business ownership - yes! you can!
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Have you ever considered business ownership as a viable career option?Join this webinar where we explore business ownership as a career option.TRANSCRIPT
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