Taking stock of your top skills and interests is a great place to start when you’re thinking of going into business for yourself. However, it is worth remembering that there is a world of difference between helping an older or disabled family member and running an adult day care facility. Likewise, enjoying the fresh air while mowing your lawn once a week is not the same as being a landscaping contractor and managing homeowner expectations. Whatever field you are considering, one of the most important things you need to get your head around is how you want your new enterprise to fit into your life.
I know one person who loved golf so much he left his corporate job to open a pro shop. It didn’t take long to discover that working in a retail franchise tied him to the sales counter instead of allowing him time on the links.
A retail business did not give him the lifestyle he desired. If only he’d taken the time to define his criteria and do some research into the options, he might have found an opportunity that met his needs in the golfing world or another field entirely.
Two Things to Consider Carefully Before Starting or Buying a Business
The two most important things you need to get your head around before going out on your own are what you want the enterprise to do for you and how much you will like running a business with all that entails.
Start asking yourself some difficult questions. For example, are you looking for a job that gives you something to do every day or would you like a passive income, so you have the time and money to indulge in your hobbies any time you want?
Once you’ve identified your criteria, you need to think seriously about what it means to run a business. Whether it is based on your passion or in another field – HVAC installation, residential cleaning, tax preparation or something else – many tasks and responsibilities are the same.
- How do you feel about being responsible for everything from sales to inventory?
- Are you comfortable hiring, nurturing and firing your employees?
- Can you learn the new skills you’ll need, such as sales, accounting and HR to steer your business in the right direction?
- Have you got the courage to do what it takes?
The answers to these questions are so fundamental that franchise organizations – experts at accepting business owners into their franchisee networks – don’t even seek out buyers with relevant industry expertise.
You don’t need to be a professional fitness trainer to buy a fitness franchise. Tax brands aren’t looking for accounting graduates. What they want are people with the skills and wherewithal to manage and run a business in accordance with the brand’s operating manual. In return, franchisees have ultimate autonomy.
I’ve helped hundreds of people achieve their dreams of business ownership and create the ability to build wealth. The most content business owners are not those who’ve turned their passion into a job but those whose business is empowering them to do what they love. Business ownership is less about the things you are passionate about and more about leveraging a business to create the lifestyle that allows you to enjoy your passions.
David Busker is the Founder of FranchiseVision and a senior consultant with FranChoice, the premier national network of franchise consultants. David helps candidates exploring franchise ownership to set their criteria and matches them with the perfect franchise, then supports and guides them through due diligence and franchise signing. You can learn more about David at FranchiseVision.
