Thinking of owning and operating your own business? According to David Lewis, vice president of franchising for Express Employment Professionals, a good first step is to analyze how your personal characteristics align with four basic business models.
“Your level of comfort in running a business can be compared to how you feel about the different ways of buying a house,” David explains. “By evaluating where you fall in these four buckets, you’ll have a better idea of what kind of business venture you’re wired for, or whether you’d ultimately be happier working for someone else.”
A good thing to ask yourself is, “Which of these scenarios is most comfortable to me?”
1. A good home in the nice neighborhood.
Some home buyers limit their search to houses that are already built in existing neighborhoods. They don’t want to have to make a lot of decisions about the structure. They prefer a home that’s ready to go, so they can add their personal touches through decorating or landscaping.
“If this is you, you are likely a great corporate employee,” David notes. “You like having company policies and procedures already in place, and come to work ready to do the job set before you. You may have what it takes to rise through the ranks at your company, but you probably would not feel at ease running a business.”
2. A Rental on The Side
You have a home you love, but you like to invest in rental property on the side. You are comfortable with the associated risks and responsibilities of managing the property.
“As a part-time or passive investor, you have a good opportunity to evaluate your potential for running a business,” David notes. “You may realize you are not willing to leave your steady day job, and that’s okay. For others, success in these ventures can lead to business ownership over time. It’s a frequent pathway to franchise ownership.”
3. A Custom Home You Create with the Help of a Good Builder.
You’ve purchased enough homes or rental properties to feel comfortable taking things to a new level. You want to make your own mark, but you don’t want to start from scratch, so you work with a builder who offers expert tools, resources, and a blueprint built for success.
“If you have done well in corporate, but reached a level where you can’t advance any more, you may be ready for opening and operating a franchise,” David says. “The best candidates have experience building great business relationships and do well executing a blueprint and following proven policies and procedures. They understand the value they offer to a franchise partner, and appreciate the resources that are already “tested” by the franchisor.”
“Express CEO Bob Funk calls this the ‘semi-entrepreneur,’” David adds. “Becoming a franchisee can be a career choice of its own, or a bridge between a corporate career and full-out entrepreneurship. At Express, our franchisees appreciate the fact that we give them a blueprint that truly works as long as they are willing to invest effort in it.”
4. Grid Paper, a Pencil, and a House You Design from Scratch.
You are ready to create your own one-of-a-kind home and you don’t feel you need a safety net of any kind. You want to control everything, from where the electrical outlets are to the kind of mudding used on the walls.
“This is the pure entrepreneur,” David says. “Pure entrepreneurs are often frustrated working in a corporate environment. They do not want a company providing the basic processes and services to support their business, they want to start from scratch, all on their own.”
So, which business model fits you best? If becoming a franchisee sounds right to you, it’s time to explore the top possibilities in today’s marketplace. To get a good start, be sure to read our previous blog Selecting the Right Franchise: 5 Things You Shouldn’t Ignore.
Franchising 101 is a series of educational articles that provide important tips for anyone who is considering buying a franchise. For more information on Express Employment Professionals and the fast-growing staffing industry, visit ExpressFranchising.com.