Fact: being your own boss gives you more control over your lifestyle and the potential to make a lot more money if you’re successful. So why don’t more people take the plunge and start a business of their own? Well, the simple answer is that not only does it require some upfront capital, but it can be really scary to strike out on your own. Because of this, sometimes the goal gets pushed further and further back in time so that years can go by without any measurable progress. One way to get ‘unstuck’ in that decision is to make a goal and do your best to reach it.
But is making a plan to owning your own business within just 90-days smart or even realistic? First – it’s only smart if you do your research and follow some of the steps below. And you may be surprised just how fast things will move if you stick to a plan and don’t let doubt and uncertainty get in your way. By putting yourself on a timeline, you’ll be empowering yourself into action and driven toward a meaningful result.
Start with these steps:
- Do a little soul searching. Not only do you need to decide whether you’re cut out for your own business, you also need to decide whether you’re better off creating one from scratch or buying a franchise. The short answer to this is: if you’re the type of person who doesn’t want someone else involved and want to call all the shots, you’re probably better off starting your own business. If your ego can stand adapting to someone else’s idea and you can see the benefit in starting with a clear mission, brand and concept, then franchising is probably a better direction.
- Get your funds together. Between what savings you’ve accumulated and what you might be able to borrow from lenders or relatives, understand that your capital is vital to your success and, as the old adage goes, time is money. You’ll need to get your business off the ground and profitable as quickly as possible. With this in mind, franchising can be your best option. A good franchise will have proven systems and you won’t burn through precious cash reinventing the wheel. The Internet is a great place to research the various lending options but how much you will need, will depend largely on the type of franchise you decide to go with.
- Be a Good Candidate. Whether you’re convincing a franchisor or a banker, or both, to take a chance on you in your new business, think about what strengths you have and make sure you highlight them in a sensible business plan. This is another area where a franchise can help. They should be able to provide you with a business plan template for their concept that you can adapt and use with your banker. But remember you’ll have to also convince the franchise company that you’re right for their franchise. The Dream Doors franchise doesn’t actually ‘sell’ franchises, we look for good candidates that can be successful within our brand.
- Do Your Research. Franchises are required to give you a list of their franchisees, past and present. Make it your mission to reach out to them to see how well they’ve done in the franchise and what, if any, pitfalls there may be. Don’t shortcut this process – it’s vital that you know everything you can about what it’s like to own that franchise. Franchises are not created equal. Some are simply much better than others. Ask Dream Doors for a list of its Franchisees internationally.
- So why not go for it? Once you’ve done your research, make sure you can afford it, and gotten the thumbs up from Dream Doors, your family and/or anyone else involved, don’t get stuck in “analysis paralysis”. If you’re going to do it, get on with it. One of the biggest laments entrepreneurs share is that they waited way too long to cut the corporate cord. The benefits of business ownership are many if you’ve got the grit and determination to see it through. Every day you spend building your new business puts you one step closer to lasting financial independence.
So, while this may be the condensed version of a step-by-step guide to business ownership and financial freedom, it really does sum up all you’d need to do to make it a reality. Can it be done in just 90 days? Certainly – once you make the decision to get started.
So what are you waiting for? Email Del today at del@dreamdoors.co.nz