Key points from Todd Weiss, a franchise & business life coach about questions to ask yourself before owning your own business. He refers to it as "creating a blueprint." A plan needs to be implemented and you should start out by asking yourself a few questions.
- What income do I need to support myself?
- What resources are available to fund the business?
- How will I fund my new business?
- What reserves are needed while the business is establishing itself?
First, it's important to have realistic expectations before starting a business. There will always be sacrifices made, so you want to make sure you have enough to support yourself and your family. Next, determine if you have the resources: assets-liabilities=net worth. Very important! Third, options are available to help you finance your business, but it's important to determine the best option by speaking to a professional, either a financial advisor or an accountant. Many times, the franchisor may have resources available to help fund the business. Finally, all businesses are different and some take longer to break even or generate a profit. Weiss suggests always keeping a minimum of 12 months of living expenses set aside.
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