How
to Succeed with a Franchise
By: Katie Evans
So
you want to own your own business? Been dreaming of all the
free time you would have, nobody telling you what to do;
becoming the next Bill Gates? Well, there is good news and
bad news about being an entrepreneur.
According
to the SBA, the Small Business Association, only about 2%
of the American population is emotionally and mentally equipped
to succeed at owning their own business. For the rest
of us, a franchise may be just what we’re looking for.
Most
people simply don’t know where to start and what to
do when they don’t know what to do. That’s
where a franchise could be for you. As a franchisee,
you will be provided with the information you need to hit
the ground running.
The
good new is the sky is the limit for a motivated, self-starter
person who believes in him/herself and their product or service. That’s
why spending time researching franchises is the most important
step you can take. The following guidelines will help
you find your perfect franchise.
1.
Determine your goals
You
must know where you are and where you want to be. Write these
goals/plans down. Remember, “That which can be measured,
can be managed.” Those who write down their goals have
a 97% better chance of success than those who don’t! Your
personal and professional goals will help you eliminate those
franchises that don’t fit into your “perfect
picture.”
2. Budget
Know
how much you need to live on; estimate how much your franchise
will cost you until it starts paying you back (then double
the amount of time you estimated and add 20% to your budget—it
always takes longer and costs more than you anticipate!)
3. Plan
Not
just a business plan, a daily, weekly, monthly, yearly plan
Again,
write it down!
4. Keep
your day job
Until
your
“dream job” begins to pay your budget items.
5. Meditate
Close
your eyes, relax and program your subconscious mind to help
you create the future in your real world that you create
in your inner world. Spend at least 20 minutes a day doing
this. It will take months off the time it would normally
take to get your franchise up and profitable! Try it—this
may just be the most important step.
6. Rent
office space vs. home based
The
franchise you choose will determine whether or not you can
have your business home based. Try not to spend too much
money before the business begins paying for itself. If you
can start out at home, do it. As the business grows, you’ll
have to get more space. Do it then.
7. Rent
from MD’s or corporate boardrooms
If
your new franchise lends itself to this, you can often
rent space in the evening from existing businesses. That’s
a win-win situation.
8. Get
a good Bookkeeper
This
may be your best investment. Have him/her show you how to
set up your books (using Quicken or some other good software).
You may think this is a frivolous expense, but it will save
you many wasted hours and much unnecessary expense in the
long run. Find a bookkeeper that specializes in small businesses
and/or franchises—until you have to find one that specializes
in large businesses!
9. Do
what your Franchisor tells you to do
They
have spent (and wasted!) thousands of dollars learning what
NOT to do so that you don’t have to learn those same
expensive lessons. You don’t want to re-invent
the wheel. Chances are you won’t do it nearly
as well as the original!
10. And,
finally, always remember, the first goal of a business
is to stay in business; the second goal is to make money!
Katie
Evans is the founder and CEO of the Living Lite Hypnosis
Centers , which shows people HOW to create a healthier lifestyle.
For
those who wish to make a living helping people heal their
lives so they can lose weight and keep it off, there are
now Living Lite Franchises available. This is a great opportunity
for anyone who wants to own her own business (we accept men
franchisees, too!) and still have support and guidance in
setting up the systems. Ms. Evans is a published author,
lecturer and entrepreneur. She also teaches "The Mental
Game of Golf" on cruise ships. You can reach Katie at: http://livinglitenow.com
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