Being one’s own boss is not an easy path, but it can be an extremely…
If you’re looking for an opportunity to become your own boss and start a business, consider exploring the sign making business.
Here are a few key things you need to know about starting a sign making business.
Franchising Vs. Starting Your Own Business
Starting a business is the dream of many working professionals, but it’s not one that comes without cost. Opening your own business is also a risky venture, and with no support structure to lean on, it could mean losing a lot of money and a dream in short order.
That’s a big reason why franchising is such a popular choice: It’s the same as opening your own business and being your own boss, but with the added support that helps mitigate that risk.
Plus, there are perks to being a franchisee. For example, it’s typically easier to get financing as a franchisee than it is as a first-time business owner starting from scratch. Banks and lenders appreciate the history that typically comes with an established business, and often a franchisor will help you draft a very specific business plan with projections and actual dollar figures based on previous sales and performance in similar markets. Those are things you can’t have as a business owner starting from scratch, which means interest rates, dollar amounts, or even approvals for financing altogether could be difficult or impossible to obtain.
In the same spirit, working with a franchisor also gives you the peace of mind knowing that this business model is a successful one. The company has been through the trial and error of starting a business, sometimes several times before you make an investment, and therefore has made the necessary adjustments.
Additionally, you’ll receive plenty of training and support from your franchisor to assure that you’re ready and able to run the business. You don’t have to be an expert in your field thanks to the extensive training and support you’ll receive, which usually occurs before, during, and after opening your unit.
Have the Proper Equipment
It goes without saying that you’ll need the right equipment to successfully do your job. For a basic sign-making company, that means things like a sign plotter, vinyl cutters, a computer with sign-making software, substrates, and blank supplies to print on.
Of course, the larger your operation, the more difficult this becomes. You’ll need to keep track of your orders and payments, plus shipping information and fulfillment, for starters. Add in other bookkeeping tasks like inventory and taxes, and things can get a little crazy pretty quickly.
And if you’re looking to expand beyond your garage or spare bedroom, you’ll need to find real estate – and not just any building, but one with the proper space for offices and work areas, plus the right electrical and internet needs.
In general, it can be pretty overwhelming without a bit of help.
Click here to read more about getting the support your franchise needs as a Signarama franchisee.
Whether you’re starting a business on your own or investing in a franchise, you’ll have significant financial contributions to make before you get started.
There are several expenses to be aware of and prepared for before investing in a franchise. These are a few of them:
- The franchise fee is a one-time payment that gives you the right to open your unit.
- Liquid capital is assets readily convertible into cash.
- Your total investment is everything you’ll need, including prices of real estate, supplies, equipment, the franchise fee, etc. to get you through your opening, plus a designated number of months’ worth of operating costs.
- Royalties are monthly payments to the franchisor, typically based on sales.
Plus, you need to have a significant amount of personal savings that you can live off of after losing your current income until your business starts profiting enough to pay your salary – which takes a good amount of time for even the best businesses.
For more information on what an investment in a Signarama franchise looks like, click here.
For more information on how to start a sign business, open a franchise, and become part of the Signarama family, check out our free, downloadable ebook: “How To Open a Franchise – The Ultimate Guide.”
If you’re ready to take the next step in your franchising journey, contact us today to speak with a franchise consultant.