By Nicholas A. Bibby and Matthew T. Bibby
Copyright, all rights
reserved
Each month I receive dozens of inquiries
from prospective business owners who,
for good reasons, consider a franchise
opportunity as the path to self-employment.
In general, these inquiries are from
the downsized and "fed-up"
ranks of corporate America, and they
are trying to carefully test the waters
of entrepreneurship before jumping
in. Congratulations to all of you
who take it slow in an effort to choose
the best path to entrepreneurship.
For the benefit of readers trying
to decide on their own entrepreneurial
journey, here's a franchise question
typical of those I receive on choosing
a business opportunity. It hopefully
accomplishes two things. One, show
you that you are not alone, and two,
at least start you on the road to
a quality choice. (For a program specifically
designed to help people find their
entrepreneurial SELF, examine the
Focus
Program.)
"Dear Nick, I've worked in the
automotive industry for years and
now I think it's time for a change.
I have other job options, but I really
do not want to be an employee again.
Actually, I feel that I have been
controlled monetarily for too long,
and want to take a chance at creating
my own income. I have extensive experience
installing, upgrading and rebuilding
electrical and plumbing circuits and
appliances in residential homes, and
I've remodeled interior rooms and
garages. Now I am seriously interested
in starting a home based business
as a handyman concentrating on simple
repairs and installations. Is there
anyone out there presently doing this
sort of thing who can guide me with
regard to getting started, what tools
and inventory to buy, certifications
needed, etc? Thanks, Tom"
"Hello Tom, You have a couple
of ways to go in starting your handyman
business. There are a couple of franchises
in that category and you might consider
purchasing one of them. However, based
on the fact that you already have
a marketable skill as a handyman,
you can also go the independent route
by starting out slowly, advertising
your services locally, and keeping
your job until the business is paying
you enough to quit and work for yourself
full-time. Here are some things you
will want to consider on the road
to self-employment.
“The
best franchise
opportunities teach ALL
aspects of running the
business.” |
First,
most people who work a 40-hour
workweek tend to think that
they are pushing the envelope,
and that is especially true
of the unfortunate people (about
75% of U.S. workers) who don't
even like their work. In the
world of self-employment, entrepreneurs
are at it long into the night,
most nights, and weekends are
spent in planning, reviewing
and reworking the business.
The 40-hour |
workweek, with benefits, holidays
off, and so on, becomes a distant
memory when you open a business. This
is a fact of life that most do not
understand until the shock of reality
sets in and your life is no longer
your own as in the past. It takes
time, lot's of time, to build a successful,
profitable business, and while your
present co-workers are enjoying family
BBQ's and weekends on the golf course,
you will find yourself paying special
attention to your new spouse, the
business. Business ownership is a
lifestyle not a job, so be painfully
aware of this reality. If you are
one of those who love it though, no
job can touch the pleasure of doing
it your way.
Second, consider the pros and cons
of franchising versus going it alone
as an independent. You already have
the skills required to do the work
you think you will enjoy. Most franchisees
need to buy a franchise because they
do not have marketable skills . Instead
they tend to be corporate employees
and managers who need the support
of the employer who gives them something
to manage. What do most franchises
offer? They offer technical training
and a method or system for running
the business; at least they do if
it is a good franchise, and believe
me, there are many dogs to avoid.
Whether it's food preparation, printing,
or fixing shoes, franchisors "show
you how to do something." Most
likely a franchisor is not going to
teach you very much about the actual
work of a handyman, so if you can
get assistance with sales, service,
pricing, and keeping your books, you
may not need to pay a franchisor for
training and support. On the other
hand, the idea of running a business,
especially for first time owners,
scares most people; and it should.
A franchise becomes a sensible alternative
for technically skilled people when
not only the technical training is
provided, meaning the how-to of providing
a service or product, but also when
training and support in marketing
and general management of the business
is provided. For example, if a franchisor
provided pricing guides and fee schedules
and also a proven marketing plan for
getting you business, you might be
better off joining that team. Good
luck,Nick"
Now you, the reader, should know
that there is much more to the issue
of deciding on entrepreneurship and
which, if any, path to choose on the
journey to self-employment. Consultants
can help you in that process, if at
least two conditions are met. One,
they themselves must show you a proven
system for making good decisions,
and two, they shouldn't be motivated
by selling you on a concept that they
represent. Choose a consultant who
has a proven method and one who has
your best interests at heart. As mentioned
above, investigate our Focus
Program. It is a proven tool for
defining the entrepreneur and self-employment
goals.
Copyright Nicholas A. Bibby and Matthew T. Bibby, all
rights reserved. |
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