Finding the business that’s right for you
Find your right business – something that challenges, stimulates and satisfies you – something smart.
You can minimise the risk you’ll take going into business, convert your long hours and hard work into money… and have fun in the process. The way to do that is to do what is right for you.
Your business should enhance your life – not run it.
And it can. Here’s how -
1. do work which matters to you
2. which will allow you to earn the money you need
3. to live the life you want.
Do that and you’ll greatly reduce the stress and strain most business owners deal with every day. Hard work and long hours will be less of a problem, because when you’re doing what you love your business is a pleasure, not a job.
Choosing what is right for you means you need to learn about yourself
Decide what’s really important, discover your passion – and then select the right franchise to get what you want. Now ask yourself, what is it that I really like to do, and what is it that I’m really good at? But be truthful.
While Franchisors provide training, it makes sense to make use of the skills, experience and interests you have. What franchises will really suit you? Do you have the skills needed to run the business or the ability to learn them? Can you do the work required? Consider the role you will be playing in the franchise – front line / hands on operational, or behind the scenes administration and management. Is that what you want to do? Does it push your buttons? Will you enjoy it?
If the franchise is something you can get really excited about, but some aspects of the day-to-day operation of the business don’t push your buttons can you outsource those aspects? If doing paperwork, answering phones, paying bills and doing the bookkeeping doesn’t light your fire, consider outsourcing business administration so you can focus on the parts of the business you love, and on doing what you do best to grow your business.
Most businesses need sales and communication skills.
Do you like dealing with the public? Are you comfortable selling to potential customers? How do you feel when you have to interact with people you don’t know? In your ideal work environment, how often would you interact with people you don’t know? Do you prefer to deal with people face-to-face or over the phone?
Do you have the support of your family?
Ask your friends and family what kind of business they see you succeeding in, and listen to the answers!
How does the family feel about your choice? What does your partner think? Are they completely supportive? Can they help you when you need them? Is your business plan based on them participating? If so, what happens to the business if they change their mind or have other commitments? Most franchisors interview both partners. They know that even if you work hard you’ll need the support of your family to keep up the effort in running your business and making the business work. Do they share your commitment and vision? Who will do what – in the business, and at home? If you are relying on a family member to do the bookwork at home – do they want to do it? Are they good at it? If not, what impact will that have on your business? Business service franchises can provide practical day-to-day support for you as a business owner.
Will it suit your lifestyle?
Do you love to watch the kids play rugby every Saturday morning? Does your club meet every Thursday evening? You may well not be able to do that with a retail business. Do you want a seven day a week business, or your weekends free?
Does it really fit? Can you really feel happy down at the golf club, telling people you are no longer the sales director of a national company, but now own an XYZ franchise? Is it something you feel really excited and absolutely passionate about – proud to be associated with and comfortable talking to anyone and everyone about?
Your network is your net worth. Do you have a network of contacts in the proposed territory? How could these people help you build your business?
Remember why you’re going into business in the first place.
If you ask any business owner why they work for themselves the responses are pretty much the same – to make money, share it with those they love, spend more time with family and friends, have the freedom to do what they want when they want…to build something that can ultimately be managed or sold. That’s a lot easier to achieve if you love what you’re doing, and you’re good at it.
We hope this information helps you in your search for the right business. Good hunting!
Could a Smart franchise be the right business for you?
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