I am always fascinated by good questions. Questions require insight, and knowing which ones to ask is key. In an age of lightning fast web browsers, answers are easy, so it is imperative to ask the right questions. This is exceptionally true when it comes to investing in a franchise.
Many people start the process of seeking a business opportunity with far too many self imposed restrictions. For instance, only looking at publicly available business for sale or franchise information sites. This only covers a fraction of the marketplace, and often the best opportunities are the least visible. Another pitfall is thinking about a product or service that appeals, instead of thinking about a tool that fits your needs.
Once you have decided that you want to be in business for yourself, the best question to start with is, who do you want your customers to be? Do you prefer to work with other businesses or are you more interested in serving individual consumers? This is a key distinction and it will save you tremendous amounts of time if you can answer it honestly. If you want to be in a b2b environment, you should be comfortable with sales. Having the skill and inclination to be the sales driver yourself, or to manage the function through employees is critical. Businesses mostly buy things through sale people, whereas consumer sales are more often driven by advertising. Admitting which environment suits you best will help you make the best use of your search efforts.
Have a question about business opportunities? Send it to email@example.com. Dan Brunell is President of Dearborn West, LLC, an international franchisee recruiting agency and business opportunity brokerage headquartered in Southern California.