business ownership - yes! you can!

Business OwnershipYes! You Can!

A webinar presented by

The Entrepreneur’s Source©

c.2014 The Entrepreneur’s Source©

c. 2014 The Entrepreneur’s Source©

Rachel Coxwww.esourcecoach.com/rcox

919-521-8480

Keenan Moranwww.esourcecoach.com/kmoran

704-726-0590

Dan Prendergastwww.esourcecoach.com/dprendergast

800-495-3085

Business Ownership...Have You Ever Thought About It?

c. 2014 The Entrepreneur’s Source©

Business Ownership...Have You Ever Thought About It?

c. 2014 The Entrepreneur’s Source©

c. 2014 The Entrepreneur’s Source©

Business Ownership...Have You Ever Thought About It?

oPush Factors• Corporate downsizing• Widespread job insecurity• Job dissatisfaction or

burnout• Limited earning potential

Why People Make Changes

Business Ownership...Have You Ever Thought About It as a Career Option?

c. 2014 The Entrepreneur’s Source©

The lifetime of a typical W-2 wage earner:

o 6 to 8 job changes

o at least 3 changes in profession

With every change, you fall farther and farther behind!

“Careers” in the New Career Economy

c. 2014 The Entrepreneur’s Source©

c. 2014 The Entrepreneur’s Source©

Business Ownership...Have You Ever Thought About It?

oPull Factors• Freedom• Schedule flexibility• Control over destiny• Changing economy• Increasing “working years”

Why People Make Changes

As a viable alternative to the present day challenging and ever-changing conditions of the corporate world?

c. 2014 The Entrepreneur’s Source©

Business Ownership...Have You Ever Thought About It?

Options for Beginning a Business

c. 2014 The Entrepreneur’s Source©

Start A New Independent Businesso Consulting, Manufacturing, Service,

Internet, Retail

o Buy existing independent business

o Obtain a franchise: new or existing

Starting An Independent New Business

c. 2014 The Entrepreneur’s Source©

Advantageso Lower start-up costo Independenceo Creative freedomo Freedom with location

& procedureso No inherited problems

from existing business owner

Disadvantageso Higher initial investmento Higher risk of failureo Takes longer to become

profitableo You are “on your own”o Financing difficult to

obtaino Expensive and more

time-consuming to develop a brand

Buying An Existing Business

c. 2014 The Entrepreneur’s Source©

Advantageso Requires less time &

energyo Independence &

creative freedomo Location is

determined o Financing may be

easier to obtain if business is successful

o Existing cash flow & customer base

Disadvantageso Higher initial

investmento More difficult to

determine priceo Complicated due

diligenceo Tied to existing

locationo Inherited problems

from existing business

Why Do Independent Businesses Fail?

c. 2014 The Entrepreneur’s Source©

o Lack of skills

o Lack of resources

o Lack of proven operating and

sales/marketing system

o Lack of initial training & on-going

support

o Wearing too many hats/all on

your own

There are many reasons for failure:

So, Why a Franchise?

c. 2014 The Entrepreneur’s Source©

o It is a proven method of distribution for a product or service that includes:• Licensing of a trademark or trade name• A proven business system • Training & ongoing support• Win-win business relationship• Regulatory oversight

Franchising – Some Misconceptions

c. 2014 The Entrepreneur’s Source©

o Most are retail; often fast foodo Franchisors take your money

and give you nothing in returno You must know every aspect of

running a businesso Industry experience is requiredo No flexibility/too rigid

So, Why a Franchise?

c. 2014 The Entrepreneur’s Source©

What do I receive for the fees I pay?

oProven business systemoInitial trainingoOn-going supportoBusiness softwareoMarketing campaigns and materialsoEquipment selection (if applicable)oSite location assistance (if applicable)oBuild out assistance (if applicable)oFuture vision & operational growth plansoPossible financing assistance

The Ideal Candidate for Franchising

c. 2014 The Entrepreneur’s Source©

o Entrepreneurial drive

o Willing to follow system/coachable

o General business knowledge and skills/good people skills

o Comfortable with promotion and marketing

o Adequate financial resources

• Liquid assets = Can support oneself through business ramp-up

• Net worth – Includes home, retirement funds, checking and savings, mutual funds and/or stocks, other income property

• Credit worthy – 680 score or better

o Am I willing to follow the system?o Do I have transferrable skills/am I

coachable?o Am I willing to work hard?o Do I have access to start-up capital?o Can I support myself during the early

months?o Are family & friends supportive?o Will I do whatever it takes to ensure

success?o Does the business model support my

goals?

