Is Monkey Bizness right for you?
Running a business is hard, stressful, and time-consuming….it is also rewarding, freeing, and challenging. When looking at purchasing or starting a business, you should examine whether your strengths and ambitions align with it.
What are the keys to success? We believe previous experience with operations, marketing, strategic planning, and business management are key to our owner’s success. While you may not have experience in each of these areas, you should have an understanding of a couple and a desire to further your understanding in the rest.
We are looking for owners who are-
- Comfortable making decisions and driving the results through a customer service and analytics-driven approach (don’t worry, we can help with the numbers)
- Challenged by and excited to lead a team of employees
- Motivated servant leaders who value defined roles and responsibilities
- Committed to the continual development of their business and employees
How much money do I need to start a Monkey Bizness?
This is a common question and one that you should do your homework on before starting any business. What it boils down to is a math problem –
Most people who start a business will be looking for funding which is often provided through and Small Business Administration (“SBA”) loan. With most SBA loans, a 20% down payment is required. In addition to this, with any business, you should anticipate needing somewhere between 3-24 months of liquidity on hand to satisfy your personal spending needs. This number will be different for everyone based on factors such as your lifestyle and your partner’s income. What does this mean for opening a potential Monkey Bizness?
We estimate that the Standard Monkey Bizness model will cost between $431,000 and $668,500 to start. We estimate that the Little Monkey Bizness model will cost between $328,000 and $572,500. Twenty-percent of these start-up costs will range between $65,600 and $133,700. Add this to the amount you need to fund your lifestyle for a minimum of 6 months and that will give you an idea of how much cash and short-term investments you should have on hand.
Key attributes of a good match
What are the key attributes of a good match:
- An entrepreneurial spirit – if you are looking for a job, we are not the franchise system for you. You should be looking to build a business and be part of the process of continuing to develop the concept.
- A strong drive that pushes you to win
- A willingness to train and develop others
- Someone who gets energy from working with others and delivering a high level of customer service
- A person looking to have fun – this is a fun business, we have fun running it