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.