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Faqs on Starting Your Own Business & Benefits of Franchise Ownership

Starting your own business is a highly personal decision and one that deserves thorough consideration. We want to help answer some common questions we’ve heard from people as they consider business ownership, such as how to go about it, and the expectations of owning a business.

​It is important to know there are a variety of business models that people often consider, such as:
  • Owning a franchise business
  • Owning your own small business operated from your home
  • Owning your own business operated in a store front
Before you jump into any franchise opportunity, you need to start by doing some self-reflection.  Take a moment to brutally honest with yourself and ask yourself what you're trying to accomplish by buying this business.

FRANCHISE OWNERSHIP

When choosing to start a Coverall® commercial cleaning franchise, you become part of a community of Franchise Business Owners who are typically supported with branding, operational guidance and sometimes with guidelines to follow to help you navigate the franchise model.

Q: What do you want out of a franchise business?
A: People buy into franchises for a variety of different reasons. Is this something that you want to do as a hobby, and still work a full-time job on the side? Will this franchise become your primary source of income? Are you looking to build equity? Do you eventually want to own more than one franchise?

Q: How much money do you have to invest?
A: You might have an idea of what type of business you want to get into, but taking inventory of your capital will give you a realistic sense of what franchise opportunities are possible for your budget. Like any business, you shouldn't expect to be profitable right away, so make sure you have enough money to live off of while you get started.

You should be prepared for the fact that loans won't necessarily be easy to come by.  An investment (including your franchise fee, working capital, inventory, equipment, and other costs) of $100,000 or less will typically be a business without a physical brick and mortar location. In this case, it may be harder to secure loans from the bank.

If you've done some poking around online, you probably will have noticed some franchise opportunities promising investments as low as $10,000.

Q: What's your long-term business goals?
A: This is a commonly neglected question potential franchisees fail to ask themselves.  Be honest about how long you have it in you to own and operate your business. Also ask yourself, is this something you want to do for ten years and sell? Or is this something you intend to pass down to a family member? Answering this question is important because different franchisors have different restrictions on term of owning the franchise and selling it early.

Q: How much risk are you willing to assume?
A: Once you've reviewed your financials, you can probably get a sense of this.  But also know yourself and your intentions and habits and take into account your personality: how risk-averse are you and where is your comfort level.

Q: How involved can you be?
A:  If this is a full-time business, will you be working 40+ hours a week?  Will you be overseeing and hiring employees?  And, if this is a part-time business, how will you split your time, and can you sustain your schedule, are questions you should answer.  Think about which days of the week you'd prefer to work and how much flexibility is important to you and your family.

Q: Ask yourself what you are good at, and can you find a business model to use your professional strengths?
A: Examine your skill sets, what you've acquired in your previous professional experience, and what you're comfortable with. Can you manage people and how many?   Do you like being out in the field working with customers?  Can you troubleshoot problems?  Are you a good communicator?  Do you like selling?  Answering these questions will help you identify your niche.

Q: Does professional status important to you?
 

A:  If someone asks you what you do, would you be comfortable saying you own a business that cleans the HVAC ducts or grease and food from back of the house in restaurants?  Many people stay away from “dirty” or “disgusting” businesses like those, however those types of businesses can often be big moneymakers due to lack lot of competition and fragmented markets.

The number of franchise businesses out there is nothing short of intimidating, but now that you have identified better what you want and can take on, you will be able to narrow your list quickly.

It may help you to look at business types first like commercial or residential services, retail services, home-based as examples.  Some examples of these types of business may be commercial cleaning services, residential plumbing services, in-home consultancy (tax, design, real estate, etc.)  When vetting out business types try to be practical rather than emotional.  Although your creativity in develop new smoothy flavors for your business may put a smile on your face, ask yourself if that business meets the criteria, you've just established about your goals, risk tolerance, and is something you will be good based on your skills and time commitment?

If you want to invest in a cleaning franchise you may want to consider Coverall as a great option for a variety of reasons.

  • A Coverall franchise does not have any overhead expenditures, making a Coverall franchise a more affordable business option for many with much lower start up expenses than most any new business or new franchise business start up.
  • No cleaning experience is required.  Coverall provides comprehensive training in our proprietary cleaning process and delivery, business operations, and has local center support when may need it.
  • Coverall has been in business for nearly 40 years supporting Franchise Business Owners across North America and Japan.  The Coverall network of over 8,000 independent business owners service over 50,000 customers and clean over two million square feet of space a year.
  • Commercial cleaning is an in-demand service and there is growing demand in all of Coverall regions.
  • Coverall’s franchise model provides Franchise Business Owners with an initial portfolio of business versus a lead list or having to farm leads on your own.  Coverall can assist Franchise Business Owners with additional business opportunities, or you can market on your own for new customers.
  • Coverall works with all our Franchise Business Owners and supports their business goals and growth providing them with business reviews, enhanced training, local marketing and advertising.
  • One of the most stressful aspects of owning a business can be the monthly billing. It can consume valuable time and sometimes creates enormous stress. However, as a Coverall Franchise Business Owner, you get a dedicated team to handle invoicing, collections, monthly statements and reconciling at the end of the month.

Mayra Ramirez, owner of Sparklin Maids, LLC in South Florida, said she wants to be a role model for her children by demonstrating that anything is possible with hard work and the courage to start your own business.

“Being part of Coverall and having the company’s support and training has allowed me to grow, to be more confident and to get new customers,” said Ramirez. “One of the major reasons why people fail when they go out on their own is because they have to do everything – like accounting and invoicing. I don’t have to worry about that because I have Coverall’s helping me every step of the way.”

CHOOSING THE RIGHT CLEANING FRANCHISE OPPORTUNITY

Owning a franchise is an investment in you and your family.  If you want to start a business in a growing in-demand industry, look no further. Coverall is committed to supporting our Owners in their goals owing and operating their own business.

Posted: 9/13/2022 2:13:10 PM by Stephen Massaro | with 0 comments