Many businesses fail because the founder didn’t know what he didn’t know. As entrepreneurs, we always want to project that we have all the answers even when we do not. Moreover, admitting our ignorance to others makes us feel inferior which bruises our ego.
If the reason you want to start a business is you want the flexibility to work when or where you want, to become rich, or because you just want to be your own boss, you have a higher likelihood of failure. You are more likely to fail because your reasons for starting a business are self-centered and not externally-centered.
A franchise investment isn’t as high as most people think, especially when you put the investment cost into context and compare it with starting a business from scratch. There are eight factors that determine a franchise’s investment costs.
It is often far better to see what the market leader is doing and just be a little different in your value proposition. Being the first to market means you will make lots of costly mistakes that your competitors can learn from and then capitalize on at your expense. Keurig and Xerox were not the first movers but today they dominated their markets by capitalizing on the dominant players mistakes..
I believe there is a difference between taking advice from a serial starter vs a serial entrepreneur. A serial starter has played the game of business but not yet won. While a serial entrepreneurs in my definition, has not only played the game, but has also won the game by reaching either a natural conclusion to the business or achieved a profitable exit.
Guest post by: Cindy Rayfield franchise consultant with FranNet.
As I work with my franchise clients, I need to know what their financial picture tells me so I can do the very best job matching my clients with the right franchise. A client’s financials are an extremely important part of this matching process.
So what financial information do I look for as a franchise expert? This article outlines questions my clients have, and how I assess their financial information.
There is a gross misunderstanding when it comes to the protection afforded to business owners of a Limited Liability Company (LLC). This video identifies who’s liability is protected and who is not.
Chris is a SCORE colleague and a marketing and sales maven. We are super fans of each others work. The following post was published by Chris on his blog in June of 2016 and is chock full of valuable [...]
Not long ago, I was driving through Denver in rush hour traffic. As I inched along in traffic, I was replaying a discussion in my head about the Colorado Springs ecosystem being the red-headed stepchild to Denver's much more robust business ecosystem. Most of the discussion was geared toward activities the Colorado Springs ecosystem could do to grow into an economic [...]
Recently, I was teaching a course, “Going Pro – Moving from Hobby to Business” and one of the students was a jewelry designer looking to take her hobby of making jewelry, mostly as gifts for friends and family, and turn it into a paying business. I suggested she focus her jewelry design on a profitable niche or risk becoming [...]