Some good advice above.
I'll add a couple tips as one who has started two business - though never a franchise.
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Originally Posted by Brando
I know I'm being vague on the type of business
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Stop being vague. The type of business really matters, both in terms of your prospects and what you need to do to succeed.
A common mistake of first time Entrepreneurs is keeping the business plan a secret. A better plan is to tell everyone you can, you will be surprised where help will come from - advice, contacts, money, etc. Seek and accept help.
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but I can say that with things running smoothly it nets a good return monthly if you only do it 5-days a week.
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Sorry, not gonna happen. Successful Entrepreneurs work long, hard hours. You will work long days and likely 6 or 7 days every week.
You really need to set your expectations correctly on the amount of work and dedication it takes to make a business succeed. It's very hard and that's why most fail. And it's why you need to do something you enjoy, you'll spend a lot of time doing it.
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I know I may be focusing in on the dollar signs... But I'm sure as hell tired working for someone else and just getting by.
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The quest to earn money is fine, admirable even. But you need more than this before starting a business. You need a burning passion to make it succeed. People find that passion in different places; a love of the product, a need to prove you can do it, a desire to live by your own wits or die trying, a love of the process of building a business, etc. There are many good reasons, but money alone won't get it done.
Know that most businesses fail. Hardly a guaranteed path to riches, it is filled with financial risk and hard work. If you can navigate those challenges it will be very rewarding, and you may do very well financially. Or you may fail.
3 years. That's how long it is likely for a new business to begin turning a profit. That means you work your arse off for three years, and you take nothing out. In fact, you pour money in trying to get it going. You need adequate capital to fund the business a personal expenses for that time period.
If you're not turning a profit in 3 years, you need to think about folding.
And the tip about learning accounting - gold.