Want to earn a million bucks? You ought to consider owning your own business

Remember those carefree college days when you declared your major and thought that what you really wanted was a job that would make you a good living and, if all went well, you would one day earn a million dollars?

A million dollars doesn’t seem like so much money anymore with the number of billionaires proliferating about as fast as the middle class is shrinking. And you’ve realized that tying your future to someone else’s trajectory has its risks.

The fact is you’re far more likely to become a millionaire by owning your own business than any other method. But, as we all learn sooner or later, it’s not really about the money. It’s about finding fulfillment in your work, feeling appreciated for what you do and controlling your own destiny.

About two-thirds of American millionaires are self-employed, according to the authors of “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas Stanley and William Danko. Three quarters of them consider themselves entrepreneurs, and most of the rest are self-employed professionals, such as doctors and accountants.

Many of these millionaires, write Stanley and Danko, got that way by focusing on the “delayed gratification” of building their business, rather than on simply getting a paycheck.

The same can be true of a creating a large, profitable business. Start slow and steady with a good idea, add hard work and realistic goals and build a flourishing business.

One way to make this happen, particularly for those who have no experience in the business they would like to get into, is to buy a franchise — which comes with all the backroom expertise, ready-made marketing and ongoing support and training. And you get to reap all the profits derived from your labor.

To fully explore your options, it’s a good idea to consult a franchise coach who can help connect you to a set of franchises that have a good track record, and you can start investigating.

In addition, you can find a whole lot of good information online, but there’s nothing like the information you can gain by working out some shoe leather. Go talk to franchisees, learn from people who are succeeding and find out what has worked for them or what mistakes they wish they hadn’t made.

In an age of consolidation and buyouts, act now to free yourself from dependence on a boss or a company that could change at any moment. There’s no point sitting on the sidelines a minute longer.

Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise 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 (484) 278-4589.

© Dan Citrenbaum 2020

Ready For A Career Switch? Consider A Franchise

If you feel like you’ve spent too long in your job, are bored and losing hope of advancement, don’t despair. Take charge and consider starting a business of your own to fully realize your talents.A great way to minimize your risk is to consider a franchise — which offers hundreds of ways to start anew as a business owner. You get to be the boss while taking advantage of the experience of other franchisees and an operating system that has been tested over time to help maximize your chance for success. All you have to do is be willing to follow the franchisor’s system. If you are, you can reap the rewards for yourself. Not only do you get to take charge of your day-to-day life — no more clearing days off with six layers of bureaucracy — you have the potential for far greater income than you ever would stagnating as a management executive. As a matter of fact, most millionaires in the United States made their money by operating their own businesses, according to a study by the authors of “The Millionaire Next Door,” Thomas Stanley and William Danko. Franchises offer a way to reduce your learning curve in a business you may have no experience in. With more than 3,000 franchisors in 75 industries to choose from, the hard part is making the right choice, which is why it’s so important to do your research and consult expert advice. Your reward for doing your due diligence is the potential payoff of operating a successful business.

5 Tangible Advantages Of Franchising

With a franchise, you get:

A Proven System

A franchise operation has over time developed a system, complete with specifications on how to set up the operation, hire employees and run an advertising program. In addition, you get advertising material and computer software. All of these elements help you succeed. Of course, some franchises are better than others, and your research should help you weed out the worst and find the right match for your talents and expertise.

Support And Training

The franchisor will teach you how to do it all, and the company offers ongoing support to get you through the learning phase. You will get to meet the support staff and become acquainted with the corporate culture before signing any contracts, so you can ensure a copacetic working environment for the long term.

Lots Of Available Information About The Business

The single most important source of information you have about this new business is the experience of franchisees. You will be encouraged to speak to many of the franchisees – as many as it takes for you to fully understand exactly what the business is like. They can tell you how the system has worked for them, if the numbers add up as promised, if the company has been good to work with and whether they are making the kind of money they expected. Remember to expect regional differences.

Franchise Disclosure Document

By federal law, every franchise must disclose a great deal of pertinent information in its FDD. Once you show yourself a serious potential buyer, they will provide you a document written in standard English, no legalize allowed, that has 23 items. The FDD covers everything from the franchisor’s business experience, litigation or bankruptcy history, a complete accounting of all costs you should expect, from startup fees to royalties, restrictions on the sale of the business and a complete list of current and former franchisees.

