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Things to Consider Before Starting a New Business

By November 6, 2019 No Comments

People in the board room having a meeting.

So, you’ve decided to finally fulfil that dream you’ve had for years now and go into business for yourself. Congratulations! It’s a big decision and means exciting times are ahead. But it also means quite a bit of financial outlay to begin with. For instance, you’ll need to think about:

  • Where you’ll work: Office space doesn’t come cheap – even if you’re using a co-working facility. And on top of rent, you’ll have transport costs if you can’t cycle or walk there. But then, maybe you’re planning to work from home? Well, sure that will work out a lot cheaper, but will you really be able to focus on work when there’s a big pile of ironing to be done, or your favourite day time soap is coming on? And what about those friends or family members who ‘drop by for a coffee’ because they know you’re at home?
  • How you’ll promote yourself: Google Ads, printed flyers, posters, business cards, headed stationery – these are effective, but they cost money. And these days you really need a website with regularly updated content, via blogs. This means hiring a content writer, web host and, if you can afford it, someone to do your marketing for you (or at least advise you on it). You’ll also need to seriously consider hiring someone to do the social media side – like YouTube videos, Facebook updates, or Twitter posts. The upshot? Quite a bit of cash up front and with some of it ongoing (content writer and IT help).
  • How you’ll sort out the financials: Of course, you’ll be able to claim some of the marketing etc. costs back when it comes to filing your tax returns. But how do you know what you can write-off against tax and whether there are any other loopholes that you can take advantage of? The answer to this is to hire an accountant. More ongoing expense…

Franchising makes starting a business easy

So, where are we going with all this? We’re taking up the benefits of franchising, of course. Taking a franchise in a successfully-running business which is already established, means you won’t have to worry about the majority of the above costs.

You will be provided with promotional material; there will already be a website you can send clients a link to, and someone will already have been hired to carrying out the marketing and update social media channels.

You will also have access to both accountancy and legal help. And, in the case of ourselves here at Sourced, you will certainly be able to benefit from access to additional financial means, as well as lead generation and expert advice and support from colleagues (many of whom have decades of experience in the property and finance industry).

The best bit though, is the knowledge that you are not stepping out into the unknown. You know the business model works because the success is right there for you to see. It’s just that others are reaping the benefits. Isn’t it about time you did too?

Sam Clayton

Sam Clayton

Franchise Manager, Sourced