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How to avoid business mishaps?

Tuesday, October 20, 2015
Understand Your Skill Set  & Be in a Business that Excites You!

Many people choose the wrong business for them. They realise too late that there is too much sales involved, it doesn’t work round the children, or they can’t make the money they thought they could.  

Much of this can be avoided if you take some thoughtful first steps into understanding what you are good at. We always recommend to those individuals looking at the Cafe2U business that they make 2 lists: things they enjoy doing and things they hate doing. We all occasionally have to do things we don’t want to, but if we can keep these things to a minimum, we’ll keep ourselves happier, healthier and more successful. 

Working ‘in-your-flow’ is really important and you’ll know you are doing this if you wake up in the morning looking forward to your day. Asking a close friend or partner to list your strengths and weaknesses is always a good test of how others perceive you!  

Analyse the Risks

Everything you do involves elements of risk – from driving your car to ordering seafood! Business is no different. Just like in employment where you can be made redundant, business start-ups often end badly. According to The Times, 1 in every 2 business start-up fails in their first 2 years. With the odds heavily stacked against success, it is amazing that thousands of new small businesses are set up every year to join the 4.5 million already trading.

If you’re keen to run your own business but are interested in minimizing your risks of business failure, then franchising is a popular route to consider.   

Running a franchise is less risky because you are able to shortcut mistakes right from the start by being trained by the franchisor in best practice. You pay a fee for their knowledge and expertise in how to make money and keep costs down, how to find and keep customers happy and how to run the business as efficiently as possible. All the training and hindsight saves you considerable money and heartache – a shortcut to success.  

Do YOUR OWN Due Diligence  

No matter what anyone tells you, always ensure you do your own research. Check that the facts you are given are correct by researching online or speaking to existing franchisees. They will tell you what it is like running a franchise from their own point view. Yet consider the feedback you get in relation to your own situation and skill set. Different people have different ideas of what they want to earn, how much effort is a lot of effort or how many hours are too many or too few. 

Make sure you get enough information to make your own informed decision relative to your own circumstances, ambitions and goals.

Ensure You DO TAKE ACTION!  

If you want a change of lifestyle, or a flexible earning potential and want to be in a situation where your effort equals your reward, then running your own business or franchise could be a good solution. You do need to take action to make this happen and often the fear of the unknown or the fear of failure are the biggest things that hold us back in life.

Over to you

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