Here are some tips that you can sponge upon before making your choice to acquire a business or a franchise or looking to start one:
Success
When purchasing a franchise or a small business one must ask what can I do? What action will I take to make this business successful. How will I grow this business and what do I want to do to build this business. How can I generate more revenue to make this successful.
Location
Do I see myself inside this business or location running the day to day? If so how does that feel when putting that hat on?
Support network
Do you have a support team, or someone lean on? As being an entrepreneur can be a lonely road and having a team or support is key to feed off of. So try and surround yourself with other entrepreneurs & franchisees to bounce ideas off of.
When is the right time?
There is never a right time. In fact, when times are slow or economic times are challenged that is even a better time to open or acquire a business. One can use this as an advantage in more cases that one.
Cashflow
Try and have a cushion of operating cash set aside. This cushion allows one to weather a stormy day or week and then can be replenished with stronger weeks.
Feedback
Don’t listen to naysayers – Those who have never owned or opened a business shouldn’t be good people for advice. Talk to other entrepreneurs & franchisees first and the most. Then digest. Many will give opinions however will not go down this road themselves. Block that noise out.
Instinct
Go with your Gut. What does your gut say? Not your ego, push that aside. As many times one’s ego gets in the way. Many entrepreneurs who taste successes will talk about letting go of your ego to become successful as a business owner. This could mean letting go of your high car payment to have a franchise or a business instead as one example.
Mentality
Carving out a slice of a niche. Ask yourself does this business have a shaved slice out of a Niche? Niche will get you through some ups and downs. If you are not prepared to go through an up or a down then maybe finding or staying with your job might be better off. As entrepreneurs and franchisees need to have thick skin and push forward each day with progress.
