Everyone has a dream. This is the thing that they want to do more than anything else. But it’s totally different than what they do to pay the bills.
Many people don’t realize that just being enthusiastic about a product or service doesn’t guarantee success. starting a business.
“So often, would-be entrepreneurs believe they have that one idea that will make them a millionaire, and in fact it may be a very good idea, but what they don’t understand is that there’s so much more involved for a business to succeed,”Heidi Ganahl is the CEO of Camp Bow Wow, which is a dog day care franchise. Last year, the business experienced a 20% increase in revenue year-over-year across Camps (individual Franchise Locations), which were established before 2011.
“Unfortunately,” Ganahl adds, “passion alone will not dictate or ensure success.”
These do’s/don’ts can help you determine if your idea is ready.
* Do your research and prepare. Failure is often due to a lack of preparation. Ganahl’s book says so. “Tales From the Bark Side,”Every good idea needs to be supported by the right people in order to make it a success, which includes writing a winning business plan. Ganahl states that investors and lenders will only consider your investment if you have completed a thorough review.
* Don’t go into business if you’re not committed. People will be convinced that they have a great idea but not prepared to commit to the venture. You don’t have to give your best effort in your new venture if you feel unable.
* Do ensure you have enough capital. According to business analysts, poor management is the leading cause of business failure. Poor cash management is also a common problem for entrepreneurs. Cash flow is a fundamental concept that will allow you to plan for any unforeseen events that may arise in your small business.
* Do consider owning a franchise. There are thousands of franchises in many industries. This gives entrepreneurs a lot of options.
The downside? There are many options, which can make it difficult to choose. Be clear about your goals, what you are willing and able to do, as well as how much. Visit franchise opportunities for more information. www.campbowwow.com/franchise.
