What are Your Business Preferences?
Jack Armstrong
Senior Franchise Consultant helping clients purchase the right franchise or existing business
When I mention “What are your business preferences” what am I talking about. Thinking about your personal business preferences will help you identify how various businesses will fit your own management style. Business goals can be universal. Business preferences tend to be very personal. You need to answer what’s important to you in owning a business? Here are a few questions we ask when we start to work with a client. This is just a starting point.
Ask Yourself These Questions
When you get out of bed in the morning, where do you want to go? Where would you like to do business? In an office, storefront, home based, out calling on customers. How comfortable are you in a sales role?
What kind of employees do you want to have? Many employees, few employees? Do you want them skilled or unskilled? Can you manage a salesforce? Or ,do you prefer to work on your own with no employees?
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How much money do you need to take out of the business to meet your monthly living obligations? Is there a set amount of money you need to provide a comfortable living for your family? What level of income would you like to see in year 2, 3, 4 and 5. What does success look like to you? How much money are you willing to invest to attain this level of income? Are you comfortable with borrowing from a bank to finance your launch? What does your spouse think of this investment level and maybe living on a lower income until the business is profitable?
Your Hours of Preparation
Have you thought about the hours you are prepared to work? Are you prepared to work whatever hours are needed to launch the business? Would this include working weekends and evenings if needed? Maybe you prefer traditional hours Monday to Friday from 8 to 5. The last choice is to keep your regular job and work part time on the franchise.
These are just a few of the many questions we will be asking before we can make recommendations for your review. We can help you identify your business preferences now and in the future. We have helped many people figure out what is best for them. We have been doing this for twenty-eight years and have helped hundreds of people find success. Give me a call, email, or text me, I would love to chat with you.