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:
- I have this really super idea for a start up business.
- Here’s a great business idea that is perfect for a franchise…
- This is something that everyone needs and there is no competition!
- Franchises are all too expensive and I don’t want to do fast food.
- I’ve already done the research on my business start up. All my friends say it’s a great idea.
- When I buy someone else’s business, I’m automatically buying cashflow.
- I can get grants to start my business, right?
- If I use “angel funds” I won’t have pony-up any of my own money.
- If I start a business, I’ll be able to quickly take a six-figure salary.
- 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.
- Once I’m a business owner, I’ll never have to step foot in my business. I’ll just let others run it.
- I can just picture myself working in the office on these projects for my customers.
- I don’t know what type of business is a fit for me yet.
- I’m researching starts ups, resales and franchises.
- What types of services should royalties cover in a franchise?
- There appears to be a proven market for this service, and solid competition with different models.
- What are the steps needed to research a business like this?
- I have liquid capital ready to use for down payment and I’ve explored other funding options.
- I want to be able to scale this business for growth which I know may require more time and capital upfront.
- I don’t want to just buy myself a job.
- What other ways are there to research a previous owner’s business, other than their own books?
- I would like to start as owner-operator and move more into an absentee role as the business grows.
- I know I will have to put in “sweat equity”, especially in the beginning stages.
- 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 a local event that can get you started, attend FranNet Colorado’s MEET THE FRANCHISOR event on September 28th to learn about eight franchise concepts that are expanding in Colorado. The event is co-sponsored by SCORE Denver (an organization that offers free counseling on business ownership) and the Daniels College of Business, of the University of Denver. For more info and to register, go to http://gofranchise.eventbrite.com.