So you want to go into your own business?

The other day I was talking to a friend who had been in the accounting profession for over 20 years. He was tired of the same old thing year after year. He wanted to do something new and different. Our discussion revolved around what kind of business he wanted buy or start. I told him whatever he decided on, it will be more exciting, more frustrating, more time consuming and more hard work than he ever anticipated.

What Kind of Business?

Everyone thinking about owning their own business inevitably will need to determine just what kind of business is right for them. I recently returned from an International Franchise Association Convention, whose membership consists of thousands of franchise companies and their franchisees.

At the convention, I had several conversations that dealt with starting a franchise business. I shared share my experience and answered questions from people who were considering a new business venture or who had just embarked on one. I especially remember my conversation with a woman executive at a national American company. She is thinking of becoming a franchisee in the senior care industry. She wanted to be in a business that served older people. When we were talking, I suggested to her: “Let me tell you the realities of going into business for yourself, the good, the bad, and the ugly. You’ve got to ask yourself – what business am I really in before you make a decision to buy or start a business? If you are considering senior care, just be aware you are not really of caring for senior. You will really be in the business of training, motivating, and managing minimum wage workers.” She looked surprised but gave serious reflection on this fact.

In any business, there’s always the question of what business you are really in:

> Are you an owner/operator where you and your employees work shoulder to shoulder and do all of the work yourselves – in essences a personal services business?
> Are you really in the recruiting and training of minimum wage employees business (similar to the senior care business mentioned above)?
> Do you have a bricks and mortar business where the brand or location drives people in the door and all you have to do is manage the business coming in the door so you will not need additional marketing skills? Or, is your business the type that you have to get and out and meet and greet? If so, do you have the skills to do this?
> Do you have a marketing oriented company where your advertising campaign is the business?

These are only a few of the questions you will want to ask yourself about any business you are considering. Knowing what business you are really in is often more important than the products or services you sell.

Journey to Entrepreneurship

If you are thinking of starting a small to mid-sized businesses, or if you are already operating one, this blog will provide you an invaluable arsenal of tools and information. This blog will help you implement the practices critical to entrepreneurial success, while identifying those practices to avoid.

The concepts I will share are based not only on academic principles, but on my own and others’ real life experiences. Notwithstanding that statement, I find this cartoon so insightful


Many people wish to venture beyond their existing worlds only to be blind-sided by unexpected events. It is a truism that today’s business climate is changing at an ever-increasing rate. This fast-paced business environment creates both problems and opportunities. These problems contribute to the high rate of new business failures. If you are an individual pursing the American Dream of owning your own business, you can increase the success of any business venture by anticipating potential pitfalls, while at the same time taking advantage of the opportunities that accompany the pitfalls. Being in a position to both capitalize on opportunities and simultaneously handle day-to-day problems is what this blog is all about.

Thinking about your current employment situation raises questions to ask yourself. Should you cling to the security of a weekly paycheck or venture out and become an entrepreneur? Maybe you are driven by financial necessity to plunge back into the job market one more time, but nevertheless curious to know what the business start-up landscape looks like? Maybe you’ve always wanted to own your own business or expand a hobby or skill into something that will earn you a decent living. Should you leave the safe shelter of being an employee? You don’t want to end up feeling like you have leaped into the unknown, only to crash on the rocks below. These are only a few of the questions you will want to ask yourself before leaving the safe and secure world or being an employee.

To me, starting a business is like embarking on a journey. A journey in a car requires a map, a plan, a route, suit cases and a time line. On the entrepreneurial journey, you need strategies, plans, financing, technologies, employees, and a general idea of the terrain. Yet there will always be surprises. Just as in real-life explorations, you have to prepare for unforeseen eventualities. Bookmark the Journey to Entrepreneurship, and you will discover a new and exciting world.