Higher Success Rate

Franchises generally have a higher success rate than independent businesses. From my experience, we feel we can confidently say our clients can achieve a 90 percent or better success rate, as a result of the research we walk them through. A recent study shows that 91 percent of franchises were still in business after two years, and 85 percent were still in business after five years. Even with all the above items available to reduce risk, you can still get in over your head if you don’t plan for enough capital to get you through the start-up phase to profitability. Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today!

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! 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 (484) 278-5489. 

Starting a Business Doesn’t Have to Be As Risky as You Think

Any challenging endeavor — like hiking the Pacific Coast Trail, rafting down the Colorado River or starting your own business — offers the thrill of success. And just like you wouldn’t start a 30-day hike without preparation, you shouldn’t start a business without first doing your research.

All you have to do is read Bill Bryson’s “Walk in the Woods,” a laugh-out-loud telling of his adventures on the Appalachian Trail that result from a wretched lack of preparation, to know the importance of planning ahead.

When it comes to your money and your livelihood, little failures along the way are not so funny.

Good preparation can turn the odds in your favor. You should know as much as you can before laying any of your money on the line, and one of the best ways to get the most information about your future business is to try a franchise.

With a franchise, you can break out of the gate with a head start.

All you have to do is take the time to do your research to select a franchise that has a great track record of success. The good news is the trail is well blazed ahead of you. Learn from those who came before you, and you can increase your odds of reaching your destination.

You have three main ways to learn all about your future business.

  • The Franchise Disclosure Document, which every franchise company is required by federal law to provide to prospective franchisees. The FDD contains 23 items that everyone interested in this business should read.
  • network of franchisees who can provide a font of information about their experiences with the business.
  • The franchisors executives and support staff, which every prospective franchisee has an opportunity to meet with and get to know before signing any documents.

Six things you should know before putting a penny down

Your costs

You will find a complete accounting of your upfront costs, as well as ongoing royalty fees in the FDD. See Items 5 through 7. This includes your franchise fee and all the costs associated with starting up your business, including marketing and advertising.

A franchisees obligations

Also in the FDD, you will find a description of what the contract will require of you. Obligations and restrictions can be found in Items 9 and 16. If you’re not prepared to live by rules associated with supplier choice or territory restrictions, cross the franchise off your list.

The franchisors history

In the FDD, you will find information about the franchisor’s business history, the backgrounds of its executives and whether it has been subject to any litigation or been through bankruptcy. Just as you wouldn’t hire an employee without checking into their background, don’t go into business with a franchisor that has a checkered past.

Exactly how the business should be run

Every franchise comes with a system, which means a particular way the business should be run. You can learn about the system from the franchisor’s representatives, as well as from the FDD. But your best source of information about how the system works in practice is to interview as many franchisees as possible. You should also interview former franchisees for insights into what can go wrong. A complete list of franchisees, current and former, can be found in the FDD.

The responsibility of the owner

Before your due diligence is complete, you should know exactly what the day-to-day life of the franchise owner is about. Is the job all about sales or marketing or managing employees? Is it a job you want?

How well the franchisors system works

From your interviews with franchisees, you will learn how well their business is functioning and if they’re making as much money as they expected. Find out how long it took them to get to profitability. Would they buy this franchise again?

You couldn’t hope to glean this level of detail about virtually any other type of business. And certainly if you’re starting a business from scratch and you have to invent your systems as you go, you won’t know how much capital you should have on hand, let alone the best ways of doing things from day one.

Still if you don’t want to follow someone else’s system and would prefer to invent your own, you may not want a franchise. A good way to get started is to contact a franchise coach to help you winnow down your list of potential franchises and check out franchises that are a good match to your interests and expertise.

Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise 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 (484) 278-4589.

