Tag: getting started

Hold-backs to your Dreams of Business Ownership

More than 85% of the adult population has a strong desire to be self-sufficient but only 5% will ever do anything about that desire because of…FEAR. We are generally afraid of the unknown.

This fear puts people into several camps;

  •       The “Perfect Fit”
  •       Analysis Paralysis
  •       Too Good to Be True
  •       Crabs in the Basket

Let’s look at each of these to learn more about how FEAR keeps us from taking the steps to move forward with our future.

Looking for the “Perfect” business is just an excuse to delay.  There is no “Perfect” business, so if a few meet your criteria they can be the opportunity for you. If you can be 85-90% certain about a franchise then you need to move forward that the remaining certainty will come as you become an owner.

Analysis paralysis is also another way of letting FEAR stop you.  It is a never-ending circle of research, you need to turn right or left to get out of this cycle. I hate to disappoint you, but if you are waiting to be 100% comfortable it doesn’t really exist when making changes in life.

“It’s too good to be true” is something we tell ourselves to keep us from making a decision.  If you have done your due diligence and discovered all you need to know about an opportunity, asked; can see myself doing this and am I willing to do what it takes to achieve success? If the answer is yes, then this is not too good to be true, it is right for you.

You have spent a lot of time researching, gathering data, taking to franchisees and franchisors, you are excited by all the possibilities.  However, you start to talk to family and friends, that’s when you start hearing their FEAR come out in questions like “Are you crazy, what do you know about that industry?” “You are going to lose everything.” “I know someone who… Anecdotal reasons why you shouldn’t follow your dreams due to their Fears. Crabs in the basket pulling you back into the comfort zone with them.

The best way to combat FEAR is to do your homework, do it well and make your decisions looking forward not in the rearview mirror.  If you are thinking of plan B before you set out with plan A you are not ready.  

Your level of commitment will be one of the biggest factors in your success!!

3 Questions You Should Ask Yourself Before Buying a Franchise

DO I HAVE WHAT IT TAKES TO START MY OWN BUSINESS/BE AN ENTREPRENEUR?  

So you want to be an entrepreneur?  You’re not alone! Consider these statistics:  

  • 55% of all Americans want to be their own boss.   
  • 37% of all households are involved in small business.   
  • 70% of all high school students want to start a business.   
  • 1 out of every 25 adults is currently starting a business.   
  • 5 million people started a business in 1995.   
  • In 2017, there were 38 million home-based businesses.   

Entrepreneurs have a different way of looking at life: 

 

  • Opportunity 
Vs.
  • Security 
  • Profit 
Vs.
  • A Paycheck 
  • Results
Vs.
  • Routine
  • Trying New Ideas 
Vs.
  • Avoiding Mistakes 
  • Vision 
Vs.
  • Short-Term Gain 

 

DO I HAVE WHAT IT TAKES TO BE A FRANCHISEE? Once you have determined that you have the abilities, skills and desire to start your own business, you have to further determine if you have the requisite traits to become a franchisee.   

  • Can you follow someone else’s rules, even when you think you have a better way?  
  • Are you prepared to accept coaching and advice on how to run your business from a franchisor’s field and headquarters’ staff?  
  • If the Franchisor turns down your great idea for changing the system, can you live with that?  
  • Can you trust that a franchisor is working for the benefit of the entire system-even when their decisions do not necessarily go your way?  
  • Are you willing, able and eager to learn new skills?
  • Can you set aside old habits and beliefs to follow a franchise system? 

 

CAN I AFFORD A FRANCHISE?  

  • How much do you have to invest?  
  • How much can you finance?  
  • How much do you need to live on?  
  • What is the total investment required for getting into the franchise?   
  • How much can you earn as a franchisee?  
  • How long will it take to breakeven?  
  • What return can you get on your investment?  
  • Can you get a better return from another investment?  
  • Are the risks equal?
  • Are you willing to put your risk and trust in yourself?