You’re thinking about buying a business. You’ve set out a list of criteria, but have you included image? Can you separate the dollars and cents from the sense you get from the business? Or do some businesses give you the heebie jeebies, even if they are known moneymakers? Are there businesses you would rather not associate your name with?
Related:The Entrepreneur’s Checklist: 7 Things You Need To Start A Business
Let’s be clear, we’re not talking reputation, but image. Do you see yourself driving the Cadillac, or is any motor on wheels sufficient? Both will get you to the place you want to go, but you may feel that extra ounce of pride driving one over the other.
Like beauty, image is in the eye of the beholder, but you may have already decided certain businesses are not for you, whether these be drug-testing, check-cashing or janitorial service operations. Maybe you picture yourself doing something you perceive as helping people, like tutoring or providing green energy options.
But when you embark on such a big decision, you want to make sure you understand all the factors before committing yourself and your money to a business that will impact your life and income for years to come.
First you have to decide how important image is to you. If you’re the type of person who readily sees the positive side of things, you will see a pooper-scooper business, which goes to clients homes to clean up after their dogs, as a benefit to its customers. After all, there are people who due to disability or illness, would never be able to keep their pets without such a service. But maybe you don’t want to be in a certain type of business.
Criteria For Selecting A Business
So, before embarking on your quest for a business, you should first determine the criteria by which you intend to make your decision.
Earning Opportunity
For some people, business is business. They become a business owner to make a profit, and don’t have other criteria. They want the biggest upside and the highest return on investment. Nothing else is near as important. But for others, they balance many different factors.
Your Experience And Skills
While it may seem obvious that you should choose a business that matches your background, if you choose a franchise, you can rely on the franchiser's support and training to help you learn everything you need to know to succeed.
A Growing Market
Is the demand strong for the service or product, and do the demographics support such a business at this time and into the future? This component is integral to any effective business plan and requires thorough research.
A Passion And A Vision
Many people start their own businesses to bring a dream to life, creating a special product or delivering a unique skill or service to the marketplace. Of course, to be successful, you also need a viable business plan and good support, capital, and planning.
Image
In the world of marketing, where people are paid to make even the most seemingly yucky things seem appealing —think juice cleanse —image would seem to be at the bottom of the list. But you will need to decide how important image is to you. That is an individual choice for each of us.
When weighing the above criteria, you want to consider what’s most important to you: sounding impressive in cocktail party conversation or making a really good living. Either way, start your research today.
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Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (215) 367-5349.
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