Top 10 New Year's Resolutions - Buying a Franchise
Top 10 New Year's Resolutions All Aspiring Entrepreneurs Should Make. As 2010 approaches, many of you will wonder what you're really looking for in a franchise business or business opportunity. You know you want your life to be different and you know you want to achieve a more secure, financially rewarding life.
Our focus, then, is not at all about personal goals i.e. having a healthier body, exercising 4 times a week, quitting smoking, but on being happier and more satisfied in your work life. You want to start a business and have greater peace of mind, more security, and control over your future. In general, you want a better quality of life beginning in 2010.
These are New Year's resolutions every aspiring entrepreneur should make. Obviously, your situation may not apply to many of the suggestions we make. For the most part, we're only trying to make you think about what you really want your life to look like.
Top 10 New Year's Resolutions All Aspiring Entrepreneurs Should Make1. Discovery
The discovery process focuses on where you're at today and how you got there. Think about how you see your business life now, what you think will move you towards achieving your business goals and what, in the past, has blocked you from moving forward. It's about getting to know you.
The heart of the discovery process is asking yourself difficult questions: Where, precisely, do you want to make a difference in your life? What would you value most about a franchise or a business? In the past, what business skills have contributed most to achieving a successful result for you? You've considered starting a franchise before: What has kept you from moving forward? If you can answer these questions, you'll be one step closer to getting what you want out of your business life.
2. Turn Your Problem into an Opportunity
As Albert Einstein said, "In the middle of difficulty lies opportunity." No matter how bad your job picture or career path seems, ask yourself: How can I turn this situation into gain? What are my opportunities?
3. Determine Your Risk Tolerance
Perhaps the number one reason for small business failures is inadequate start-up and working capital. If you're going to buy a franchise, you need to do a personal audit of your financial situation now and in the future.
You're insecurities with regard to the amount of capital you have may be the reason you have not moved forward and bought a franchise. You need to know your risk tolerance levels otherwise you will self-sabotage your efforts and maintain the status quo.
4. Visualizing Your Future
Here, the focus is to discover what an appealing franchise looks like to you. Your future business. If you achieve your goals, fulfill your aspirations, utilize your special skill sets, you will create a new future for yourself.
You need to establish a master plan identifying what is important so you can get on a path to achieving your vision of life in business.
What do you want your work environment to look like?
- Are you the most skillful and happiest when your away from the office and networking?
- Are you more settled when you're nestled into "your space" working quietly on your own?
- Do you need to be around people to stay motivated and passionate about your work?
- Do you like working with children?
- What is it, you don't want to experience everday in your work life?
Your work environment shouldn't be driven by a desire for money. You need to accomplish financial success in a compelling way. Find your ideal situation. Find a franchise business you'll look forward to working in every day. The picture may not be that clear right now, but work towards finding what that might be.
5. Test Your Visualization and Objectives
If you see yourself comfortable and passionate about a children's franchise or a senior care franchise, or a sub sandwich shop, spend some time with a local franchisee and get a feel for the real experience. Ask some specific questions about the business and ask more generalized questions about franchising. You may find that your perception of the franchise you have visualized is not at all as perceived.
6. Develop a List of Franchise Choices
Having a number of choices will act as the basis for your decision. They represent the range of potential choices you'll have toward pursuing your dream of franchise ownership. Tread carefully in developing a list of potential franchises as the value of your choices will have a huge impact on your final decision. Each one of your franchises should meet the objectives you have set for your business.
7. Consider the Potential Consequences of Decision
You need to be sure you truly understand the consequences of your decision. This is about understanding. If you have a clear picture of the consequences of your decision to buy a franchise, you'll better understand what your really looking for in a franchise and make a better choice.
8. Have a Heart to Heart Conversation with Your Family
Much of the stress associated with buying a franchise business comes from fear of failure. If you fail, your family will be effected. Your family needs to get on board with your decision and you need to assure them, you will be a responsible partner in this venture and fully responsible for their lives.
9. Look in the Mirror
Do a true and real assessment of where you're at in your life. Are you truly unhappy? Each year you stay in your job, does it become more and more intolerable? Do you fear being layed off or downsized? Have you always dreamed of being your own boss? Do you want to take that challenge? If so, you need to make a decision. If you're not ready then move on and stop torturing yourself year in and year out.
10. Commit Yourself to the Franchise and Be Passionate Everyday
If you decide you want to buy a franchise, take charge of the situation. You've made a difficult choice and you need to make it work. Be passionate everyday about your business. Do all the right things personally and with your family and do your homework and then do some more homework. Preview several franchise opportunities that appear to be successful and in demand in your community. Which is the best fit for YOU and which franchise will help you be successful in this endeavour.
Best Wishes for 2010,
Bill Bradley
Founder
America's Best Franchises
America's Best Franchises
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