“Talk to other business owners in your area to learn about permitting and their experiences. Understand your local fire code requirements and ADA regulations, as these vary by state. If you're in a hurricane-prone area like I am, you may need extra insurance coverage. I also planned for at least six extra months of operating capital. Get involved in local groups like the Rotary Club or Chamber of Commerce to network with other business owners. Another valuable resource is the Small Business Development Center, which provides market research. They helped me understand the competition in areas like painting, blinds, and automotive services in Galveston. They have access to detailed sales data, giving great insight into the local market.”
Starting a new business, even with a franchise, comes with challenges. The more groundwork you lay, the better prepared you’ll be for success. While franchisors and fellow franchisees offer valuable support, it’s also essential to get involved in your local community.
Erich’s tips highlight the power of thorough research and community engagement. By networking with local business owners, understanding regulatory requirements, and utilizing resources like the Small Business Development Center, future entrepreneurs can gain market insights, reduce risk, and plan for success. These strategies emphasize a proactive, well-rounded approach to business ownership. Building a strong foundation through knowledge and networking is much more than just a good idea.
We cover many current and relevant topics. A few include:
◈ Mitigating risk by keeping your job IF you have flexibility
◈ Why exceptional training trumps the need for industry experience
◈ The importance of networking and community involvement when you’re opening a new business
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