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<ul><li>If you knew you could be a successful business owner, would you rather work for someone else? </li></ul><ul><li>HO...
Why Own Your Own Business? What is it for you? Control Financial Security No More Layoffs Money Fulfillment Flexibility In...
<ul><li>Why do most people choose to work for someone else? Why? </li></ul>The Question:
Some of the Answers <ul><li>Risk : A job is safer than a business    I’ll wait until the economy is better </li></ul><ul><...
800 LB Gorilla <ul><li>FEAR OF FAILURE! </li></ul>
Dealing with the Fear of Failure <ul><li>You will feel fearful – It’s normal! </li></ul><ul><li>MANAGE AND REDUCE FEAR </l...
<ul><li>“ Sure I’d like to own my own business but it’s too risky.” </li></ul>
Perception of Risk: Job <ul><li>Is working for someone safe? Short term yes, but … </li></ul><ul><li>Can you be sure your ...
Business Ownership <ul><li>At first, owning your own  business can be scary, but ... </li></ul><ul><li>No one can take it ...
<ul><li>How To Fail At Business Ownership </li></ul>
How to Fail at Business Ownership <ul><li>Under capitalization </li></ul><ul><li>Emotions for product/service are the main...
Suggested Reading Rich Dad, Poor Dad Series   by Robert Kiyosaki E-Myth Revisited  by Michael Gerber
Business Ownership Options <ul><li>Create a start-up business </li></ul><ul><li>Buy an existing business </li></ul><ul><li...
Start Up Business Advantages   Disadvantages <ul><li>Must create systems </li></ul><ul><li>No one to turn to for help </li...
Buy an Existing Business Advantages   Disadvantages <ul><li>Cash flow & good will </li></ul><ul><li>Actual historical resu...
Starting A Franchise Advantages   Disadvantages <ul><li>Easiest to evaluate </li></ul><ul><li>Systems in place </li></ul><...
Determine Your Business Model <ul><li>What do you want from the business? </li></ul><ul><ul><li>Challenge, recognition, pr...
Determine Your Business Model <ul><li>Business Preferences </li></ul><ul><ul><li>Employees </li></ul></ul><ul><ul><li>Budg...
What does the Solution Look Like? <ul><ul><li>Something Stable </li></ul></ul><ul><ul><li>Something Safe </li></ul></ul><u...
Plan Your Strategy <ul><li>When you are thinking about being a business owner, you should develop a: </li></ul><ul><ul><li...
Short Term Strategy Find a business you can get into where you will not fail The more research you do the more you improve...
Long Term Strategy The most important element: The business must give you the lifestyle you want and allow YOU to meet you...
<ul><li>Questions? </li></ul>Remember, if you don’t have a dream, the person you work for does...
Risks and rewards   copy
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Risks and rewards copy

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  • 2) Encourage questions Your pack with the devil is your time, talent and brains for a clone of their system with an initial franchise fee and ongoing royalties payments
  • What we hear from people Go over specific reasons
  • Transcript of "Risks and rewards copy"

