In 2010, 565,000 new businesses were created per month according to the Kauffman Index of Entrepreneurial Activity 1996-2010, March 2011. An amazing fifty-four percent of the nation?s Millennials (born between mid, 1970?s and late 1980?s) either want to start a business or already have started one according to the Young Invincibles Policy Brief, November 2011. Although many people actually do open their own business, many just dream about it. What?s holding them back? To transcend from someone who dreams about owning a business, to someone who really does, you will need to overcome fear and indecision, and be willing to change.
To make business ownership a reality you must ?
1. Be motivated to change ? People will change when the pain of their current situation is great and/or they believe the gain they seek in owning a business is attainable. It means coming out of your comfort zone and taking educated risks. Owning a business is not easy and requires desire and commitment.
2. Overcome fear ? Having the motivation to own a business is great, but to be successful Opening a Shop you have to really desire the lifestyle imagined or you will stop dead in your tracks in fear. A key to overcoming fear is education and believing the path to business ownership is actually attainable.
3. Obtain necessary capital ? Financing a new business can be challenging, but it is possible with a respectable credit history and if you know where to look. Beyond addressing funding requirements it is necessary to calculate a potential Return on Investment (ROI). In the early stages of a business, delayed or reduced owner wages can be expected, but this reduction should be offset by the overall valuation of the business over time, building real wealth and equity for the owner.
4. Seek advice ? A key to making a successful transition to Running a Business is much easier if there?s a path to follow. Obtaining guidance from qualified and experienced advisers can make all the difference in the world, before and after launching a business. Many people become franchise owners because of the structure and ongoing support a franchise provides.
5. Have support of loved ones ? If you do not have the support of key family members, you should not consider owning a business. There will be enough challenges involved in launching a new business without the stress imposed by others.
6. Be confident in why customers will buy ? Clearly ?build it and they will come? isn?t good enough. There must be a real need for a new business?s products and services and it is vital the owner has the means to adequately sell to and support its new customers.
7. Become vulnerable (somewhat) ? Being a successful business owner does not require being a ?know it all? and in fact, that attribute can be a detriment. An owner needs to be open to leaning and adapting along with the ever changing market they serve. They also need to be open to suggestions from valued employees and customers.
To learn more about business ownership and having someone guide you through the process, take the next step.
The first thing to do when considering owning a small business or Online Franchise is to start looking inward. You should go through some self-discovery. Why do you think you want to own a business and just what do you think you will get out of it? As you define these attributes of needs and wants, your search criteria will emerge. An experienced franchise adviser can help you through this process. They also can help you identify appropriate franchises to consider and instruct you on how to conduct proper due diligence.
For more information on how a franchise adviser can help you explore business ownership, Contact us. There is no cost or obligation for our service.
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