As a franchise consultant at FranNet Colorado, I visit with a lot of people who say they are ready for business ownership, but after I ask a few questions, I can easily determine if they are actually business-ready or simply business-curious.
There is a big difference between these two types of people. There’s a change in the language that people use once they are over their initial fascination with the idea of business ownership. It becomes a more solid reality, rather than a nebulous idea, so they change their “speak”. Here are some examples of business-ready vs. business-curious speak:
1. I have this really super idea for a start up business.
2. Here’s a great business idea that is perfect for a franchise…
3. This is something that everyone needs and there is no competition!
4. Franchises are all too expensive and I don’t want to do fast food.
5. I’ve already done the research on my business start up. All my friends say it’s a great idea.
6. When I buy someone else’s business, I’m automatically buying cashflow.
7. I can get grants to start my business, right? (The answer is no, by the way.)
8. If I use “angel funds” I won’t have pony-up any of my own money.
9. If I start a business, I’ll be able to quickly take a six-figure salary.
10. If I get into this hot business now, I’ll be able to recoup my investment quickly and turn it over for a great profit.
11. Once I’m a business owner, I’ll never have to step foot in my business. I’ll just let others run it.
12. I can just picture myself working in the office on these projects for my customers.
1. I don’t know what type of business is a fit for me yet.
2. I’m researching starts ups, resales and franchises.
3. What types of services should royalties cover in a franchise?
4. There appears to be a proven market for this service, and solid competition with different models.
5. What are the steps needed to research a business like this?
6. I have liquid capital ready to use for down payment and I’ve explored other funding options.
7. I want to be able to scale this business for growth which I know may require more time and capital upfront.
8. I don’t want to just buy myself a job.
9. What other ways are there to research a previous owner’s business, other than their own books?
10. I would like to start as owner-operator and move more into an absentee role as the business grows.
11. I know I will have to put in “sweat equity”, especially in the beginning stages.
12. I eventually want to be able to work on my business, and not in my business.
Can you see the difference? Usually, the business-ready have moved past the business-curious stage and are several steps ahead in their research and education. They are investigating the practicalities of a business rather than considering an idea.
Are you business-ready or business-curious? At FranNet, we work with both types of people, and we offer lots of free seminars, workshops, webinars, business fairs, etc. that can help the business-curious move to business-ready.
If you are curious and want to find information about how you can get you started in a franchise business, contact FranNet Mountain West to sign up for our monthly free webinars and events.