Failure. The word itself invokes intense emotions. For some, that emotion is fear. For others, it’s motivation.
I’ve been fortunate to know hundreds of small business owners during my time in franchising. I’ve seen some that were wildly successful who achieved things even they themselves thought were beyond their reach. They grew personally and professionally, and provided the lifestyle they wanted for their families. I’ve also seen horrible failures. In those situations, what started out as a great opportunity with buckets full of hope turned into bankruptcy and despair.
So how do you ensure you are one of the successful ones? What do you do to make sure that you’re making the right decision for you and your family? Well, the answer isn’t necessarily a popular one because it involves time, a lot of gut wrenching conversations, decisions, and commitments.
No one can do your due diligence and soul searching for you. No one can do the research for you. And no one can decide for you. Only you can decide if you are qualified for business ownership. As a society we want quick and easy. Look no further than the grocery store as proof. We’ll pay a lot more for our veggies at the grocery store if they’ve already been cut up and washed. Precooked meals can be found in several places inside most grocery stores. On a recent visit I found a warm, fully cooked rotisserie chicken right next to the register (I bought the last one at around 5pm). And fast food and quick service restaurants are everywhere. But, with all this convenience there is still no shortcut to finding a business. You have to do the work. The following 5 steps summarize what you’ll have to do.
First, evaluate yourself and ask yourself (and your spouse) the tough questions. Questions like:
- What kinds of things am I good at?
- What exactly are we willing to do to achieve our goals?
- Are there other ways to achieve our goals that don’t involve opening a business?
- What’s the real reason that I want to be a business owner?
- What lifestyle sacrifices are we willing to make?
- Do we really have the risk tolerance to be business owners?
- Are we doing this for the right reasons?