Time to start a franchise?
Great people do things before they’re ready.— Amy Poehler
Following is an excerpt from my book Franchising Without Fear
Don’t wait for the perfect time (to start a franchise)
If you are thinking, “now is not the time to start a business,” I’ve got important news for you: There is never a perfect time to get started. Hundreds if not thousands of businesses have been started during the worst of times and thrived. The Kauffman Foundation sponsored a 2009 study that found more than half of the companies on the 2009 Fortune 500 list launched during a recession or bear market. Examples include:
- John D. Rockefeller invested in an oil refinery in 1863 during the Civil War.
- General Electric started in 1890 during a global economic recession.
- IBM started in 1896 during a U.S. economic slump.
- Walt Disney Productions reincorporated in 1929 right in the middle of the depression.
- Microsoft was founded in 1975 during a time of rising stagflation.
These examples prove that there is no “perfect” time to go out on your own. If your dream is to own your own business and you have the skills and have prepared for your venture, the best time is now. Do not put off till tomorrow what you can do today. Tomorrow may never come.
Procrastination is costly
Procrastinating comes at a price. The longer you delay, the longer it will be before you start seeing a return on your investment. Every day you put off making a choice is one more day till you can open your business and begin 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 or an author working on a story; it will never be complete or good enough, but you have to decide when it’s time to put it out there in the world.
Push yourself to move forward and open the doors to your dreams.
According to the Business Dictionary, opportunity cost is defined as “an alternative given up when a decision is made. A benefit, profit, or value of something that must be given up to acquire or achieve something else”. When trying to make a decision you need to weigh the opportunity versus the alternative. What are you giving up in order to attain another alternative? Putting off a decision to start a business until ‘the time is right’ has an opportunity cost. There is also the cost of continuing on your current path and not creating your destiny.
Change does not come automatically, there is an action that needs to take place. People who are looking to open a business want to change their situation. Yet, they procrastinate for various reasons and sometimes they never realize their potential. If running your own business is your dream, you must motivate yourself to move forward and see your quest come to fruition. Committing to make a change is paramount for your dreams to come true. (Benedik, 2019)
Contact Trish to assist you in your search for the perfect franchise fit
Keep following my Blog for more insights into fantastic franchise options. Remember owning a business is about matching your skills with the right business. A franchise that meets your personal and professional goals. My 6-step process will guide you to the right business for you and get you introduced to opportunities that work for you.
What are you waiting for?
Trish Benedik owner of Select Franchise Consulting will help narrow your options and find the franchise that is the right fit for you saving you time and frustration. Our consultation will help you make an informed decision. There are thousands of options in franchising, find the one that is a good fit for your business and lifestyle goals.
Disclosure: Select Franchise Consulting/Trish Benedik/T A Benedik, LLC does not guarantee the financial performance of any franchise, licensed affiliate, or business opportunity. The decision to purchase a franchise, licensed affiliate, or business opportunity must be based on the buyer’s independent research and analysis. Select Franchise Consulting/Trish Benedik/T A Benedik LLC is not liable for any representation made by a franchisor and/or a franchisors employee, affiliate, or associate with respect to real estate, financial, operations, or marketing performance of the business being acquired.