How to Tell If You Have What It Takes to Be Your Own Boss

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Most people dream about being their own boss – but how many take the time to really examine the attributes it takes to successfully run a new business?

Here are some tips you can use to examine your likelihood of succeeding at being your own boss:

Passion – you must have a passion for being in business for yourself, not just a passion for making money.  That being said, I believe that the ‘passion imperative’ has been overused and much abused.  It can cloud one’s judgment and encumber one’s objectivity.  Moreover, it does not necessarily translate to profit and long-term market viability.  I have just seen too many people try a golf business or bait and tackle shop or the like (their ‘passions’) only to burn out quickly and/or find that they got crummy advice to contrive their passion or hobby into their business.  Starting a new business can be rocky, and you need a strong will to persevere.  Are you excited enough by the fact of owning your business to stay in for the long haul?

Financial plan – you need to have a detailed financial plan and enough resources to get you through the first year of a startup.  Realize that you may not receive a paycheck for the first year or so – can you secure the proper financing to do it?

Partnership – do you want to operate a business by yourself or do you work better with a partner?  Franchising offers you a built-in partnership, which helps spread the workload and the risk.

Potential customers – do you have a list of people who you would be able to do business with right away?  Investing in a well-known franchise brand that can translate to built-in customer demand may help.

Marketing – do you like to sell?  All successful business depends on good marketing and sales.  If that’s one of your weaker areas, investing in a franchise may be a better option than going it alone, since franchisors offer proven marketing strategies to franchisees and are vested in their success.

Advice – are you willing to seek and listen to good advice?  Heeding the advice of someone who has “been there and done that” can be a great advantage for entrepreneurs just starting out.

If you are interested in exploring whether or not you could be your own boss, attend our free April 26 webinar, Franchise Ownership as a More Stable Career Path.  The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.

How to Find the Right Career Path for Your Personality

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How would you like to spend the next 10, 20 or even 30 years of your career feeling like you’ve never worked a day?  That is the kind of joy most people long for, and what author Nicholas Lore, who has just updated his 1998 bestseller The Pathfinder: How to Choose or Change Your Career for a Lifetime of Satisfaction and Success, says he has done for the past 30 years.

In an interview with Entrepreneur Magazine, Lore notes that one of the stumbling blocks to attaining a career that you love is, surprisingly, your brain:

We listen to the little voice in our brain that is always trying to minimize risk. It is just biology at work trying to keep us safe. The brain doesn’t like risk and does its best to talk you out of anything risky. It wants to instantly return you to your comfort zone.

Lore says that most people spend more time researching what kind of car to buy than answering what he calls “the big wonderful question” of what kind of work they should be doing.  He advises those seeking a new career path to find clues in their lives about what excites them, what matters to them, what they care about – even what kind of music they listen to and the TV programs they watch.  This, he says, will provide insight into your true passion – but perhaps not in the way you think.

For example, Lore says that his own passion is sailing, but that he would never want to be a charter boat skipper.  Instead, he examined what he likes so much about sailing and discovered that sailing requires making hundreds of little decisions while you are doing it.  This awakened Lore to the fact of how much he likes constant problem solving — which led to his now 30-year job as a career coach.

If you want to learn more about the right career path for your personality, attend our free April 26 webinar, Franchise Ownership as a More Stable Career Path.  The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.

Interest in Low-Cost Franchises Remains High in 2012

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While the job market is showing signs of steady growth once again, many of those who became disillusioned with life in Corporate America are turning to franchising as an alternative – and low-cost (less than $20,000 start-up cost) franchises are on the radar for lots of upcoming entrepreneurs, according to a recent article from TheStreet.

Concepts that are generally considered low cost include home-based businesses as well as some popular retail options.  Home-based businesses can be attractive to those who want a low cost of entry, good margins and a business that provides the potential for a good work-life balance. 

Home-based businesses are a great choice for those wanting to be a “solopreneur” – someone who may want to work at home, with no other employees.  Whether you want to use your own skills to start a home-based business, or spend a little to invest in a home-based franchise business with a proven business model and a “template” to follow for success, all you need is the right technology – and the right attitude – to succeed.

For any business to be successful, there is a formula to follow, and that includes being your own boss.  A franchise broker can help you align your skills with the right opportunity and help you every step of the way toward launching your own business.

To learn more about franchising as a good career opportunity, attend our free March 22 webinar, Franchise Ownership as a More Stable Career Path.  The webinar is free, but you need to pre-register.  To register online, click here.

You may also register by calling 866-246-2884.

Is Investing in a Franchise a Good Career Move?

