Are You Lucky in Business?

If you own a business, you are probably used to having some ups and downs. The wonderful thing about being independent is that you have more control over your future than most people will ever enjoy. But the challenge is that you can be significantly impacted by circumstances that appear to be beyond your control. The fact is that hard work is only part of the equation. There are some years when fortune will seem to smile on you and others when calamity comes from nowhere to knock you back a step or two. Here’s a look at the role “luck” can play in your business—and our favorite FranNetDFW tips for creating your own luck!

Unlucky Events That Can Hurt Your Business

To start with, we can all acknowledge that there are some things we can’t necessarily foresee or control at an individual level.

  • Natural disasters or acts of terror
  • Local and national economic downturns
  • Bad press about your industry that rubs off on your business
  • The arrival of a strong competitor on the scene
  • Unexpected challenges (accidents, health problems, etc.) that impact you or your family

Being resilient in the face of sudden change is tough. However, nothing stays bad forever and things will usually change again if you simply stay the course.

Appreciate Your Happy Circumstances

You should also take the time to celebrate your good luck in business. For example, if a positive video about your product or services goes viral, that’s all about the luck of the draw. Or, a windfall might take the form of great weather that brings people out to shop and sends foot traffic to your door. Enjoy these positive acts of providence, learn what you can from them, but don’t build your business strategy around them!

Would You Rather Be Lucky Than Smart?

Actually, you don’t have to choose. There are some very intelligent ways you can maximize your potential for good fortune. Here are our top three tips in honor of Saint Patrick’s Day:

  1. Surround Yourself with Positive People: Why? Because you tend to become like the people you spend the most time with. One of the key characteristics of a positive outlook is that it opens your mind to possibilities—whereas being negative makes everything seem hopeless. A positive person and a negative person could be faced with exactly the same situation and one would see an opportunity where the other would see a disaster. Being lucky can be as simple as noticing when there’s a chance to grab the brass ring!
  2. Be in the Right Business in the Right Place at the Right Time: This isn’t about fate; it’s about doing proper market research before you go into business. For example, no amount of luck will save your business if you try to sell buggy whips. The timing is all wrong. But a business that focuses on providing services to aging baby boomers would be very timely.
  3. Get Smart People on Your Side: If you have the opportunity to make the switch from a traditional career to being a business owner, you are already luckier than most. If you want to get expert advice at no cost to you BEFORE you decide what franchise to purchase, you are really in luck. That’s exactly what we offer at FranNetDFW. Contact us today to start the consultation process.

Mar 14, 2017