Hi again! Over the years I have had the good fortune to speak with a lot of people interested in owning their own business. Through those conversations I’ve learned that you need to consider these three questions when researching potential businesses and franchises:
- “Is this a business that I can be good at?” I know this sounds simple, but sometimes it’s the simple things that make all the difference. At Right at Home, we will train you on how to run the business; everything from how to set up your payroll in Quickbooks to how to conduct an assessment at a client’s home. Start to finish. But we can’t make you care about people – you must show up with that as part of what makes you “you.”
- “With this business, can I make enough money to do the things I like to do?” So many prospective franchisees and business owners make their decision to open a business based on the assumption that they are going to be in top 10%. It’s great to have goals, but if you absolutely need to be in the top 10% to make the money to support your desired lifestyle, you need to understand the risk associated with that philosophy.
- “Is this a business that will make me want to jump out of bed in the morning and get to work?” I know, its work, and as such few of us wake up in the morning looking forward to working. And then there’s the whole “do I work to live or do I live to work” cliché. But, when you find the right balance, you know it. Many of our franchisees speak about being personally fulfilled, and about how rewarding this “work” is to them. The bottom line is most people need to feel good about what they do for a living. And most want something they can be proud to tell their friends and family about.
So, as you reflect on whether a certain business opportunity is right for you, ask yourself the three questions above. Until you can answer “yes” to all three, keep looking .