Top 5 Things to Ask Yourself Before Deciding to Become an Entrepreneur

by Joan Trinka

If you’re considering making the jump from employee to franchise business owner, chances are you have put a lot of thought into a long list of questions for potential franchisors. But don’t forget that it’s equally important to ask yourself the following questions first:

1) What am I thinking?!

The allure of being your own boss is very powerful, and many people don’t take the time to think through all the aspects of business ownership. It can be an empowering and rewarding experience for the right person, but be sure to think about how very different your life will be as a business owner as opposed to being an employee. Ultimate responsibility for the success of a business, possibly managing other employees, and work-related tasks outside 9-5 are not life changes to take lightly.

2) Can I/my family handle it?

The beauty of a franchised business is that almost everything you need to actually start up and run your business is laid out in great detail for you; handling the actual business operations should be the least of your worries. However, handling the personal stress you may experience from the start-up of a business is certainly something to consider and prepare for.

3) What if I fail?

As we have all heard, some of the most successful people on the planet failed (sometimes miserably and sometimes a lot!) before becoming successful. Can you embrace learning from your mistakes? Or do you judge yourself so harshly that mistakes would cause you to quit and walk away from your investment?

4) Can I become too successful?

Attitude, attitude! Can becoming rich and successful turn you into a spoiled brat? Sure! And what a way to go! But always remember that family and friends are the best assets you have; no business can replace them. Be kind and considerate as you climb the ladder of success. No stepping on toes, please!

5) What do I do when I reach retirement age?

First, enjoy it—you've earned it! But before you buy a business, think about what your exit strategy would look like. Do you want to grow a business with the goal of selling off altogether? Do you want to be able to pass your business down to other family members? Do you want a business that can maintain operations without your presence to allow you to continue to receive income?

These are all good things to contemplate before jumping into entrepreneurship; remember that preparing yourself personally will help set you up for the success and satisfaction you seek in business ownership.

Joan Trinka
Director of Franchise Development
Bark Busters USA

Learn more about Bark Busters at topfranchises.franchisebusinessreview.com.

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