Determining Why You Want To Own Your Own Business
A free video tutorial from Mark Dresdner
Award Winning Franchisee, Serial Entrepreneur, MBA
4.5 instructor rating • 1 course • 1,865 students
Explore why you would want to be a business owner.
Learn more from the full courseStart a Business: Buy a Winning Franchise, Just Like Us
Step-by-Step Roadmap to realizing your financial & lifestyle dreams. We did it and YOU CAN TOO!
05:23:26 of on-demand video • Updated June 2018
- Follow a roadmap to buy the right franchise for you match franchises to your unique situation, evaluate opportunities, arrange financing, and pick and buy the winning choice.
- Match franchises to your unique situation
- Evaluate different franchise opportunities quickly
- Manage your emotions through the process
- Arrange financing
- Reduce the risks with buying a franchise
English [Auto] Hi I'm Dan Brody and this is buying a winning franchise we're going to be covering a lot of material it's going to be informative but it's also going to be fun. And you're going to enjoy it. And this section is entitled getting emotionally ready for your success. Success starts with you and it's not just a cute little catch phrase. It is very very poor. There are so many factors that come into play when you're trying to achieve success in anything and with starting a business. It's no different. The reality is you are the number one most important factor in your success. There are a lot of highs and lows. When you start a business it's kind of like riding a roller. Right. And what you need is you need to identify with that star guiding light that is your walk why you want to start. You know that's where you turn to when you have a difficult time or a hard day. One of the founders of this program Mark Torres went through his own experience. He had been looking through a number of different franchises. He had been doing his due diligence and happy to say that now he does own a franchise and is super successful. Matter of fact his experience is kind of what was the impetus for him developing this program and there was a day where he was literally just a day or two away from signing on a franchise that done due diligence. He'd gotten excited about it. He even addressed his wife. But the reality was is that just a little bit more due diligence found out unflattering that he looked at things a little bit differently and realized that that business that particular business didn't address and he really it wasn't as attractive as he had thought it was. Hopefully we're going to guide you through to make sure that you don't fall into those same little traps that he did. So you can learn from those mistakes. But the reality is is that when he was really that high at that moment just a day or two before he was signing he was excited. Then everything Paul Palmer need to pull himself back up and say you know what. It's not about Mike West. My quest is still intact. My wife is still there. That wasn't the right business. And you really. Hold on. Why. His motivation for owning his own business. And that's what you're going to have to do. They're going to be times that you're going to need to do that. You know owning your own business. You sleep at night kind of like you know people say they sleep like a baby. I wake up every couple hours crying and worry. The reality is that it's not that bad but you do need to have that star directed towards because the success of your business and the rewards you will benefit from. So we're getting emotionally ready is critical to your success. It's really strong. It's really important. Strong emotional now. And it will increase your chances. I promise you it will increase your chances of your success traumatic and the way it does that is really simple. It's you the fortitude just keep pushing. There are so many reasons that people have been wanting to start. I want to start off doing is to share with you some of the most popular reasons so that you can say that you know what my ideals my interest my. Why is it aligned with them. So let's go through a few right now. OK. Here are some of the most popular wise reasons that people want to start. And let's see some of them resonate with you. You might have a different reason there might be something else. We'd love to hear about it. Please feel free to shoot us Shino inform us ask us questions any time during the course but also share share with us you know your thoughts. Who wants to be someone you know as interactive as it is a possibility. So some of the most popular reasons. One of them is controlling you. Yes it is important. You are the boss. You decide how to manage your business how to treat your employees how to manage your day. And you don't have that fear of being laid off. You're running your own business so you really driving your own destiny and that's what another one is designing your whole work life balance you know and a 9 to 5 to 9 5 you're there from 9 to 5. But you also have to sort of work along the same flow of whatever your boss determines is your work. But that's not the case when you have your own in mind is kind of a door. I mean granted it sometimes requires a lot more hours of work sometimes but you can also juggle your schedule to redesign your schedule for a work life balance that's more flexible to your needs. Maybe having dinner with your family maybe seeing your kid's baseball game or spending some time with friends that you wouldn't normally be able to do in a different time job. So you know that work life balance is really important and it's important to you. Owning your own business is one of the brief opportunities to doing that. You know another one is choosing the people you want. It's actually the number one reason that people resign or leave business leave jobs that they have is because of the frustrations of working with people that they have no choice but to work with. When you own your own business you dictate when you are dictating who works for you. Another one is you take the risks to also recruit. And that is so value it drives your passion because you get to keep the value that you create. So often working in a job and we're coming up with great ideas and we're making a huge contribution but not being rewarded in the kind of frustrating. That's not the case when you own your own business. You can also challenge yourself challenging yourself and learning new skills trying new things coming up with new ideas. You really define what it is that you do. And that's not always the case when you're working for an employer who's dictating what you're doing as part of your Another is you can follow your heart. Now so many people most people actually have a job and something that you know might have had an interest in. Or maybe they're good at or it just pays the bills with your cash. And that's what you're able to do every day. You're having fun. You're all of a sudden now working living. Even though there might be long hours you're enjoying them. Isn't that sweet of you. You know you can also. Another great why is you get more things done when you're in charge. You know you don't feel that stagnation of having to wait for approval from the hierarchy. All that great tape. And typically a large business setting even if your business grows up to be a large business your the boss and you can dictate how quickly you move. What I do is you execute on. And it's exciting to be able to literally implement something that you came up with something on a Monday. Test it out on a Monday. You can also connect with your customers. Now of course we all have different personalities and some people like to be customer forward more than others. And if you do like that you have that flexibility to spend time to build relationships to meet even those friendships. And if you don't you can have someone else take care of some of that responsibility you are guiding the ship. Remember you can create the experience that you want to create your also give back to your new way it is meaningful to you. And that is really really you know getting back in so somebody if you're creating a business that creates a profit that you can provide in a charitable way or maybe you provide a service that you'd like to share in a charitable way or maybe you want to take some of your profits and donating them to specific charity that resonates with you. That's something you can do your own your own business. And it's very very. And another one is you can feel the pride of building something on your you know in a franchise. This is your business you're starting this business. You might be getting the benefits of having history Syrians and people to guide you along the way to give you valuable tools but the reality is it is your business. You are guiding that ship. And that's so rewarding because at the end of the day you pick your feet and you say I really did. You are dreaming. Then there's nothing more warning. All right. And you might have as I said before different reasons for wanting to start your own business wanting to start your own franchise and that's OK when you think about it you need to identify what your wife is and knowing why you want to own your own business your franchise is really going to help you then really choose the right franchise or right franchise for you motivate you through the process. So I've got a little homework for you but I want to do right now is I want you to take out a piece of paper I want you to make a number one through five on the left hand side. And I want to I can buy at least one as many as five reasons why you are. Start your own business. Where to start and branch and you can use the why. Reasons that I listed that were popular or you can come up with another one. But after you list as many as five and you might just have one and it might be the real powerful motivating one. But if you have more than one when I want you to do is I want you to look at them and I want you to rearrange them from most important to you at least one guy. And once you've done that I want you to take that piece of me put it somewhere it is open and easy for you to see because that is why that is going to motivate you through the process. And you're constantly come back to that in this journey.