Electrical Franchise recipes

Josh’s Thoughts: Be Wise, Enjoy the Journey and a Formula for Repeat Business

Every week, our founder and CEO Josh Nicholls shares his thoughts on Platinum, running a business, and life in general, with our network and our company Facebook forum. We think they’re so insightful, we’d like to share them with our blog readers too. Here’s a collection of Josh’s thoughts from November and December. 

Our Job as Business Owners

8 December 2014

Hi Everyone,

This week I have two thoughts! Firstly, as we are now a couple of weeks out from Christmas make sure you start getting into the Christmas spirit now, so many times you work your ‘backside’ off leading up to the end of the year and before you know it, Christmas Day has come and gone and you’re already in work mode, focusing on the new year. Enjoy this time of year as it comes and goes so quickly.

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Is a Franchise Right from Me?

It is a fairly commonly known fact that most small businesses fail within 18 months of starting. It is a sad fact that even a person with a large amount of experience and knowledge in a particular industry can come unstuck so quickly after starting their own business. Many an electrician has come to learn this.

The fact is, there is much more to a business than knowledge and experience as any banker will tell you. In fact many banks are reluctant to provide start-up funds for any business that doesn’t have a solid business plan backed up by cash reserves, marketing plans and a detailed analysis of experience and expertise that can be used in the business.

Even when these things are in place, there is no guarantee of success, so the decision to start a business needs to be taken only after very careful consideration. One of the things which ought to be considered is a franchise because these opportunities come with proven management systems and support tools that are vital to long-term success.
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When Buying a Franchise Makes Sense

Whether you are an electrician or a humble home handyman you may occasionally think about starting your own business. Every tradesperson who met with some success, and who loves the work they do, often dream of branching out by themselves as a self-employed contractor.

But with a caution from their bank manager ringing in their ears such thoughts soon turn to a mood of caution as it dawns upon them that failure could be as likely, or more likely than, success. Unfortunately a significant majority of small businesses fail within the first 18 months of operation and that is why banks are reluctant to advance funds to any new start-up business.

It is not all doom and gloom however because there are several well-established business models on the market in the form of franchises that make starting your own business more of a reality than a dream.
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How to Choose a Good Electrical Franchise

When you are exploring the possibilities of getting your own business, a franchise is one of the safer bets around. If you provide electrical services, the same principle applies in that, although it might be tempting to start your own business in your own name, choosing a franchise could be a much safer option.

You have no doubt heard horror stories of businesses going bad within the first 18 months of starting. This is an unfortunate truth, and many entrepreneurs with stars in their eyes have started what they thought would be the beginning of their dream only to find that the practicalities of running a business are more complex and unpredictable than they ever imagined.

Starting a business is a bit like panning for gold, it seems so easy at the start and it feels like it will only be a matter of time before you strike it rich. But as the days drag by and the bills begin to mount you are faced with a bitter task of deciding whether or not it is economically viable to continue, or whether to close the doors.
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