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In a blog post on the Houston Chronicle website, career columnist Kim Thompson poses the question: Can a franchise be a career option? 

Thompson notes that one of the common misconceptions that keep people from considering investing in a franchise is that franchising is only for entrepreneurs.  But, Thompson says, this is a mistake since franchising means operating within a defined system, so those who are truly entrepreneurial may become frustrated or disappointed in following a proven business model.

She also notes that those who have spent their careers in Corporate America often feel drawn to a franchise because of the training and support franchisors offer, as well as the national marketing campaigns that support new franchisees.  They are also attracted because franchises offer a lower risk proposition than pure start-ups.

Thompson says the key to determining if a franchise is a good career strategy is to conduct extensive research, starting by identifying the services or products that interest you, or would be a good fit for your current skill set.  She also advises potential franchisees to consult with a franchise consultant who can provide guidance on what kinds of franchise opportunities would be a good fit for you and the associated costs.

While franchising provides a good structure and less risk, you need to assess if you have the motivation and skills it takes to be a successful franchisee.  A franchise consultant can help you determine this as well.  At The Entrepreneur Authority, we encourage anyone interested in becoming a franchise owner to take our proprietary eQuiz™, which helps assess if you have the right mix of skills to succeed as a franchise entrepreneur….or what we call the “franchipreneur”.

To learn more about franchising as a good career move, attend our free March 22 webinar, Franchise Ownership as a More Stable Career Path.  The webinar is free, but you need to pre-register.  To register online, click here.

You may also register by calling 866-246-2884.

How to Tell if You Have What It Takes to Start a Business

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If you are working for someone else, there has probably been a time or two you have wondered if you have what it takes to start your own business.  Not everyone is wired to be an entrepreneur, especially when it comes to taking risks to launch your own venture.

There are pros and cons to being an entrepreneur; some of the pros include:

  • The freedom to be your own boss
  • Job security and control of your work life
  • Unlimited income potential
  • Creative outlet
  • Flexibility

Some of the cons can include:

  • Risk
  • Fear of failure
  • Longer hours and more work
  • Fluctuation in income
  • Pressure and responsibility

In the past decade, we have helped hundreds of people realize their dreams of small business ownership and have found that one of the greatest obstacles for entrepreneurs is the assumption of risk. 

Taking on some risk is the price of achieving returns – if you want to make money, you can’t eliminate all risk.  The goal is to find an appropriate balance, one that generates profit, but still allows you to sleep at night.  This is an advantage that franchising gives an entrepreneur – it’s your business, but the trail has been blazed and you have a roadmap for success to follow.

If you are determined to be your own boss, we can help you discover if you have what it takes to start your own business and guide you through the steps to successful entrepreneurship. 

You can start by attending our March 22 webinar, Franchise Ownership as a More Stable Career Path.  The webinar is free, but you need to pre-register.  To register online, click here.

You may also register by calling 866-246-2884.

Live Webinar Thursday 2/23: Hottest Industries & Top Franchise Trends for 2012

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The Entrepreneur Authority team attended the annual International Franchise Association Convention last week and learned a lot about what is going on right now in the franchise marketplace.

We will share it all with you tomorrow – Thursday, Feb. 23 — via a free live webinar at 1:30 p.m. CT.

During this one-hour complimentary webinar, you will hear about:

  • The pros and cons of investing in a franchise…and the common pitfalls to avoid;
  • The legal considerations of owning a franchise...and how to protect your interests;
  • The hottest industries and franchise opportunities…as well as the industries that are trending downward;
  • The realities of financing your business in today’s lending climate…and some options that may surprise you;
  • The best process for selecting the RIGHT business…and what NOT to do!

You’ll also have a chance to ask questions and have them answered by our team of franchise business ownership experts.

The webinar is free, but you need to pre-register.  You can register online at:

http://www.eAuth.com/upcoming-e-learning

You may also register by calling 866-246-2884. 

Mark Cuban Shares The Key To Recognizing A Profitable Business Opportunity

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Dallas Mavericks owner Mark Cuban – who made his reputation (and his billions) as a business maverick as well – is the author of a great blog where he posts his thoughts on business, sports and other life essentials.  You can find it at http://blogmaverick.com.

His new book, How to Win at the Sport of Business, is a steal at $2.50 and includes a lot of the insights he posts regularly on his blog.

One of the questions he is often asked is how to spot a profitable business opportunity, and here is his answer:

Knowing the industry very well. Most people think it’s all about the idea. It’s not. EVERYONE has ideas. The hard part is doing the homework to know if the idea could work in an industry, then doing the preparation to be able to execute on the idea.

