Franchises - Emotional Fulfillment - Control Your Destiny
Does A Franchise Meet Your Needs?
When you think of becoming a businessperson by making the transition from employee to Franchisee, you don't generally think in terms of emotional fulfillment. However, in reality, the evaluation of emotional factors should play a significant role in making that final decision to join the world of the capitalist, or remain in the realm of employee.
Of course, every analysis should include the standard of comparing risk to return. It should include income projections, and cash flows. It should include the analysis of financing avenues, site selection alternatives, and many other objective criteria to lead to a final decision about becoming an entrepreneur. The course of due diligence should be driven by a systematic approach to each of these items.
However, in the end, assuming the objective criteria have been ticked off your list in a satisfactory fashion, it should boil down to emotional fulfillment. After all, we all have a right to be happy. That particular statement "we all have a right to be happy" has changed the course of my life on several occasions. It was one of those statements that was passed casually by an acquaintance over dinner one evening, and ignored by everyone at the table, except it hit me right in the heart. It stuck to me like red on a stop sign. As a result, I have made many important life decisions based on emotional criteria, in addition to objective criteria. If it doesn't pass muster on both fronts then I look for a better course.
There are many employment situations that can meet your emotional needs, wants and desires. Of course, there are also many that do not, and cannot. A full examination of emotional criteria should include the analysis of several items, with the ultimate goal of determining whether your needs can be met by a job, or whether it is more likely they can be met by your own business.
Control Your Own Destiny
The degree of priority that this particular criterion holds for an individual is probably the single most important factor to consider before making the decision to strike out on your own. Just how important is it that you control day-to-day decisions about what you do, and where you do it. How important is it to you to know that you have ultimate control over whether you stay or whether you go at some point.
The reality is that it's not really possible to control your own destiny with a job. Even the most important CEO's must answer to the Board of Directors. In more traditional circumstances, when and where you travel, when you get promoted, how much you earn, and how long you keep your job are items that are simply not in your control. The boss, and his boss, and her boss, control those things. As we have seen, bosses change, as do Boards, and status quo is sent for a topsy-turvy spin. When, and if, those things happen, are generally not in the control of an employee.
As we have seen in recent years, decades really, right-sizing, down-sizing, out-sourcing, and severance packages are the norm of the employment world. The importance of these items, including the degree of control you require over them, should help guide you to your own comfort zone. In addition to a systematic approach to the objective items in making a decision to become an entrepreneur on your own, or to become a Franchisee in a good system, these emotional factors should be ticked off the list as well. Are you satisfied where you are? Can you achieve your goals and dreams in your current situation? Are you more likely to satisfy the need to control your results with your own business? How important is each criteria to you?
Did you have to travel over your son's birthday? Did you have an expense disallowed unfairly? Is the likelihood high or low of the bronze (as opposed to golden) parachute at age 53, with a low chance of a comparable position in the job market? Did you get passed over for a promotion, did you have to work overtime through the Christmas holidays, did you miss your daughter's volleyball tournament because you couldn't get off early on Friday? If these things eat at you, perhaps a change in course is due. If you accept that these things go with the territory of employment, then change may not be necessary.
Of course, as you progress up the ladder of promotion, you gain some additional autonomy for these types of issues. However, you must also try to determine if that next rung also carries an additional risk of termination at some point.
On the other hand, will being in the business you are evaluating help solve the problems that are important to you? Will your business cause the same travel issues? Will the time demands, or strange hours of being a businessperson, be an advantage or disadvantage?
Evaluate these items honestly, and with as much empirical evidence as you can gather, along with the other control issues that matter to you. Then determine which situation meets your goals more appropriately. And determine how important that is to you. Then it's time to move on to the next evaluation criteria.
If you always use the "I deserve to be happy" test with each criterion, and try to determine which scenario is most likely to get you closest to that goal, then you will know which column to tick. If you execute this exercise in a systematic fashion along with a systematic evaluation to the objective criteria, it will help to provide clarity for you in the decision-making process.
The exercise should then be repeated for a whole host of other emotional factors such as financial independence, day-to-day motivation, building an asset of value, appreciation for efforts, fair remuneration for results generated, free time for family & friends, community respect, recognition of achievements, and several others.
The bottom line is you've got to look at ROI, cash flow, the system of support, the value of building a brand, the marketplace, and all of the other objective criteria needed to make a proper decision. However, in addition, you also need to examine what you want out of life, and whether a Franchise will help you get there.
Dennis Schooley B.B.A., C.A.
Dennis Schooley is the Founder of Schooley Mitchell Telecom Consultants, a Professional Services Franchise Company. He writes for publication, as well as for http://schooleymitchell.blogging.com and http://franchises.blogging.com, in the subject areas of Franchising and Technology for the Layman. http://www.schooleymitchell.com
Selecting a Venture
The basic rule is simple: "Find a market need and fill it!" The process of finding the need, and the method chosen to fill it are where the difficulties arise.
How to Start a Franchise
Last week I was working with one of my small business clients, a bright and dynamic woman who's passionate about positioning her artisan business for growth. We were talking about her financial picture and forecasting robust sales over the next three years.
Entrepreneurial Traits that Drive Sales
Frequently overlooked and hidden deep within our marketing tool box is the ultimate marketing vehicle for your business ? you! Many small business owners are so busy figuring out how to increase sales and revenue they forget to grow themselves as business owners. If you aren't evolving yourself, aren't you being counterproductive to your business development? Marketing our businesses isn't just about what ads to buy or what networking event to go to next; it's about us as people, as entrepreneurs. The following marketing traits are often overlooked by entrepreneurs but are pivotal to your long-term success. What's more, they cost very little yet earn a savvy entrepreneur a lot. Show Your Personality -- Customers want to know who you are. That's great that you offer the fastest tax services in town, or your gift baskets can be custom-made and delivered anywhere in 24 hours. But who are you? Your customers and prospects want to know. Especially if you're facilitating business on the Internet, building trust is key to making a prospect feel comfortable buying from you. One of the most effective ways to build trust is to express your personality.
