Own your own business.
Starting a new business and more importantly, starting your own business is a big decision. It’s something that will impact your lifestyle and relationships and is just as much about the journey you are starting, as it is about the decision you are making. If you’re thinking about quitting your day job or starting your own business, there are some important questions you should ask yourself.
Do I really want to quit my day job?
Perhaps, you’ve always thought of yourself as an entrepreneur in the making, maybe you want to stop working for your boss or, as it is for many, you just want to be in charge of your own destiny. Either way, leaving your existing role to start a business is about believing and investing in yourself, however, that is the easy part.
It’s important to remember that it is also about sacrificing some of the creature comforts you may be used to and risking your investment in order to reap the rewards at the end. There is a difference between owning and running a business and merely investing in something. Are you willing to make your business your world? Are you willing to sacrifice in the short-term and work for the long-term? Are you willing to challenge yourself physically, mentally and emotionally? Are you willing to risk failure to gain success?
If your answer is ‘no’, then perhaps it’s just time for you to do something different or work for someone else, but perhaps it isn’t necessarily about starting your own business, at least for now anyway. Otherwise, if your answer is 'yes', these are just some of the important questions you will have to answer as you begin the next exciting chapter in your life as a business owner.
‘On your own’ or ‘own your own’ business?
What’s the difference between starting my own company and buying a franchise?
Being your own boss doesn’t necessarily mean you have to start from scratch or do everything by yourself. You can choose whether you want to buy an existing business, start with your own idea or buy into an existing concept or franchise.
Decide whether you like the idea of having a business or if you have an idea you want to build your business around. Think about your goals and aspirations as well as your strengths and weaknesses. Self-awareness is key in making these big decisions, as just wanting to be in charge is different to being in control.
Do your homework…
Find out more for yourself. Buying into a business is a big decision that should not be taken lightly and you should be armed with sufficient information to make an informed decision. Here are some places you could find more info:
Franchise vs licence…
What should I look for in a Franchise?
Here are some good things to think about when selecting a franchise, keeping in mind that every franchise system is different. Each franchise concept will offer different levels of support in certain areas. Some franchise concepts are more like licences, where there is less of an ongoing relationship and more of an onus on you as a business owner to support yourself once you’ve started.
Franchise history - Is the franchise proven as a business concept (not just as a brand)? Are there existing or past franchisees that you can talk to?
Support – What level of ongoing support does the Franchisor offer? How will the Franchisor help me build my business if things aren’t going so well?
Supply chain benefits – What access to better pricing does the system offer? What access to proprietary or specialty products unique to the brand are available?
Franchise systems – What level of documentation and training does the Franchisor offer? Is it a “turn-key” operation?
Financial position – What is the expected return on investment? How has the Franchisor come to this forecast? Are the numbers based purely on forecast numbers or also on past trading patterns?