Are you having difficulty deciding to open a business? Do you talk about your dream business? Do you find yourself constantly thinking about what it will be like? Are you in the planning stages of your venture?
The Opportunity Cost of indecision
Opportunity cost is defined as “an alternative given up when a decision is made”. (investopedia.com) Putting off a decision to start a business until “the time is right” has an opportunity cost. The cost of continuing on your current path or creating your destiny.
Most people who are looking to open a business are not satisfied with their current situation. Yet, they procrastinate for various reasons and sometimes they never realize their destiny. There is no “perfect” time to start a business, however, if this is your dream, you must motivate yourself to move forward in order to see your dream come to fruition.
Following are 3 reasons not to put off your decision to open a business:
- The longer you delay, the longer it will be before you start seeing a return on your investment. For every day you put it off that is just one day longer till you can open your business and start to reap the rewards. Sometimes people put off their decision because they feel they may be more prepared if they delay. However, it can be like an artist when they paint a picture, it will never be complete – or an author whose writing is never good enough; push yourself to move forward and open the doors to your dreams.
One way to take the guesswork out of your business option is to consider a franchise. With a franchise, much of the preparation is done for you. Through the detailed franchise investigation process you can have most of your questions answered before making a final decision.
2. Don’t let fear get in your way. People often put off their decision to start a business because of fear. They have fear of the unknown, fear of what might or might not happen. The best way to get over the fear is to have a good plan, complete lots of research, learn as much as you can about managing a business, and obtain expert advice. The Small Business Administration at http://sba.gov provides a great deal of free services and information for those who want to start a business. This is a great place to start.
It’s also important to realize that everyone who starts a business deals with fear at some point. Be aware that fear will happen and you can be prepared for it when it does, then move forward with your plans.
3. Consider the rewards. Why do you want to own a business? Most people want to control their destiny, be their own boss, build equity, and obtain more flexibility. One of the most common reasons I hear is, “I want to work hard for myself, not someone else”. If your dream is to own your own business and you have the skills and have prepared for your venture, don’t put it off till tomorrow. Tomorrow may never come.
Trish Benedik owns Select Franchise Consulting. Select Franchise Consulting helps those looking to own their own business discover a franchise or business opportunity that is a good fit. Through creation of a personal profile based on 10 key criteria, we are able to find franchise options that meet your goals. In addition, our service provides information, and guidance through the franchise investigation process. Check out our website at Select Franchise Consulting .