Owning a new business and being independent business owner requires a lot of courage and vigilance. Here are five key ideas I have seen that are crucial to know before embarking on this journey. These ideas will give you a foundation of expectation that you need when considering a new business venture.

PRIORITIZE YOUR GOALS

You need to not only define what you want your new business to achieve, but you must also understand which goals are more important than others. You may never achieve every single goal you have in life as it relates to your new venture, but know which goals are higher on your list. This way, when you examine the many routes you can take, you will determine which route has the highest chance of helping you achieve what you truly want.

WILLINGNESS TO FALL DOWN

With any new venture comes an element of risk. With risk comes an understanding that you will hit roadblocks and potentially fail. The best entrepreneurs take this in stride, learn, and create ways to make more value in the future. You have to be able and willing to fall down- the journey upward always has a few detours.

YOU WILL LIKELY PIVOT

Any new business venture, especially when it is completely new business, will result in the need to change your strategy to ensure you are getting revenue and customers. It is rare that a path to market stays exactly the same within the lifecycle of a business. Some business models, like franchising, are much more consistent and come from having proven models that you are buying. In this unique case, franchise businesses go against the concept of pivoting; however, it is critical to analyze any venture before you pursue it- franchise or otherwise. See if what you are doing makes business sense and may need pivoting down the line to ensure consistent/growing revenue that matches expectations.

TECHNOLOGY IS HERE TO STAY- GET COMFORTABLE

Almost every industry has some technical component to it. Even many restaurants that provide the basic necessity of food can have complex ordering stations that maximize customer flow. Technology has become an integrated part of each industry, and all forecasters in this space agree on one thing- it isn’t going to go away and it this field still has room to grow. Don’t fight this trend and embrace it. As the future changes the way your venture will run, you will be able to experience more success.

HIRE YOUR WEAKNESSES WHEN YOU CAN

It is rare to find an individual with more than a few key talents and abilities within a business. The beauty of starting a venture is that you can hire talents to fill the weaknesses. You may not always have the money available to hire talent, but when you do, use your resources and hire wisely. You want to work on aspects of the business that allows you to provide the most value. Time is the most valuable currency in any new venture.

 

I hope you keep these ideas in mind as your look towards new business opportunities. There are countless strategies and other points to keep in mind when pursuing new opportunities, and I can’t fit them all in one email. Reach out to me and we can discuss these tips and more as you consider the world of franchising and owning a business.