Is Now the Right Time to Start My Business?

Many people across the country have a desire to start their own business, are considering a career change or are simply interested in pursuing a job related to a cause they are passionate about. As these motivated and business-minded individuals explore the possibility of a new entrepreneurial venture, they often spend a significant amount of time contemplating this important question: “Is now the right time to start my business?”

While any entrepreneurial venture involves risk, more people are hesitant to open a business during an uncertain economic and/or political climate – much like what we are experiencing today – because they feel it could create additional business challenges. This is a common misconception. Rather than put your dreams on hold, let’s take a look at a few key questions you should consider before starting your own business and what kinds of franchises fare well during times of uncertainty.

Important Questions to Ask

Before embarking on a new business venture, there are a few key factors you should consider. Ask yourself these questions to gauge your entrepreneurial readiness:

·        Why do you want to start your own business? Are you hoping to achieve a better work-life balance? Are you seeking a career change? Do you aspire to work in an industry you are passionate about? Your answers to these questions will help guide the type of business opportunity you should pursue.

·        Are you financially stable? Starting any new business, including a franchise, requires a significant financial investment. Do your due diligence and make sure you have enough funding in place before getting started.

·        Is a franchise the best model for you? Franchises afford many benefits for investors, such as being able to leverage the strength of a brand name and having access to training, operational and marketing support. Additionally, the franchise model offers greater stability and less personal risk for owners. However, for entrepreneurs seeking more independence, this option may not be the right fit.

      Advantageous Franchise Opportunities

If you’re considering starting a franchise business, in addition to evaluating its alignment to your personal passions, evaluate the brand reputation and financial stability of the company to ensure it has strong potential for future growth and success. In times of political or economic uncertainty, people and communities still have fundamental needs. Your likelihood of success during unstable climates will increase significantly by investing in a brand that provides an essential need or service.

Most recently, personal service franchises — which range from child care to health services — have experienced great success and are poised for continued growth even in the face of adversity. As Entrepreneur shared in this article, franchising was largely the domain of restaurants and retail in past years, but personal service franchises that are focused on improving the lives of others have risen to prominence and are excellent entrepreneurial opportunities to consider. 

Primrose Schools is a great example of growth in this segment of the franchise industry. Throughout the company’s 34 years of existence, owning a Primrose school has remained an excellent and stable investment. This has proven true even during uncertain or challenging economic or political climates, because parents will always prioritize their child’s education.

Additionally, opening a Primrose school is a particularly “safe” entrepreneurial venture because Franchise Owners have significant support and resources from Primrose National Leadership Support Team, including real estate and construction support, operational training, marketing and communications resources and more. We also provide a time-tested and exclusive product — the Primrose Balanced Learning?approach. It is our goal to provide our Franchise Owners with the support they need to succeed every step of the way and in any business climate. 

As you consider whether it’s the right time to invest in an entrepreneurial venture, remember that uncertainties in politics or the economy do not always indicate that you shouldn’t pursue new opportunities. Just ask the right questions and keep in mind that businesses supporting a truly need-based product, like education, will always be a priority.