© Dan Citrenbaum 2020

Top 5 Reasons To Start Your Own Business

If you’re reading this article, chances are you’re sitting at your desk, wondering where your career is going, if you even like your job or if you may be one step away from losing your job to downsizing, outsourcing or offshoring. Perhaps you should start your own business. Maybe you have made lists of the types of jobs you’ve always dreamed of having, but bagged the plan after deciding your resume didn’t match the job description prerequisites. Even if your skills are up to the task, you can’t seem to move out of the doldrums. One of the best ways to see how far your skills can take you is to put them to work for yourself and start your own business. If the fear of striking out on your own presents too high a stumbling block, you might want to consider a franchise, which is the best way to control your risk while getting all the benefits of entrepreneurship. Whether you choose to start your own business from scratch or choose a franchise, which comes with a fully tested operating system, as well as training and ongoing support, with the right planning and preparation, business ownership can put your career trajectory on an upward path once again. Here are the top five reasons to start your own business:

1. Money

Generally speaking you have a far greater upside when it comes to earnings potential than you ever will working for someone else. When you work for corporate America you probably make a lot more money for your employer than you do for yourself. If you own your own business you have a way to keep both portions of the profit.

2. Flexibility

While the ramp-up phase may have you working more hours than you did at your job, all your labor is going to your own bottom line. Once your operation is up and running, you will be able to have all the flexibility you dreamed of. You can set your own vacation schedule and take off the morning if you need to without having to work around your boss’s whims and arbitrary controls.

3. Work-Life Balance

Instead of your family always having to take second place to the demands of your job, you can create a balance. Set your own schedule so you can have it all.

4. Control over Your Career

You get to control your job security. And when you choose the type of business to buy or start, you get to choose the type of work you do. With control, you also get responsibility for the whole show. For some, this is an exciting proposition, but for others this may be a deal breaker.

5. Independence

When you own your own business, you can run it how you like. Freedom from your 9-to-5 can feel like a shot of adrenaline to your career. So if you’re thinking, “yeah, that’s me,” consult a business or franchise coach at once to learn all the ways you can get started, whether that means developing a plan to prepare yourself for a better future or looking around for the right opportunity today.

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! 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 (484) 278-4589.  

Experts are essential! Ready to start your own business? Consult an Attorney and an Accountant

In an increasingly complex economy, you should take heart that no one knows it all. In fact, the trend is for people to specialize in ever more specific niches. But that’s no reason to shy away from starting your own business.

There’s an expert for everything you need to know to succeed.

You should consult them before you sign your name on any contracts. And yes, you will have to pony up for their fees, but count this as insurance against making rookie mistakes that can cost you a whole lot more down the line.

The two people most important to saving you a world of regret later are your accountant and lawyer. But not just any one will do. You need to find one who is an expert in the area about which you need advice.

Consult an Attorney

Just as you wouldn’t hire a civil attorney to defend you in criminal court, if you want assistance on buying a business, consult attorneys who make this their specialty.

If you’re buying a franchise, we highly recommend you consult a franchise attorney who has read hundreds of standard franchise contracts and can help you recognize potential pitfalls and help you figure out ways to protect your investment.

The most important task for the franchise attorney will be to review the Franchise Agreement and the Franchise Disclosure Document. Do not entrust this to an attorney who does not specialize in franchising. These documents can easily total 200 pages or more. You want your advocate to be someone who knows exactly where to focus their review.

An attorney can also help you:

  • Check trademark registration – Does your franchise use a name eerily similar to another local business?
  • Set up a legal entity – To protect yourself from third-party claims.
  • Negotiate a lease – A bad one can lock you into a costly expense for years to come.
  • For franchises, ensure you have a protected territory – Some franchisees discover only too late that the contract may allow another franchisee to operate within a block of their location, which fractures their market share.

Just as you would never attempt to read up on the law so you can avoid hiring an attorney, you should not try to fast-track an accounting course to help you make smart financial decisions for your business.

Consult an Accountant

Two main accounting issues exist for the entrepreneur, but, of course, they are the essence of your business. You need to be smart about:

  1. How to finance your business and
  2. How you manage operations. Good mechanisms for measuring key indices of your business can help you correct errors early and capitalize on strengths.

Accountants bring essential expertise drawn from experience working with hundreds or thousands of other businesses before you.

As you have likely heard, most new businesses fail due to insufficient capitalization.

Managing cash flow may be your most important responsibility even if it has nothing to do with your core ideas, talents or skills. And that’s the point. Hire an accountant. How else are you going to know if you actually have the next big thing if you can’t make it through the start-up phase.

Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise 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 (484) 278-4589.

© Dan Citrenbaum 2020