SO YOU WANT TO START/BUY A BUSINESS?

Too often the excitement of starting a new business based upon a hobby, a unique idea or just the challenge can be rewarding on the one hand but more often than not, the dream fails to be realized.  The good news is that the odds of success can be greatly increased if you do the appropriate planning and make timely decisions.

First, foremost and above all else, consider objectively the pluses and minuses of the idea or the business you want to start.  If you are going to pursue your hobby commercially, be committed to do your research and be sure there is a market for your product.  If you think buying a franchise is your best option, significant research is again required.  First decide on the business type you want to own and then determine at least three successful franchise options to consider. Once you have identified the three franchise candidates do your due diligence by doing an on-line and/or library search and then compare the pluses and minuses of each franchise. Finally, when you have identified the leading candidate, call, visit, and interview a number of franchisees and ask them the tough questions related to the franchiser’s performance and the success of their business. 

Should your choice for a new business be to follow a passion you have for a particular business or one related to your work experience, again, research and due diligence early in the thought process is mandatory.  The caution here is to realize that once you get emotionally tied to your alternative, objectivity is soon lost so do your research early in the process.

Regardless of whether you follow a hobby, buy a franchise or pursue a passion, there are certain things that need to be done to increase your probability of success in business.  There is neither space nor time to list all of the considerations one must take into account as you move forward with starting a new business.  The statistics show that franchisees have a higher rate of success than business started from scratch.  The advantage of a franchise is they have a proven business model and track record.  Should you elect to start your own business from scratch there are many decisions you will need to make before you open your doors.  This is where an experienced business adviser or coach can help you avoid the hidden rocks and give you insight to what must be done and in what sequence.  The decisions are always yours when you know what the alternatives are and the decisions that need to be made. 

Many small business owners will tell you that starting their own business is the hardest they have ever worked but it also brings the greatest rewards knowing you achieved your dream.