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FIVE WAYS TO FIND YOUR BUSINESS FIT
But becoming an entrepreneur, whether you're starting from scratch or buying into a franchise or existing business requires you to look beyond simple financial returns.
You may already be earning a good living. But other than making money, maybe you just can't find another compelling reason to go to work in the morning for making business fit.
The five ways or factors make sure the new business fit you can still feel content in your decision:
1. Is there a financial fit?
Run three financial scenarios – best case, average case (or best guess) and worst case. Shoot for the best case, but make sure your decision is based on the average case scenario. Also, make sure you can survive the worst case.
2. Does the job match your personality?
What does the business owner do each day? Will you find that work meaningful and satisfying? Will you be good at it? One of the most effective ways to answer these questions is to contact people you've worked with in the past, and ask for honest opinions.
3. Will you fit in with the culture and environment?
Go out and meet many of the people you will be potentially working with. If it's a franchise operation, meet the franchisor's leadership and support staff. If you are acquiring a business, talk to the employees, customers and vendors.
4. Is there a compelling value proposition?
Make sure you have high belief and confidence in what you're selling. Does the product or service add more value than it costs? Does it have staying power in the marketplace, or will it be replaced by something new?
5. Is this calling you to a higher purpose?
The business exists to provide "innovative ways to improve the quality of life locally, nationally and internationally." Google seeks to "organize the world's information and make it universally accessible and useful."