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The Stages of Your Business Ownership Journey

By: Jania Bailey

 

The Stages of Your Business Ownership Journey

When considering business ownership, it is easy to think about the short-term effects it will have on your life. There are a great deal of changes that occur in the first year, but what about ten years down the road? Part of the research and planning process involves realistically imagining your life with the business you choose as it goes through its many cycles.

Cycle 1: Search

This is the exploration cycle that takes a lot of patience, time, research, and footwork. After you’ve made the decision to get serious about your business ownership goals you must evaluate your financials, research and call different franchisors, get in touch with franchisees and many other details. Thankfully your local FranNet consultant will guide you through this process. The most valuable piece of advice to heed during this phase is to be honest with yourself and keep an open mind. Oh, and don’t forget to have some fun—it’s the beginning of a new chapter!

Cycle 2: Build

Now that your business has made it through the early stages, it’s time to grow. In this cycle, you will spend a lot of energy gathering and building client relationships, increasing cash flow, hiring more employees, revisiting business plan/goals (which you should be doing constantly), increasing marketing—basically taking your business to the next level in every aspect. Lean on the support of the franchisor and don’t be afraid to take chances.

Cycle 3: Maintain

This is the stage in which you can now call your company mature and established. You’ve worked hard to promote your business, build trust, increase value, expand clientele and nurture a growing profit. Up to this point you’ve experimented and perfected how to be productive and you know who the competitors are. The goal for this stage: maintain not just your businesses success, but your passion and motivation. Many entrepreneurs get comfortable with the decrease in challenge and reach a point of burnout. Avoid this by consistently innovating and change up your routines.

When approaching business ownership, it’s important to look at all the factors. However, it’s equally important to remind yourself of this: there is a lot hard work ahead, but relax, have fun and enjoy every minute of it.

Published: June 21, 2016
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Source: FranNet

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Jania Bailey

Jania Bailey is president/COO of FranNet, North America’s most well-respected franchise consulting firm. Bailey sits on the board of directors for the International Franchise Association (IFA) and is a certified franchise expert. Her background includes over 25 years experience in the banking and franchise industries.  Bailey also authored the book, “Thriving – The Journey to Success in the Business World.” 

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