Think - Dont React
How you think, your relationship with yourself is what decides how well you communicate with your customers and relate to your team.
Making the Financial Transition
Making the financial transition from paid employment to earning a living on your own is probably the single biggest challenge facing many would be entrepreneurs. For most, the mere thought of financial insecurity holds them back from even trying. But if you have the vision, persistence and the ability to respond to market feedback the financial rewards will soon follow.
Innovation incubator: Build it and keep it running
If your company is like the one I work for, your people are talking about the need for innovation. Mine has just announced a new program "that will bring a standardized approach to gathering and evaluating your ideas for generating new revenue and improving our business." An Innovation Team has just formed, with a new electronic mailbox and a contest offering cash prizes for the year's best ideas.
Needs Versus Wants For Entrepreneurs
How often do the words "I need" come out of your mouth, as it relates to your business? When you run your own company, it's easy to think that the only way to succeed is to be moving forward with your expenses -- the newest technology, a broader circle of professionals providing you services, involvement in more and more costly marketing efforts, etc. And it's particularly difficult to resist the urge when you know you can generally take a tax DEDUCTION for any business expenses. But did you ever stop to think how many of those requests are actually needs, and how many are simply wants?
Dream It, Create It, Become It! Design a Dream Board
Have you ever heard of "Dream Boards" or "Treasure Maps"? A Dream Board is a visual picture of the dreams you have for your life. Some of my clients also use this concept to visualize their businesses! It's their first business plan.One thing that is important to remember, though, is not to "get stuck" on your dream boards. We all have plans for our future, but it's important to watch the universe for signs of "its" plans for us. Otherwise, we might miss out on some great opportunities!
The Business and Life You Want to Build
In the early days of my first consulting business, I knew I needed some sort of plan to give me the greatest chance at success. I took many a wrong step, yet in the end I managed to put a solid business together.
Motivation and Commitment
Why do people start small businesses? The most frequently cited motivation for business start-ups is to allow the entrepreneur to achieve independence; money is secondary. Is this surprising? The other reasons named most often are that an opportunity presented itself, a person took over the family business, or the person simply wanted to be an entrepreneur. Identify your motivation.
What Makes a Person an Entrepreneur?
Entrepreneurship is generally characterized by some type of innovation, a significant investment, and a strategy that values expansion. The entrepreneur is often quite different in mindset from a manager, who is generally charged with using existing resources to make an existing business run well. The roles of entrepreneur and manager are not necessarily incompatible, but entrepreneurs are seldom patient enough to be good managers.
Cut to the Quick - What is an Entrepreneur? The Inside Story
Enjoying the title of entrepreneur is a hollow feeling.
5 Tips to Step Boldly into the World & Set Yourself Apart from Others
"Real champions believe in themselves even when no one else will!" Author Unknown
The Entrepreneurs Prayer
As I awaken with the gift of yet another day and prepare for thetasks at hand, I offer up this most ardent prayer:
Starting Your Business: It All Boils Down To Making Money and Saving Money
Bootstrapping in the context of business start-ups refers to the use of creative financing approaches such as leveraging personal savings, credit-card debt, loans from friends and family, bartering, and other means to launch a business. Some business founders use bootstrapping because they have no other choice. Just about anyone who has approached a bank has learned that "only established businesses need apply." Bankers typically look for cash flow, assets, an established customer base, and a successful track record on the part of the business that is seeking a start-up loan. Obviously, this is a short list that is impossible to fulfill when you are just getting started.
Which Niche To Conquer?
I'm sure that you've heard about how many start up companies fail when they first begin, and the reason that most (if not all) of their failures is because they don't create a good fountain to build on.
Staying Ahead of the Perils, Excerpt of Entrepreneurial Motivation Speech
Running a business is not an easy endeavor, it takes courage, hard work and a strategic mindset. I feel now that I am retired looking back on it all, that it is my duty to provide to new entrepreneurs a few of the secrets of how to get things done. Every year through out our long history spanning over a quarter of a century, The Car Wash Guys Team had been careful to watch changes that affected our business. One year we are watching droughts in the North Western Hemisphere and how the water supply affects our operations. We needed the water to wash cars and our countrymen need it for farming and drinking. Water is life. We also saw heavy El Nino seasons on the Western United States, British Columbia Canada, Mexico, Central America and parts of Western South America; imagine running a car wash business when it rained almost 60 days straight and we are not talking the drizzle like in the North Eastern US each year.
10 Essential Tips for Starting Entrepreneurs - Ignore these at your Peril!
1. Do What You LOVE: If you've chosen your business because you read that this niche was the next hot one, or because your favorite uncle (or your best friend) thinks you'd be well-suited for this business, you may as well pack up now and save yourself some time and money. If you don't love what you do, it will show...potential customers will know it and will go elsewhere. Is it possible to be successful anyway? Sure -- but it won't be easy and it won't be fun...and isn't that why you want to be in business for yourself anyway?
16 Vital Traits Shared by All Successful Entrepreneurs
The first step in deciding whether to start a business is to ask yourself this important question: "Do I have what it takes to be an entrepreneur?" A variety of experts have documented research that indicates that successful small business entrepreneurs, whether male or female, have some common characteristics. How do you measure up? It will be up to you -- not someone else telling you - to develop projects, organize your time and follow through on details.
|© Athifea Distribution LLC - 2013|