Cathey Petkash to speak at SCORE’s Top Ten Tips Monthly Lecture Series, on Thursday, February 28, 2013 from 11:30am to 1:00pm at the Small Business Resource Center, 111 East Liberty Street. She will be speaking about TOP TEN TIPS for Choosing a Winning Franchise Business. Lecture is free. RSVP to info@scoresav.org.
Business Ownership can be achieved in three ways: 1)Start a new business from Scratch; 2)Buy an existing Business; or 3)Invest in a Franchise – a proven business model. What is important is to understand the Pros & Cons of each approach. Whatever approach is of interest to you, here are 3 major tips to consider prior to starting your business:
1. WHY are you considering starting your own business: tired of layoffs & job insecurity? Can’t find a “job”? Independence and more control of your schedule? Financial planning for retirement? Always “dreamed” of owning your own business? The “why” behind you starting your business is critical! Be sure the business model you select will obtain your goals – financial, professional and personal. Write down these goals & objectives prior to beginning your business ownership research process. Select the business model that is best for obtaining these goals.
2. INVESTMENT: Do a thorough financial plan – how much money can you comfortably invest in a business – how much money are you willing to “put at risk?” And be sure you consider your personal financial obligations – children’s school, mortgage/rent, food, current loan obligation, health insurance. These expenses must be covered outside your business – plan on at least a year before you can pull money from your business for personal expenses.
3. IDEAL BUSINESS MODEL: Take time to really consider your business model – meaning: number of employees & type of employees (professional or technical); type of customer (other businesses or end consumer); days and hours in week you want your business to be open; type of business (service, retail, educational, professional); where will you “work” (home office; office space; retail location); how are comfortable approaching your customers (cold calling; networking; customers coming to you). You are probably in a “comfort zone” with how you have “worked” up to this point. Be sure you can transition from your current “job” style into a new business style that is yours!
ABOUT THE SPEAKER: Cathey Petkash
Cathey is a Franchise Specialist with FranNet. FranNet, a team of highly regarded experts in franchise business opportunities, just celebrated their 25th year in assisting individuals who are considering business ownership as a viable career and lifestyle. Cathey presents educational seminars on Franchise Ownership to ensure individuals understand the FACTS of Franchise Ownership, prior to taking the step. Cathey teams with SCORE in assisting their clients who dream of starting their own business, and will address key tips in selecting a Winning Franchise that meets an individual’s goals.
ABOUT SCORE
SCORE is a nonprofit organization dedicated to helping the small business community through free mentoring and business counseling. SCORE members volunteer their time and business expertise to help coach the next generation of entrepreneurs. In Savannah there are 30 Mentors for face to face consulting, and 13,000 mentors available on the national SCORE website. Business owners can contact mentors who are in their trade or field of business by email to address specific questions. Out of the 13,000 mentors, approximately 80 percent are retired and 20 percent of the mentors are active business owners. Business hours for the Savannah location of SCORE are Monday through Thursday from 10 a.m. to 2 p.m. Please visit www.scoresav.org for more information.