Business ownership might not be for everyone. It takes determination and resiliency to build a profitable business that lasts. Successful business owners are passionate, driven, and adaptable, but sometimes the hardest part is taking the first step. Should I start a business? What business should I start? What are the most important initial steps I need to take?
Often, all that is missing is a framework that can help business owners set clear goals, make decisions, and decide what their next steps should be. From resources and tools to networking opportunities and ongoing support, Neighborly®, a world leader in home service franchising, can help individuals determine if business ownership is right for them and set them on the path to success. If you are interested in finding out if you’re ready to start a business, try our 4-step exercise.
Step 1: Identify Your Dreams, Goals, Needs, and Desired Quality of Life
Dreams and Goals
When making life-changing decisions on whether to own a business or not, it's important to be practical. But when establishing a vision for where you want to go in life, sometimes dreaming up what your life could be can be of great help. People aren't always good at knowing what is possible and what isn't, so at the earliest stages of goal setting, you can be impractical for a minute. Take the lid off and think outside the possibility of what you previously thought you could achieve. Make a list of your biggest dreams and goals.
Needs and Quality of Life
After you identify your goals, you’ll want to consider building a plan to achieve them. Two main considerations are retirement and children. To enjoy your golden years, what financial strategies will you need to make to get where you want? When it comes to children, consider extracurricular activities, schooling, and marriage can all come with hefty price tags. Other concerns include deciding what lifestyle you would like to live. You might want to place a premium on your health and fitness, or you may want to give back socially. Think about the lifestyle that you desire.
Questions to Consider
- Where do I want to be in 10-20 years?
- What is my ideal lifestyle?
- What are my professional goals?
- What type of legacy do I want to leave behind?
Step 2: Check Yes or No
Ask yourself one question, if things continue over the next three years just as they have done over the last three years, without making any significant changes, will you be on track to accomplishing your dreams, goals, needs, and quality of life requirements?
If the answer is yes, then you're already on the right track with your career and you should keep doing what you have been doing. If the answer is no, then you have to decide what to do about it and take firm action.
Step 3: Select The Business That is Right for You
If you checked no in step two, then the next step is to determine if or which business is best for you. No one particular business type is suitable for everyone, and with such a wide range of different opportunities to choose from, it’s important to select the right one for you and your long-term interests. Narrow down your choices by considering these three areas before you start a new business:
- What kind of business should I start?
- What size of business do I need?
- How does my business need to be structured?
To help in your decision, take our simple, 5 min quiz to help determine which of Neighborly’s 19 home service brands fits you and your goals best.
Step 4: Identify Potential Consequences and Victims
This is your chance to face the consequences of what could happen if you never accomplish the dreams, goals, needs, and quality of life you desire. Who might the victims be, other than yourself? The decisions we make don't just impact us; they also affect many other people around us. The victims of those potential consequences might include your spouse, children, parents, and community.
Bonus: Current Business Owners Can Benefit from the 4-Step Decision Exercise
Of course, this decision exercise is excellent for someone starting a new business, but it can also be beneficial to existing business owners. Are they where they thought they would be when they started their business? Without making any significant changes, are they on track to meet their goals?
Questions to Consider
- Who will be impacted by this decision?
- What positives and negatives could result from this decision
- Who’s buy-in will I need throughout this process?
Neighborly Can Help You Determine if Business Ownership is Right For You
Deciding to start a franchise can be intimidating and highly stressful. Neighborly is here to help guide people considering the path of business ownership and educate on the options and opportunities available to them. Neighborly provides aspiring entrepreneurs with valuable information and insights that can help them decide to pursue the dream of business ownership. Reading books on starting a business is helpful, but real-world experience and proven mentorship are ideal.
Download our Entrepreneur's guide and learn more about whether business ownership is right for you and learn the basics of how to own a business and how to start a franchise. Don’t hesitate on your future. Start today!
