ActionCOACH: The Goals of Entrepreneurship
Under the direction of Brad Sugars, ActionCOACH – the world’s number one business coaching firm, now has more than 1,000 offices in 50 countries. This founder knows how to grow a profitable venture and shares his insights on how ActionCOACH can help you do it too.
If you choose to be a franchisor, understand that you are now in the business of business. If you built a donut franchise, you really aren’t in the donut business—you are in the franchise business. You won’t be building a better donut, because that part is already done for you via your franchise contract. Your ultimate goal is to run a successful franchise until you have great ROI and the business can basically run without you.
Try a home-based business to start with. Home or mobile based businesses tend to be on the rise because they don’t require a lot of startup costs, like restaurants or lodging. Mobile cleaning franchises, business services franchises, and food trucks are all trending in 2017, and likely due to the little or no build-out costs.
I often advise people to not choose a franchise in an industry that is near and dear to their hearts. Just because you like animals, doesn’t mean you would be a good owner of a dog-grooming business. And just because you are good at styling hair, doesn’t mean you would make a great owner of a hair salon. As long as you keep in mind that you are in the business of business when investing in a franchise, you are likely to be very successful as an entrepreneur.
Research, research and research! Leave no stone unturned when considering a franchise to buy. And, for goodness sake, share your knowledge with your family, friends, and other significant people in your life. You want to be well armed with information so that it doesn’t appear to your spouse or others that you are entering into business ownership with a clear head, and that you know what you are up against.
Also, buying and owning a business impacts your relationships. Make sure that loved ones feel included and excited in the new business.
Get help from a business coach. With business services franchises increasing in number year after year, the trend is clear: Successful businesses will all have at least three significant service providers: A solicitor, an accountant, and a business coach.
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