A recent Gallup Poll indicated that 79% of all Americans still list business ownership which included franchise ownership, as a dream. The best thing about that stat is that the dream lies within your grasp!
The second best thing about business ownership is what comes with it- you are the boss of the whole enterprise. No one to answer to but yourself. It’s a liberating feeling, especially if you’ve spent time in the corporate trenches with less than desirable bosses.
If that sounds appealing to you, the next step is to consider these four questions:
- How much sales, marketing and management experience do you have? If you have been involved as a manager or sales/marketing rep in any size company, you most likely have a solid foundation for business ownership.
- How motivated are you to strike out on your own? This is a key question. If a dream of being your own boss has kept you up at night and occupies your thoughts during the day, it may be a sign you are ready to venture out on your own.
- What level of financial acumen do you possess? Having the ability to understand cash flow, how timely bill paying can save money, how to purchase and where you can get the best returns on your money will help you carry out the most important functions of funding your business.
- Are you truly driven to use these and your other talents to compete and succeed? The possession of an inner drive, cannot be underestimated. Running a successful business means you will be investing in a sustained period of hard work. This needs to match with your personality.
Business and franchise ownership is a life altering decision. It’s best to invest in some soul searching while taking a realistic inventory of your talents, skills and experience prior to starting an any type of enterprise.