Selecting and setting up a business takes time and focus. With the kids or grandkids going back to school this month, you just might have a little more free space to get this process underway. Whether you are leaving the traditional workforce to seek a more fulfilling opportunity, pursuing your next entrepreneurial adventure, or coming out of retirement to try your hand at growing something exciting, this is a great time to get started. We are here to provide the education you need to pick the right opportunity.
At FranNetDFW, we are stocking your “Back to Business” backpack with the supplies you need for this intensive learning experience. We understand that you are the expert on what makes you tick. You know what motivates you, what drains you, how comfortable you are with risk, and how your self-identity shapes your definition of career success. Our role is to illuminate and streamline the decision-making process so that you have a clear vision and the tools you need to succeed. One essential step is defining your ideal business model.
How Do You Know Which Business Is Right for You?
First, here’s the bad news. There is no business opportunity that is the perfect fit for you. Now, the good news: There are probably several businesses that have the potential to be a great fit. During the consultation process, you’ll be introduced to a number of appropriate businesses based on the profile we customize for you. Ranking these opportunities according to how well they stack up against your “ideal business” will give you an excellent idea of how to make your final decision. Although there’s always a subjective element, being able to add things up at the end of the day gives you confidence that your decision is well thought out.
Choosing a Business That Aligns with Your Vision
One of the tools we use in the consulting process is a worksheet that helps clients prioritize their “must haves” and “nice to haves” so they can score each business opportunity based on how well it measures up to their ideal. Here are just a few examples of what you might consider important in a business.
Time Flexibility: For some individuals, the idea of personal freedom and prosperity is closely connected to having control over one’s time. A business model that requires the owner to be on site every day to keep things running might score low on the desirability scale for people who value flexible working hours. In contrast, a business that can be run by competent employees with the owner taking more of an oversight role might be more attractive.
Personal Enjoyment: For a prospective business owner who wants to really throw themselves into a job, it helps if that day-to-day work involves something that’s fun. If the main reason for building a business is to fund non-work activities like travel or hobbies, this may be a less important factor. Either way, there should be at least some personal enjoyment in the work itself so it doesn’t turn into a grind.
Relationship Building: The importance of this factor is strongly tied to personality. An extroverted “people person” is unlikely to feel fulfilled in a business with little face-to-face interaction. They will place a higher value on a business that gives them the chance to meet and talk to plenty of people whether that is customers, networking peers, or just members of the community. In contrast, a more introverted person might feel less drained by a business model or an ownership role that requires less socializing.
Those are just a few of the 20 different criteria our clients use to rank business opportunities and only a small part of the homework we hand out! Choosing a business is a decision you’ll have to live with (and work with) for years to come. So it pays to take the time to get a good grade. Fortunately, the educational experience we offer doesn’t cost you a dime. Contact FranNetDFW today to learn more about how to start this free process.