Thousands of people want to start their own business, and many of them turn to franchise ownership as a way to realize that dream.  All too often, however, they fail to do their homework.  Or don’t even know how to begin.

This is where we come in.  The Entrepreneur Authority team helps people all over the country choose the best franchise business opportunity for their personal circumstances, and it all starts with a process we have perfected over the years.  You can learn more about that process by clicking here.

We also encourage you to attend our upcoming live webinar on Thursday, Feb. 23 at 1:30 p.m. CT, where we will share what is going on in the franchise marketplace right now, the pros and cons of investing in a franchise, the best process for selecting the right business and much, much more.

The webinar is free, but you need to pre-register.  You can register online at:

http://www.eAuth.com/upcoming-e-learning

You may also register by calling 972-731-6766. 

Live Webinar Feb. 23: Report from International Franchise Association Convention

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The Entrepreneur Authority team is in Orlando today at the annual International Franchise Association Convention.  We are learning a lot about what is going on right now in the franchise marketplace and want to share it with you as soon as possible – which is why we have scheduled a live webinar for next Thursday, Feb. 23 at 1:30 p.m. CT.

During this one-hour free webinar, you will hear about:

  • The pros and cons of investing in a franchise…and the common pitfalls to avoid;
  • The legal considerations of owning a franchise…and how to protect your interests;
  • The hottest industries and franchise opportunities…as well as the industries that are trending downward;
  • The realities of financing your business in today’s lending climate…and some options that may surprise you;
  • The best process for selecting the RIGHT business…and what NOT to do!

During our live one-hour webinar, you will have the opportunity to ask questions and have them answered by our team of franchise business ownership experts.

The webinar is free, but you need to pre-register.  You can register online at:

http://www.eAuth.com/upcoming-e-learning

You may also register by calling 972-731-6766. 

We look forward to sharing with you these valuable insights into owning your own business!

Is Owning Your Own Business the Best Long-Term Play?

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Large corporate layoffs like the one that is currently ongoing at American Airlines as part of their Chapter 11 bankruptcy filing have disruptive waves that reach across a broad expanse of the job market.

They also have a far reach when it comes to encouraging entrepreneurship, since many people wonder if they aren’t better off being in charge of their own destinies rather than have their futures depend on the fortunes of a corporation.

Life is risk and reward, and it seems like the greater risk these days may be in staying put.  Here are some thoughts from those who laid a bet on themselves and started their own franchise business:

If you want to learn more, attend a free Entrepreneur Authority seminar.  To see upcoming sessions, click here.

We also conduct regular webinars — click here to register for an upcoming one-hour session.

5 Ways Franchises Operate Just Like the Military

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For many veterans, transitioning from the military to civilian life can be difficult.

Needless to say, for the thousands of veterans that have made the transition over the past few years, most have found the success they were looking for.

But what is it that makes veterans so compatible to franchising?

More and more franchises are putting in a serious effort to recruit veterans, because of how much a natural fit franchising is for them.

Here are 5 Ways Franchises Operate Just Like the Military:

1. Structure. In the military, there is a clear chain of command and rank – and the same goes for franchising. As a franchisee, you’re head of your franchise’s operations, and are responsible for the execution of successful tasks, team leadership, and strategic direction. However, you’re able to take training, support, and guidance from the franchisor – a sort of central command center – to help optimize your success.

2. Systems and Processes. Veterans are highly adept at closely following systems and processes to help them achieve their missions. In the military, missions are broken down into objectives that need to be meticulously adhered to in order to attain a successful operation. The same is true in franchising, where franchisees aim to replicate the tried-and-true formulas that made all the other franchisees so successful.

3. Goal-Oriented Missions. Each day, a franchisee has one thing in mind: how to best optimize their franchise to achieve maximum success. With specific goals in mind – from sales and profit, to team performance and customer service – franchisees can track performance indicators as they strive to achieve all goals.

4. Problem Solving Under Pressure. Nobody knows stress under pressure like the brave men and women that serve our country; they put their lives, and their comrades’ lives, on the line for our freedom. While franchising takes place in a civilian area, the pressure is still high – and veterans thrive at finding quick, efficient, and effective solutions to problems under pressure.

5. Close Comrades. It’s no secret that the bonds shared between military comrades is a special one. In franchising, that same close-knit camaraderie exists, where franchisees lean on one another for support as they strive towards the same goal.

To learn more about entrepreneurship through franchising, attend our free monthly webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.

You may also register by calling 866-246-2884.