Many men and women I talk to think about starting a business as a way to move their employment forward and create an income for themselves. It’s the American Dream if you ask them. Part of the challenge is that so many people think that they will gain more by being their own boss before they think if they are truly suited to BE that boss.
Before you write that big check to the local franchise and trade your day job for some perceived freedom, consider these factors to be sure you’re thinking correctly about the transaction;
- Have you been considering this for some time or is this a reaction to an untimely layoff or ageism in the workplace?
- Does your lifestyle need more time for personal matters and family than you can acquire in your day job?
- Are you documented as a leader, driver and top salesman for your cause?
- Do you already have the expertise in the area of business and confidence to drive it?
- Are you are a person who is driven to keep learning and using your intuition to succeed?
I speak with many men and women who feel the time is now to start their own business. If you have a product or service that is needed in society you can overcome the challenge of this lousy economy we’re in but it takes business savvy. Many times, it just means buying yourself a J.O.B. – Just Over Broke, as you forge ahead day by day into a 60 hour commitment. Be careful.
I worked with a man who was in marketing and technology who wanted to take on a technical franchise engagement. The organization was that of a mom and pop configuration with a team of engineers and help desk personnel to run the services side. One of the main tenants of the franchise was that the owner needed to be the key salesperson in growing the business.
After running CareerCOACH’ S TTI Assessments on the individual, it showed that he was a great manager and a good detail person, but basically introverted he would have a very difficult time as a salesperson for the firm. With that knowledge under his belt he grilled the franchisor about their model and decided that he would need to invest in sales staff and that would break the model for the first three years.
Franchises will gladly assess you and take your $60,000 to $300,000 to get you started but often their ethics won’t push them to tell you that you personally can’t pull it off. I just had a home health care firm close its doors because the owners were not salespeople geared to build the business like the franchise wanted. They lost $478,000 in a bad business decision.
If you’re looking to start your business on your own, it would be worth your time and a few dollars to have CareerCOACH assess you and tell you the roles you are likely able to fill in the organization. This will tell you where you’re strong and where you need to shore up other talent to make the business successful.
My tech client saved himself a $250,000 headache by not diving into a sales role. Just imagine.