Can You Find Out if a Business is Low Risk Before You Start It?
It would be great if you could. Right? What would it take? Here are a few ideas:
- You would need a way to find out all about the business first.
- You would need to be able to talk to others who had started the same kind of business. You would want them to tell you all about their successes and challenges. You’d want them to share the inside secrets with you.
- You would want to see some statistics on how many other people had success or failure in similar businesses.
- All sorts of general research – talk to people who know something about the industry, Google competitors or suppliers, look into pertinent demographics.
- Talk to the franchisor. After all, they are the experts in the business. They can tell you all about the company, and what it takes to be successful.
- Talk to franchisees – people who are already in this business. This is something you can only do with a franchise.
- How good is the franchisor’s support?
- What is the competition like?
- How is the business doing in this economy?
- Can you make any money in this business?