The Business Model: Finding the Right Fit

There are two parts to an effective, meaningful Business Model:

  1. BUSINESS GOALS

This is a critical list of what you want to accomplish personally, professionally and financially by owning your own business. These are “must haves” that are the primary motives behind your interest in becoming a business owner. Common items candidates share include having a sense of control, more personal time, personal satisfaction, etc. This is your personal list and deserves careful thought and consideration.

  1. BUSINESS PREFERENCES

Your business preferences include your role in the business as well as how it should look and feel, how it should function, its structure, its potential for growth, etc. They will also include the skills you bring to the business, your personality, your interests, etc. Some details may include hours and days the business is open, how many employees you would want, who you would like your customer to be (general public, other businesses, etc.), whether it is a retail or a service business, etc. Remember, your Business Model should be the guide to use in selecting the recommended franchises for you to investigate and for you to use in determining if a particular franchise really provides what you want.

Don’t settle! This is a huge decision. Make your business model thorough and accurate, then use it!

Expect to get Nervous

Starting a business is a big decision. No one makes a serious decision without getting a little nervous, or having some butterflies in the stomach at some point.

If you don’t get nervous, you may not know enough!

Good solid research and knowledgeable advisors will lead you to a healthy decision.

Talk to successful franchisees – they can give you valuable information on how to succeed in their franchise.

Also, talk to unsuccessful franchisees and learn from them. Find out what they would have done differently to avoid making a bad decision. When you have collected the information and are honest about your own abilities and work ethic, you will make a smart, educated decision for yourself….despite the butterflies!

EXPECT TO GET NERVOUS. It’s Natural.

If you don’t follow your dreams, you will work for someone who did!

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