Starting a business is one of the most intrepid missions that a person could choose to take on in his or her lifetime, equally as challenging as it is rewarding. While it’s not an endeavor for the faint of heart to say the least, it is the most worthy option for the entrepreneurial-minded individuals who are fully prepared to invest the time, effort and money in growing something that they can take complete ownership of and pride in. If you’re considering starting your own business you’ve likely already begun to do the research yourself, but it’s of the utmost importance to be aware of the resources that are available and to consult with them early on. This way you’ll have a better idea of what to expect so that you’re setting yourself up for success in every way possible.
While you could certainly start your business from the ground up, that’s not the only way to go into business for yourself. There are also plenty of options available in the current market to purchase an established business or to start your own franchise. Transworld Business Advisors is a great resource for anyone who is looking into buying or selling a business, and for those on the buying end, they have access to over 600 new franchises to choose from!
“We can connect those who are looking into starting a business with the opportunities that are available with the actual franchisors themselves,” explains Mary Jo Cassner, owner of the Transworld Business Advisors Lincoln franchise. “In fact, one of my favorite things to do is to match up a new business owner with the right opportunity to start a thriving franchise. At Transworld, we do this through the process of narrowing down our client’s interests and then facilitating the steps to move forward through the process. This is done essentially at no charge to the buyer as we are paid through the franchisors. We handle all of the communication between parties so our clients can continue on with their jobs and lives. Once all of the information that’s needed to narrow down the options has been gathered, we then schedule a ‘discovery day’ with the franchises that fit the buyer’s specifications. This is a day where they visit the franchise headquarters, check everything out and talk to the franchisors directly. If it’s a good fit for both parties then the purchase goes forward, the buyer goes through the necessary training, selects their space and from then on it’s their baby so to speak.
I always emphasize that there is no age limitation when it comes to starting a business. In fact, Lincoln, NE is one of the top geographical areas in the nation for twenty-somethings to start a new franchise. It is truly a great environment for both younger and older entrepreneurs alike. Most of the other common misconceptions are about owning a franchise. Many people are afraid that they won’t have full control in terms of following legal instructions and rules from the franchisors, but that’s generally completely false as there is plenty of room for adaptation. A franchise is developed because it has a proven system that works, which eliminates as much risk as possible in starting a new business. This is appealing to most as you have access to a group of people who have been down the same road before and through plenty of trial and error have everything figured out down to a science.
Right now is a peak time to start a franchise in Lincoln because 1.) The economy is great and 2.) The city is growing and the needs of its population are diversifying. When deciding whether buying a business is feasible for you or not, it’s important to have enough capital reserved for 2-3 months to get through the initial start-up. Furthermore, it takes perseverance and excellent work ethic to be successful so it’s best to be a self-motivating individual. As the owner of franchises myself, I’ve always lived by the quote ‘Life is an adventure, enjoy the ride.’ Things will definitely go up and down but you ride along with it—it can be trying at times but it’s also exciting, fun, and well worth it. It’s not a boring 9-5 where you’re contributing to someone else’s success, rather you’re doing everything for your own success and that’s quite a feeling. If you’re interested in starting your own business and open to purchasing a franchise, call us as soon as possible instead of doing all of the research and busywork on your own. We will narrow down your options by the amount of money you have to invest, your interests and your abilities. It’s essential to have help in this area and there’s no cost, so you have access to professional assistance with nothing to lose!”
You started out with the why, and once you’ve decided the what, when, where and how you’ll move on to who. You’ll need to assemble a great staff, as these individuals will be the ones helping to run your business day-to-day. Furthermore, you’ll also want to put together a team of professionals that will help you with the aspects of your business that aren’t your forte. Whether you’ve never owned a business before or have owned several, it’s advantageous to consider pursuing opportunities that allow you to learn from others who have navigated the same journey.
“TAB’s Business Owner Advisory Boards expand thinking beyond any one particular industry providing out of the box perspectives to spur new ways of doing business in a safe, confidential environment,” explains Terry Wieczorek of The Alternative Board. “No theories—just practical, real-world, tried and tested solutions and invaluable hands-on experience. The advice given from those who have ‘been there and done that’ is critical in helping a new business owner make sound business decisions. The TAB process, now in its 25th year, keeps the new business owner accountable for decisions made to make sure the decisions are acted upon.
TAB helps new business owners work on their business and not in their business. Having good advice and understanding various options will speed the decision making process which in turn will ultimately help the business become more successful – quicker, better & faster.
Professor Stephan Bainbridge of UCLA School of Law authored a research paper titled: “Why a Board? Group Decision Making in Corporate Governance.” Bainbridge writes: “Numerous studies have found that group decisions are not only superior to those of the average member, but also to those made by the very best individual decision maker in the group.”
TAB’s monthly board meetings put the power of collective wisdom, accountability, drive and creativity, and clarity of advice in the business owner’s hands to align their business vision with their personal vision and ensure they get what they want out of life.”