    1. 1. Topics for Discussion <ul><li>Risk and Rewards. </li></ul><ul><li>Why business ownership? </li></ul><ul><li>Starting a business, buying an existing business, or starting a franchise </li></ul><ul><li>Simplifying the search. </li></ul>
    2. 2. <ul><li>If you knew you could be a successful business owner, would you rather work for someone else? </li></ul><ul><li>HOW WOULD LIFE BE DIFFERENT??? </li></ul>Survey:
    3. 3. Why Own Your Own Business? What is it for you? Control Financial Security No More Layoffs Money Fulfillment Flexibility Independence SUCCESS
    4. 4. <ul><li>Why do most people choose to work for someone else? Why? </li></ul>The Question:
    5. 5. Some of the Answers <ul><li>Risk : A job is safer than a business I’ll wait until the economy is better </li></ul><ul><li>Money : A business costs a lot of money to start and run </li></ul><ul><li>Knowledge : I don’t know where to start or find what I’m looking for </li></ul><ul><li>Skills : Running a business takes specific talents and skills </li></ul>
    6. 6. 800 LB Gorilla <ul><li>FEAR OF FAILURE! </li></ul>
    7. 7. Dealing with the Fear of Failure <ul><li>You will feel fearful – It’s normal! </li></ul><ul><li>MANAGE AND REDUCE FEAR </li></ul><ul><li>Doing Research – Making FACT based decisions </li></ul><ul><li>Minimize the leap of faith </li></ul><ul><li>DO NOT allow fears to drive decisions </li></ul><ul><li>DO NOT make judgments based on perception and uneducated opinions </li></ul><ul><li>“ Is that what I think, or know for a fact?” </li></ul>
    8. 8. <ul><li>“ Sure I’d like to own my own business but it’s too risky.” </li></ul>
    9. 9. Perception of Risk: Job <ul><li>Is working for someone safe? Short term yes, but … </li></ul><ul><li>Can you be sure your job is safe? </li></ul><ul><li>Can performance determine security? </li></ul><ul><li>Will you meet your long-term financial goals of security and retirement? </li></ul>Risk Increases
    10. 10. Business Ownership <ul><li>At first, owning your own business can be scary, but ... </li></ul><ul><li>No one can take it away. You can’t be downsized, transferred or fired. </li></ul><ul><li>You can grow the business at the pace you want. </li></ul><ul><li>The longer you own your business the safer it becomes. </li></ul>Risk Decreases
    11. 11. <ul><li>How To Fail At Business Ownership </li></ul>
    12. 12. How to Fail at Business Ownership <ul><li>Under capitalization </li></ul><ul><li>Emotions for product/service are the main decision criteria </li></ul><ul><li>Misplaced Passion </li></ul><ul><li>Not giving your all </li></ul>
    13. 13. Suggested Reading Rich Dad, Poor Dad Series by Robert Kiyosaki E-Myth Revisited by Michael Gerber
    14. 14. Business Ownership Options <ul><li>Create a start-up business </li></ul><ul><li>Buy an existing business </li></ul><ul><li>Buy a franchise </li></ul><ul><li>Is this a make or buy decision? </li></ul>
    15. 15. Start Up Business Advantages Disadvantages <ul><li>Must create systems </li></ul><ul><li>No one to turn to for help </li></ul><ul><li>Limited financing options </li></ul><ul><li>Years before you make money </li></ul><ul><li>Highest failure rate </li></ul><ul><li>Total control </li></ul><ul><li>Make all decisions </li></ul><ul><li>Keep all profits </li></ul><ul><li>Biggest upside </li></ul>
    16. 16. Buy an Existing Business Advantages Disadvantages <ul><li>Cash flow & good will </li></ul><ul><li>Actual historical results </li></ul><ul><li>Attractive to lenders </li></ul><ul><li>Established location & customer base </li></ul><ul><li>Employees in place </li></ul><ul><li>Systems may be in place </li></ul><ul><li>Owner financing </li></ul><ul><li>What is the real cash flow? </li></ul><ul><li>What is the good will? </li></ul><ul><li>Hidden seller motives </li></ul><ul><li>Employee defection </li></ul><ul><li>Higher Debt Service </li></ul><ul><li>Poor training/support by the former owner </li></ul>
    17. 17. Starting A Franchise Advantages Disadvantages <ul><li>Easiest to evaluate </li></ul><ul><li>Systems in place </li></ul><ul><li>Training </li></ul><ul><li>Support </li></ul><ul><li>4 Times the success rate </li></ul><ul><li>Quicker ramp up time </li></ul><ul><li>In business for yourself, not </li></ul><ul><li>by yourself </li></ul><ul><li>Less Control </li></ul><ul><li>Franchise Fee </li></ul><ul><li>Royalties </li></ul><ul><li>Compliance </li></ul><ul><li>Minimums </li></ul>
    18. 18. Determine Your Business Model <ul><li>What do you want from the business? </li></ul><ul><ul><li>Challenge, recognition, prestige </li></ul></ul><ul><ul><li>Build equity for retirement </li></ul></ul><ul><ul><li>Time for family and interests </li></ul></ul><ul><ul><li>Independence and control </li></ul></ul><ul><ul><li>Financial security </li></ul></ul>
    19. 19. Determine Your Business Model <ul><li>Business Preferences </li></ul><ul><ul><li>Employees </li></ul></ul><ul><ul><li>Budget </li></ul></ul><ul><ul><li>Business environment </li></ul></ul><ul><ul><li>Full or Part-time & Hours </li></ul></ul><ul><ul><li>Number of units </li></ul></ul><ul><ul><li>Type of customers </li></ul></ul>
    20. 20. What does the Solution Look Like? <ul><ul><li>Something Stable </li></ul></ul><ul><ul><li>Something Safe </li></ul></ul><ul><ul><li>Something Affordable </li></ul></ul><ul><ul><li>Something I can Plant Roots with </li></ul></ul><ul><ul><li>Something I can Grow </li></ul></ul><ul><ul><li>Something I can rely on </li></ul></ul><ul><ul><li>Something where my Job won’t disappear simply because of a corporate makeover </li></ul></ul><ul><ul><li>Most Importantly… Something I Know I Can Do, and Do Well! </li></ul></ul><ul><ul><li>What else should be on that List? </li></ul></ul>
    21. 21. Plan Your Strategy <ul><li>When you are thinking about being a business owner, you should develop a: </li></ul><ul><ul><li>Short-term strategy </li></ul></ul><ul><ul><li>Long-term strategy </li></ul></ul><ul><ul><li>Exit (Destination) strategy </li></ul></ul>
    22. 22. Short Term Strategy Find a business you can get into where you will not fail The more research you do the more you improve the odds of success
    23. 23. Long Term Strategy The most important element: The business must give you the lifestyle you want and allow YOU to meet your goals Freedom, Recognition, Achievement, Control, Money, etc. (the things that YOU value the most)
    24. 24. <ul><li>Questions? </li></ul>Remember, if you don’t have a dream, the person you work for does...

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