What is involved in Starting a Business & How does a Franchise help with that

Running a successful small business is the dream for many people

Setting your own hours, picking your ideal clients and enjoying the rewards of your efforts.  It really can be exciting and rewarding.  For many, it can be a daunting decision.  If you relate to this, you’re not alone.

There are an infinite number of ways to start, run and grow a business.  The following information is to help answer some of the key questions when considering starting a business.

There are four main areas of consideration; two that apply to personal side of the owner and two that apply to the business side.

 Personal Desires

When starting a business, any business, a good place to begin is with YOU.  Take some time to consider your personal desires. The Business will, and should, reflect your personal desires and tis important to take the time to consider what you want.

Clarity is another issue to address.  Get clear on what your personal and professional goals are.  Be specific as possible.  While they may change over time, it’s best to get clear on the core priorities you want, or just as important, the priorities you really want to AVOID.  What do you want the next years of life to be really like?  Be sure to write these down, discuss them with people you respect and look to refine them as needed.  The list doesn’t have to be long but should be clear on what is important to you as it will influence your decision on whether owning a business is right for you and if so, what type of business to consider.

Timing is another important consideration.  Have you wanted to explore business ownership in the past?  Is this a new consideration?  Is this something you would like to do later or begin now?  Success in most careers take focus, effort and timing.

Commitment is extremely important.  Do you understand what it will take to be a successful as an owner?  Are you willing to do the work required, especially in the start – up phase of the business?

Know How & know “More” are requirements.  What knowledge, skills and / or experience apply to starting and growing a business?  What additional skills will you require?  Are you open to and willing to learn these new skills?

How about Attitude?  Do you have a solid level of determination & perseverance?  In general, do you feel you have the required mindset to be a successful business owner?

 Personal Resources

Another are to reflect upon is personal resources.  Personal finances, time, energy, knowledge, skills and support.

What kind of time commitment is required to get the business up and running?  What time commitment is required for the various phases of preparation, launce and growth?

What capital is required for the initial start-up expenses?  What is required for the long-term?

What knowledge / skills are required to start and build a successful business?  What additional knowledge and skills are required?

Support mechanisms will be needed in building a successful business.  What people? What systems are available to you?

 Business Offering

Think of the business as a tool or entity designed to serve the marketplace.  the business is rewarded with revenues when it brings value to the marketplace.  To launch, grow and scale successfully, here are a few areas to consider:

Product – Has a proven product / service been identified as being needed in the marketplace?

Premium Brand – Is the premium “brand” possible and important in your chosen marketplace?  This will differentiate the product / service in the marketplace and ensure a larger profit margin.

Clear Market – Has an ideal client with a need & desire for the product / service been identified? Can a clear marketing method to that target market be identified?

Sales Process – Can a clear sales process for the product / service be planned and created n a repeatable way?

Delivery system – Can a system for the delivery of the product / service be developed, maintained and scaled?

Business Planning

“Plan your attack before you attack your plan” is a great statement we hear.

Mistakes will happen.  they are unavoidable.  they are the result of action. To increase positive results, try and plan as much as possible in advance.  This won’t eliminate all errors, but it will sharpen the strategies, tactics and efforts put towards attaining successful results.  Here are some key areas to consider when planning a business:

Prepare a plan – Can you plan for the set-up, administration and strategy of your business?

Launch a plan – What is required for a comprehensive launch plan for start-up phase of the business?  Areas to consider include marketing, business development, cash-flow and staffing.

Build-out Plan – What is required for the ongoing growth of the business?  Areas to consider include client acquisition metrics, ongoing financing requirements and systematization.

Service Plan – What is required for the ongoing administration and operation of the business?  Areas to consider include customer service, invoicing, tech support, production and supply management.

Scale Plan – What is required to scale the business to serve more customers, drive more revenue and still manage time and energy?

 

Where does franchising fit into this?  In addition to a well-known brand name, buying a franchise offers many other advantages that aren’t available to an entrepreneur starting a business from scratch.  Perhaps the most significant is that you get a proven system of Operation and Training in how to use it.  New franchises can avoid a lot of the mistakes start-up entrepreneurs typically make because the Franchisor has already perfected daily operations through trial and error.

Focal Point Business Coaching is a professional developmnet learning strategy and system franchise for those wanting to use thier head vs. their body in a business.When you become a business coach with your own franchise buisness you will be joining hundres of other driven, passionate business executives from across North America and around the world that are enjoying a succcessful new coaching career.

Business Ownership is an exciting opportunity.  Call or schedule time with Mark R. Steinke to learn more:

1.610.768.7774 or msteinke@focalpointcoaching.com