This can be whatever comes into your mind to first, but it has to be something you are good at. It can be something that has already been done before, the key is just that it is something you are good at and hopefully also better than others. When you have found your business idea it is all about doing the right research on the sector you are going in to. Make sure that you are suited for the challenge of running your own business. But before you take the big step and open your business you have to have the finances it takes. It is also a good idea to hire a lawyer and accountant to make sure that the legal and financial basics are okay. If you do not have an idea of your own and if you are not sure how to start your business from the bottom, you can go with a franchise. A franchise model of business is where you buy an existing idea and start your own business in that name. Some of the most known franchises are McDonalds, Burger King and 7 Eleven.
One of the maybe less know franchises amongst these giant corporations is Cold Stone creamery, who sell their homemade ice cream in 1200 different locations all across the states. Two of these stores are run by franchise taker, Gino Frerich. She started up with just one store, but her drive and passion for the product of the franchise gave life to store number two not long after and she has plans of opening a third. I spoke to her and she said that the most important thing as an entrepreneur and franchise taker is to have the I will do whatever it takes attitude. She also spoke to me about so of the downsides of having a franchises.
The fact that you are your own boss is something you have to take very seriously because you are on your own. Even though the franchise helps you in the start with getting the property and constructing the store, you have to have in mind that the franchise is interesting in their own profit and not yours. The 5 most common mistakes for new franchise takers are: having too little cash, thinking to small, skimping on the technology available, underestimating the importance of sales and losing focus. All these mistakes can be avoided if you plan ahead and have a clear vision of what you want to do with your business. But the most important thing is to have the drive. Entrepreneurship is not for everybody and if you are not able to adjust to the ever-changing landscape of entrepreneurship and seeing the opportunities that are presented to, it can be a hard time getting the business running.
So to summon up the thing I have talked about today. If you have a great business idea, by sure to think it through over and over again until you are 110 % sure that this is something you want to do. Find the sector of business that is the best for you and make sure to be ahead of the competition. If starting very own does not work out, franchising is also a good alternative to starting your own. You still have your own business but the concept you are running have already been tested and it is almost sure to hold up, the rest is basically up to you. Thanks you for having me here today, you have been a great audience, and if you have any comments are questions about what I just said, now is the time ask. Once again, thank you.