Saturday, December 20, 2008

Going Into Business - Always An Option

With the current economic downturn and with many doomsayers predicting that the economy will not be improving any time soon, expect a lot of people losing their jobs and new graduates not being able to find jobs. But in danger lies opportunity...this may be a good time to invest -- if you know what to invest in. Franchises have been darlings of the small entrepreneurs mainly because they make setting up a business easier than just starting from scratch, unlike what our merchant forefathers did. My grandfathers were from farming communities in China who set out to build businesses in the Philippines. The difference between them is that one was able to make something big, the other's business was sold as soon as his health failed (and I do not know if it survived the decades). They both had to leave their families and everything familiar and start with almost zero knowledge of what they were going into -- basically a trial and error thing. With franchises, the process is simplified as the franchise owners already did the trial and error. With the franchise package, the complete knowledge and setup of the business is already explained in detail. All you need to do is follow their business plan.

Buying a Franchise, however, is not as simple as many people think it is. Since you're going to sink you hard earned money into a business venture, you better make sure that the business you're going into has a fair chance of surviving. Do your research as to what type of business would suit you. Look for a good location for your business. And be sure to commit yourself. After all, any business is for the long haul.