If you've ever considered business ownership as a career, take a look at this SlideShare that explores real options.

1. A webinar presented by
The Entrepreneur’s Source©
c.2014 The Entrepreneur’s Source©

2. c. 2014 The Entrepreneur’s Source©
Rachel Cox
www.esourcecoach.com/rcox
919-521-8480
Keenan Moran
www.esourcecoach.com/kmoran
704-726-0590
Dan Prendergast
www.esourcecoach.com/dprendergast
800-495-3085

3. c. 2014 The Entrepreneur’s Source©

4. c. 2014 The Entrepreneur’s Source©

5. c. 2014 The Entrepreneur’s Source©
oPush Factors
• Corporate downsizing
• Widespread job insecurity
• Job dissatisfaction or burnout
• Limited earning potential
Why People Make Changes

6. c. 2014 The Entrepreneur’s Source©
The lifetime of a typical
W-2 wage earner:
o 6 to 8 job changes
o at least 3 changes
in profession
With every change, you fall
farther and farther behind!
“Careers” in the New Career Economy

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oPull Factors
• Freedom
• Schedule flexibility
• Control over destiny
• Changing economy
• Increasing “working years”
Why People Make Changes

9. As a viable alternative to the present day
challenging and ever-changing conditions of the
corporate world?
c. 2014 The Entrepreneur’s Source©

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Start A New Independent Business
o Consulting, Manufacturing, Service, Internet,
Retail
o Buy existing independent business
o Obtain a franchise: new or existing

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Advantages
o Lower start-up cost
o Independence
o Creative freedom
o Freedom with location &
procedures
o No inherited problems
from existing business
owner
Disadvantages
o Higher initial investment
o Higher risk of failure
o Takes longer to become
profitable
o You are “on your own”
o Financing difficult to obtain
o Expensive and more time-
consuming to develop a
brand

12. c. 2014 The Entrepreneur’s Source©
Advantages
o Requires less time &
energy
o Independence &
creative freedom
o Location is determined
o Financing may be
easier to obtain if
business is successful
o Existing cash flow &
customer base
Disadvantages
o Higher initial
investment
o More difficult to
determine price
o Complicated due
diligence
o Tied to existing
location
o Inherited problems
from existing business

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o Lack of skills
o Lack of resources
o Lack of proven operating and
sales/marketing system
o Lack of initial training & on-going
support
o Wearing too many hats/all on your
own
There are many reasons for failure:

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o It is a proven method of distribution
for a product or service that includes:
• Licensing of a trademark or trade name
• A proven business system
• Training & ongoing support
• Win-win business relationship
• Regulatory oversight

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o Most are retail; often fast food
o Franchisors take your money and
give you nothing in return
o You must know every aspect of
running a business
o Industry experience is required
o No flexibility/too rigid

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What do I receive for the fees I pay?
oProven business system
oInitial training
oOn-going support
oBusiness software
oMarketing campaigns and materials
oEquipment selection (if applicable)
oSite location assistance (if applicable)
oBuild out assistance (if applicable)
oFuture vision & operational growth plans
oPossible financing assistance

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o Entrepreneurial drive
o Willing to follow system/coachable
o General business knowledge and skills/good people skills
o Comfortable with promotion and marketing
o Adequate financial resources
• Liquid assets = Can support oneself through business
ramp-up
• Net worth – Includes home, retirement funds, checking
and savings, mutual funds and/or stocks, other
income property
• Credit worthy – 680 score or better

18. o Am I willing to follow the system?
o Do I have transferrable skills/am I coachable?
o Am I willing to work hard?
o Do I have access to start-up capital?
o Can I support myself during the early months?
o Are family & friends supportive?
o Will I do whatever it takes to ensure success?
o Does the business model support my goals?
c. 2014 The Entrepreneur’s Source©

19. What are Franchisors Looking For?
c. 2014 The Entrepreneur’s Source©
o Owner…not a Technician
o Transferable skills
o Willingness to follow the
SYSTEM
o Ability to execute

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o Someone to help you clarify your objectives
relative to your ILWE - What is ILWE?
o Someone to help you assess your strengths,
weaknesses and transferable skill set, and is
business ownership even a viable career option
for you.
o Someone to help you narrow the field and then to
assist in navigating the path, including financing
sources and recommendations to appropriate
professionals

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INPUTS: Where are you today?
o Objectively assess your skills
• Strengths & weaknesses
o Understand your ideal work environment
• What motivates you?
o Understand what money you have to invest
and potential sources

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OUTPUTS: Where do you want to be?
o Personal
• What type of lifestyle do you want?
• How much control do you want over your time &
activities?
• How much security do you need? What does that
security look like?
o Professional
• What new skills would you like to learn?
• What new job experiences would you like to have?
o Financial
• How much money do you need?
• What do you need that money for?
• Financial resources

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o Fall in love with the product - is it ok to just like the
model, or do I have to be passionate about it?
o Know someone who was “successful”
o Found it on some ‘list of top businesses of hot
franchises’
o Bought on perception and/or desperation

25. It IS about identifying a business that you
can see yourself in that will…
o match your Skill Set
o match your Budget
o match your
- Income, Lifestyle, Wealth and Equity goals
c. 2014 The Entrepreneur’s Source©

26. c. 2014 The Entrepreneur’s Source©
Is You

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o Don’t pre-judge or make decisions based on
perceptions.
• Based on past experiences
• Based on ‘likes/dislikes’
• Emotions
o It’s about the business model and its ability to
work for you
o Evaluate based on YOUR goals, needs and
expectations
o It’s not about the product or service

28. o Step 1
• Get to know you – complete online questionnaire
• Executive Assessment
o Step 2
• Complimentary Coaching Session
• Coach and Client clear on goals, dreams, lifestyle, income, wealth, equity
o Step 3
• Coach identify business opportunities to match client goals – vehicle to deliver on those
goals.
o Step 4
• Mutual discovery and due diligence between client and business
• Identify Financing options (including how to pay yourself through start-up)
• Compare models against goals
95% of our clients discover options that they would
not have explored on their own
No cost for our placement coaching services
c. 2014 The Entrepreneur’s Source©

29. Join us for our next webinar presentation,
“Exploring Opportunities & Ownership Levels in Franchising”
Tuesday, October 21, 7pm EST
Don’t miss “Start A Business Weekend,”
A Virtual Online Showcase
September 18 - 20, 2014
www.startabusinessweekend.com/?rcox
www.startabusinessweekend.com/?kmoran
www.startabusinessweekend.com/?dprendergast
If you found value in today's presentation, please forward the recorded version to
anyone whom you feel may also find value in it.
c. 2014 The Entrepreneur’s Source©

30. c. 2014 The Entrepreneur’s Source©
Rachel Cox
www.esourcecoach.com/rcox
919-521-8480
Keenan Moran
www.esourcecoach.com/kmoran
704-726-0590
Dan Prendergast
www.esourcecoach.com/dprendergast
800-495-3085