So, Why a Franchise? Questions to ask yourself

c. 2014 The Entrepreneur’s Source©

What are Franchisors Looking For?

So, Why a Franchise?

c. 2014 The Entrepreneur’s Source©

o Owner…not a Technician

o Transferable skills

o Willingness to follow the

SYSTEM

o Ability to execute

Now What?

c. 2014 The Entrepreneur’s Source©

Value Of Working With A “Coach/Guide.”

c. 2014 The Entrepreneur’s Source©

o Someone to help you clarify your objectives relative to your ILWE - What is ILWE?

o Someone to help you assess your strengths, weaknesses and transferable skill set, and is business ownership even a viable career option for you.

o Someone to help you narrow the field and then to assist in navigating the path, including financing sources and recommendations to appropriate professionals

Value Of Working With A “Coach/Guide.”

c. 2014 The Entrepreneur’s Source©

INPUTS: Where are you today?o Objectively assess your skills

• Strengths & weaknesseso Understand your ideal work

environment• What motivates you?

o Understand what money you have to invest and potential sources

A recommended approachUnderstand your ‘inputs’ & ‘outputs’

Value Of Working With A “Coach/Guide.”

c. 2014 The Entrepreneur’s Source©

OUTPUTS: Where do you want to be?o Personal

• What type of lifestyle do you want?• How much control do you want over your time &

activities?• How much security do you need? What does that

security look like?o Professional

• What new skills would you like to learn?• What new job experiences would you like to have?

o Financial• How much money do you need?• What do you need that money for?• Financial resources

A recommended approachUnderstand your ‘inputs’ & ‘outputs’

Value Of Working With A “Coach/Guide.”

c. 2014 The Entrepreneur’s Source©

o Fall in love with the product - is it ok to just like the model, or do I have to be passionate about it?

o Know someone who was “successful”o Found it on some ‘list of top businesses of

hot franchises’o Bought on perception and/or desperation

Finding the right option:The Three Common Mistakes

It IS about identifying a business that you can see yourself in that will…

o match your Skill Seto match your Budgeto match your

- Income, Lifestyle, Wealth and Equity goals

But…

c. 2014 The Entrepreneur’s Source©

Value Of Working With A “Coach/Guide.”

c. 2014 The Entrepreneur’s Source©

Finding the right option:The most important person to know ….

Is You

c. 2014 The Entrepreneur’s Source©

o Don’t pre-judge or make decisions based on perceptions. • Based on past experiences• Based on ‘likes/dislikes’• Emotions

o It’s about the business model and its ability to work for you

o Evaluate based on YOUR goals, needs and expectations

o It’s not about the product or service

Keep an Open Mind!Explore several options in parallel

o Step 1• Get to know you – complete online questionnaire• Executive Assessment

o Step 2• Complimentary Coaching Session• Coach and Client clear on goals, dreams, lifestyle, income, wealth, equity

o Step 3• Coach identify business opportunities to match client goals – vehicle to deliver on

those goals.

o Step 4• Mutual discovery and due diligence between client and business• Identify Financing options (including how to pay yourself through start-up)• Compare models against goals

95% of our clients discover options that they would not have explored on their ownNo cost for our placement coaching services

How We Work With You

c. 2014 The Entrepreneur’s Source©

Join us for our next webinar presentation, “Exploring Opportunities & Ownership Levels in Franchising”

Tuesday, October 21, 7pm EST

Don’t miss “Start A Business Weekend,”A Virtual Online ShowcaseSeptember 18 - 20, 2014

www.startabusinessweekend.com/?rcoxwww.startabusinessweekend.com/?kmoran

www.startabusinessweekend.com/?dprendergast

If you found value in today's presentation, please forward the recorded version to

anyone whom you feel may also find value in it.

c. 2014 The Entrepreneur’s Source©

c. 2014 The Entrepreneur’s Source©

Rachel Coxwww.esourcecoach.com/rcox

919-521-8480

Keenan Moranwww.esourcecoach.com/kmoran

704-726-0590

Dan Prendergastwww.esourcecoach.com/dprendergast

800-495-3085