Becoming a business owner is a huge decision. Whether you choose to open your own small business or become part of a franchise, it is a very big time and monetary commitment. It takes a lot of research, commitment and comparing by professionals considering this type of career path. So how do you know if you’re really ready? Here are four signs that will help you determine whether or not 2016 is the year that you open your own business or become a franchisee to an established brand.
Thinking about a new business venture makes you excited.
Excitement, motivation and passion are huge parts of the business venture. They are likely the first step in the exploration phase of becoming an owner. If you see becoming a franchisee or opening a business as a chore as opposed to an adventure, you might not be ready. When you are ready, you will be so excited to open ad run your own business. The passion that you have will help you develop and build a great team, location and long-term success for your business or franchise location. See also Tips for the First-Time Business Owner
You’re ready to learn, grow and motivate.
Being a business owner means constantly learning new things and changing with the industry. No matter what market you choose to service, education and change are inevitable if you want to be successful. Are you ready for that personally and professionally? Business ownership and being a franchisee isn’t the place for professionals that are stubborn, stuck in their ways or opposed to change. On the other hand, if you are enticed by learning, enthusiastic about building a great team and motivated to make the business succeed day in and day out – 2016 could be the perfect year for you to jump into business ownership.
You are financially and personally stable.
Passion, excitement and the readiness to grow must be backed with stability for a good ownership foundation. It is not free to start a company or purchase a franchise. That being said, if you don’t have the funds available at this time, you aren’t ready for business ownership. If you are personally stable as well as have cash or assets available, this could be a great time to invest in your future. Many franchise locations also have financing programs as well for professionals that have assets and good credit but may not have lump sums of money waiting in the bank.
You realize the potential risks and rewards.
This is perhaps the most telling sign of whether or not 2016 is a great year for you to become a business owner. It is crucial that you understand and accept that ownership comes with risks along with potential rewards. This understand often comes after hours of research, communication with potential franchises and personal consideration. Potential owners that focus on one aspect or another are missing the whole picture. If you are ready to embrace the risk of owning your own business along with the possible career and financial rewards, you could very well be ready for ownership.