Starting your own business or can be super scary. One of the biggest questions you will have to answer is the very first one: how can you tell if an opportunity is reputable? There are a few different signs you should be looking out for:
Franchise Vs. Business Opportunity
First things first, you should know the difference between a franchise and a business opportunity. Plain and simple: business opportunities offer more freedom. With a franchise you will have specific rules you have to follow, and sometimes things like pricing and promotions will be out of your hands. With a franchise you will also be required to pay ongoing fees. With a business opportunity you have the ability to make your own decisions, grown your business into whatever you would like, and once you buy everything needed to begin, you are free from paying someone else to continue operating. Ask yourself, did you start your OWN business so someone else can still be telling you what to do?
The Better Business Bureau is a nonprofit organization that reviews businesses and collects information on them so that consumers can be more aware of their standing and track record before choosing to do business with them. Before putting your money into a company, check to see how they are rated.
The beauty of the internet: you can find reviews and comments everywhere! A simple search should help you find out if there are happy former or current customers.
Of course every business was new at some point, but usually the longer a company has been around, the more you can bet that they are trustworthy and have a quality product. They most likely have repeat customers and good word of mouth. Not to mention, the longer you are in a certain industry, the more knowledge and experience you gain. It is a big red flag if a business is constantly changing names, or declaring, and then coming back from, bankruptcy.
As mentioned, starting a new business venture can be very scary, so wouldn’t you feel better if you knew you had support through the process? Look for a company that genuinely wants to see their customers succeed by ensuring they are properly trained and then providing continued help. You should be worried if somewhere seems like they just want to take your money and run.
Feeling confident about taking the next step? Check out the ebook below to learn more about being in the vending machine business.