He advises, “To launch a successful business, planning is the key to success. TAB’s Strategic Business Planning (SBL) is not traditional strategic planning. With SBL, realistic, practical benefits come quickly, allowing you to:
1. Align Personal Vision and Business Vision – Balancing your work life and family life.
2. Take Stock With a SWOT – Understand your Strengths, Weaknesses, Opportunities and Threats.
3. Establish Critical Success Factors – Activities required for ensuring the success your business.
4. Prioritize Goals – Which CSF needs to be tackled first?
5. Hone Your Strategies – Continue to tweak your “go to market” plan.
6. Generate Action Plans – In the words of Larry the Cable Guy, “Git-R-Done.”
Before starting a business the prospective business owner needs to develop a business plan. The business plan could take a few weeks to complete but in the long run it is worth the time and effort. The value of creating a business plan lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly. If outside financing is needed to start your own business then a solid business plan will be one of the requirements of a bank or investor(s).
Specifically for those that are thinking about starting a business but have something holding them back, remember that first to market is better than best in market. Too often, a worried entrepreneur will sit on a great idea, waiting until it is fully perfected before launching. In my opinion, the process of pulling the trigger to start a business generally takes too long. While you are perfecting your product/service, your competition is out in the marketplace, trying new ideas, refining and tweaking as necessary. In today’s fast moving business world, speed is essential.”
Once you’ve attained the asset, which in this case is your new business, and assembled your team of staff and experienced, trustworthy advisors, the next order of business is protecting your asset. Along with an accountant, which is an absolute necessity for a business owner (unless the individual has been an accountant at some point in his/her career), you’ll also want to consider how you will collect your receivables if you’re operating a business where you’ll be billing your clients for products and services.
“I’ve found that one of the biggest things that new business owners don’t necessarily think of before it’s problematic is how to handle the people that aren’t going to pay them in the future,” says Aaron Newell, owner of AR Solutions. “This is usually addressed in retrospect, but having a partner in place that will open your eyes to industry trends and reasonable expectations will allow you to be that much more prepared and precise in your financial planning. In addition to offering the knowledge and expertise as a consultant during the start-up phase, you’ll be able to use that company’s services in the future when you need them. You’ll also want to carefully consider who will be representing your company when you choose who you will partner with for collections. Many collection agencies can get results, but with what tactics and at what cost? Most successful companies are conscious of their reputation and how their accounts are handled, and to that end it’s best to partner with someone who will reflect that reputation while still getting desirable results. Word of mouth will make or break a business; consumers will always remember how they were treated by a company who they owe money to and regardless of who’s right or wrong, if they have a bad experience they will tell others about it. At AR Solutions we act as an extension of your company and our philosophy is to always keep our client’s best interests in mind—short term and long term. Communication is also key; for new business owners there is so much to set up that once everything is in place you should be able to do what you do best and leave the rest up to your team of professionals. This is especially true for collections, because it’s far less profitable for you to be chasing past accounts when you could be establishing new ones. Concentrate on the high payout activities and be aware of your cost of return for the activities that take up your time. By not wearing too many hats, you’ll find that everything runs smoothly and you’ll be able to focus on running your business which is exactly why you started out on the journey in the first place.”
Next on the list for asset protection is a security system for your business. “AlarmLink USA systems offer simple control of your security system, and it’s important for business owners to have the peace of mind in knowing that their business is safe and sound,” emphasizes RJ Lipert of AlarmLink USA. “With the current technology that allows for remote access and automation through Honeywell Total Connect, you can monitor the activities at your business at any time of the day, no matter where you are. From your mobile device, you can receive important alerts, view live video and control your security system remotely from anywhere in the world while you are away. It literally gives you the ability to be in more than one place at a time! If you are a business owner, you can use video monitoring to observe employee performance, productivity and behavior or to oversee all cash register sales as well as to identify an intruder. Security systems that we provide can also include smoke and carbon monoxide protection as well as various medical alarms. Intrusion Monitoring is another popular service for business owners, which provides 24-hour communication between your system and the central station. At AlarmLink USA it is our philosophy that because the lives and assets of our clients are at stake, we are committed to the flawless execution of our systems.”
In addition to protecting your new business, it’s also a must to focus on promoting it. With so much going on and to be excited about when starting a new business, it’s easy to think that everyone else is just as aware of your new business as you are. However, if you haven’t established a solid plan to get the word out and implemented a marketing campaign moving forward, then most people probably have no idea that your new business even exists yet. The only way to ensure that your presence is known is to effectively market your business from the very beginning, so that you’re proactively creating awareness and building the necessary momentum you’ll need to get through the initial start-up phase.
“Generally I’ve found that business owners are so immersed in their own business that they think everyone has heard of them, but for those who haven’t taken action in marketing themselves, that’s likely not the case,” explains Gina Cotton, an Account Executive with Channel 8 KLKN-TV. “’Build it and they will come’ is not a sound plan; especially not if you’re goal is to establish yourself as an industry leader in a competitive marketplace. Our number one objective is to make it known to a large audience, including the specific target audience, that not only does the new business exist, but that it has something special that the consumer needs/wants. Advertising is definitely a form of consumer education, so we pinpoint what sets our clients’ offerings apart and then focus on the most impactful way to deliver that information to their specific demographic.“
She adds, “I always tell business owners that it’s not a compliment when you hear that you’re the best kept secret. Especially in the case of new businesses, my advice is to take advantage of every opportunity to get your name out there and to set up a plan for continued exposure well after your grand opening has passed to keep the buzz you’ve generated going.”
You may not ever be fully ready to take the plunge and start a business, but in the current business climate, if it’s ever been your dream the time to act is now! Lincoln is rich with resources for entrepreneurs, and utilizing them is the first step toward successfully owning and operating your own business.