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The First Steps to Business Ownership

Yesterday, we blogged about new signs of a migration from the financial sector to the franchising industry. But who does go about getting that business off the ground? There are preliminary steps that a prospective franchisee needs to make to get their franchise rolling, but there are also psychological steps that one must take to prepare themselves for this big leap.

With signs that more and more young people are also considering franchising because of the state of the economy, blogger Scott Gerber has provided 10 tips for the first-time business owner. The timing was so good, we couldn’t ignore it.

We’d like to single out a few tips that we thought we’re particularly insightful:

2. Know what you do. Do what you know. Don’t start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a greater chance of success. It’s not only important to create a profitable business, it’s also important that you’re happy managing and growing it day in and day out. If your heart isn’t in it, you will not be successful.

6. Act like a startup. Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.

7. Learn under fire. No business book or business plan can predict the future or fully prepare you to become a successful entrepreneur. There is no such thing as the perfect plan. There is no perfect road or one less traveled. Never jump right into a new business without any thought or planning, but don’t spend months or years waiting to execute. You will become a well-rounded entrepreneur when tested under fire. The most important thing you can do is learn from your mistakes--and never make the same mistake twice.

Work in a field that you love, work at a minimal cost level, and cast those business bibles aside and learn while you work: it sounds like the best way to make a good start with your franchise.

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