opportunities and ensure that you're set up for long-term success.

As you begin your journey into franchise ownership, contact me. Think of me as your coach or quarterback throughout the process. I’m here to guide you, help you understand your options, and ensure you have the right team to support you. I’ll work alongside you, offering advice and resources and helping you connect with the key professionals you need, like accountants, attorneys, and financial advisors. Together, we can set you on the path to success.?

If you’d like to know more about franchise opportunities and ownership, please get in touch. I am uniquely qualified to match your potential with the possibilities that come from small business ownership through franchising. All you have to do is allow me to be your guide. My no-cost, no-obligation consultations have helped many entrepreneurs in Cleveland, Akron, and Canton secure a future that belongs to them and them alone. If you’d like to start your entrepreneurial journey, I would love to introduce you to a new world of possibilities through franchise ownership.https://calendly.com/tmcgroarty/30min