How To Make Money in Business

Author: Heather Gleeson

Date: OCT 9th, 2017

Topic: Franchise News And Advice

How To Make Money is the second question. 

The Number One Question is "Doing What?"

We know the ultimate outcome is to "make money", so in which industry will you grow your business?

True success comes from finding your niche and there are many different business systems available within each industry.

We see it all the time that many people are enquiring across different industries looking to find their perfect business system.  This is one approach whereby they have worked out the style of business they would like, generally home based/mobile or retail, and are flexible as to the industry.  

There is another way to approach the search.  If you know which industry you like and/or have experience in, and would like to know more about how you will make money in, then there are many variations on business systems within each industry to offer.

As an example you may like the advertising industry.  There are options such as in signage, car wraps and banners, or workplace uniforms and accessories in a retail setting, to running an online directory from home with your own App.  The ideal customers are the same while the work hours are different with the retail being 9 to 5, and the home based business being completely flexible.

Another example is the cleaning industry where the demand is always high and it is virtually recession proof.  There are business opportunities from house and commercial cleaning, dog washing, roof cleaning and restoration, lawn mowing, to grout cleaning and restoration.  Again they differ whether the work is indoors or outside, with animals or not, however all are within the cleaning industry.

The realestate industry has two different opportunities.  One learning and profiting from the selling of realestate in your local marketplace, and the other owning the building and subletting the workspace for a more passive income system.  These systems are both profiting from realestate while using very different business systems.

Or the food industry where you can own a restaurant, a mobile pizza or coffee catering business, or start up a health food eat in or takeaway cafe.  Some are flexible in hours and are mobile, where others are operating from the one retail outlet, and could be on shopping centre hours with high traffic flows.  The models are very different within the food catering arena.

You need to be completely comfortable with how a franchise business system works to understand how you will be making money every day.

Here are 8 top tips you should know:
  1. The system already has a cash flow track record you can see.
  2. The franchise is operating already - go and see it.
  3. You can talk to existing franchise partners and make sure it is a fit for you.
  4. You have protection through national legislation for the franchise industry.
  5. You will build an asset that is saleable.
  6. Ultimately you are your own boss.
  7. You have training and ongoing support to help you establish and continue to grow your business.
  8. You have a network of partners to keep you on track and that can offer added support from a position of complete understanding.
When you decide it is time to buy or start up your own business, with a proven system in place you will learn "how to make money."

** Oh and don't forget to check out the income guarantee opportunities that Stain Busters and Reliance Roof Restoration have just released.  These are mature franchises that want to make sure you have a successful business that will make you money.

*** Many franchises have perks to help you get started so make sure you ask about this when you enquire to any business opportunity.