This is a guest blog post by Brian Miller, COO of The Entrepreneur’s Source.
As the U.S. job market shifts more towards a part-time workforce, and a long term stable career producing wealth and equity becomes a distant memory of days gone by, many Americans are increasingly turning to franchising to become self-sufficient. There was once a time when we thought job security came from working for corporate America, but now many people are realizing that there is a new kind of “job security” emerging which involves taking your career into your own hands. However, just because individuals are turning towards self-employment doesn’t mean it is the right fit for everyone. Those seeking to become “self-sufficient” need to consider a few things before they make the jump from taking orders to giving them.
Here are a few questions to ask yourself when deciding if business ownership is right for you:
Brian Miller, COO of The Entrepreneur’s Source
Working this job in 5-10 years, will I be able to build the wealth and equity needed to retire?
Many of us have that grain of sand and would like to control our own destiny, but something holds us back. What will happen in five years that will change? Of course determining if you are in the right stage of life to start a business is important, but waiting too long might mean you miss your window. If you stay in your present situation, will conditions be better or worse 5-10 years from now? Will you be any closer to your dream?
Do I have a good support system–family, friends, etc.–to encourage me in my new venture?
Building a business can be fun and exciting but it also requires some sacrifice. Your loved ones, friends and family always want the best for you but may not have the same understanding that you have about what it takes to ramp up your business. A good support system will be patient and encouraging and will know that the overall pay off of owning a business is much higher than the sacrifice in the beginning.
What are the successes and transferable skills from you last career that you see playing into your next?
What is it that made you successful in your current career? Are you determined, do you have a good work ethic, perhaps you’re able to build teams? There are a lot of ways to make money and while you may not have “experience” in the exact industry, you have transferable skills that made you successful in your current career that will translate to your next one. Franchisors look for people with skill sets, not necessarily industry experience.
Can you follow a system?
Especially in franchising, following a system is a must. Franchisors have institutionalized the end user buying experience and made it repeatable. In other words, they’ve already figured out the “recipe” to be successful. People seeking to start their own business must be willing to follow a system.
For more tips about starting a business, check out The Entrepreneur’s Source Start a Business Weekend virtual franchise expo on July 25-27. The expo runs each day from 10 a.m. to 7 p.m. EDT and allows attendees to “walk” into a digital Exhibit Hall and visit the booths of more than 90 of the nation’s hottest franchise concepts. Additionally, they will have the opportunity to meet with business coaches from The Entrepreneur’s Source to help determine if business ownership is the right next step in their career.
Registration for the Start a Business Weekend Expo is currently open, with no registration fee, at www.StartABusinessWeekend.com. For more information about The Entrepreneur’s Source and business coaching support, visit http://www.entrepreneurssource.com/.
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