After spending 25 years working in non-profit, I found myself laid off, facing an uncertain future. Rather than jumping into another job, I saw this as the perfect time to explore business ownership. I reached out to friends who were small business owners for their advice and soon found myself researching great business opportunities online. This led me to franchising and ultimately brought me to franchise consulting four years ago.

My background working with franchisors and franchisees, combined with my core value of changing lives, aligned perfectly with franchise consulting. Layoffs are a part of life—something I experienced personally and something I've seen friends go through as well. One friend lost her job after 29 years with a major bank and decided to invest in a vending machine business, creating passive income as she looked towards retirement. Another friend, an engineer earning over $250,000 a year, found himself laid off and now owns a roofing franchise.

For myself and my friends, after spending 25+ years working for others, we decided to take control of our financial futures by starting our own businesses. If you’ve considered business ownership, here are some thought-starter questions for you:

What contributes to successful business ownership?

1. Clear Vision and Mission: Do you have a clear vision of what you want to achieve, and a mission that guides your decisions and actions?
2. Strong Business Plan: Have you developed a well-thought-out business plan that outlines your goals, strategies, and financial projections?
3. Customer Focus: How well do you understand your customers’ needs, and are you prioritizing their satisfaction?
4. Financial Management: Are you keeping a close eye on your finances, managing cash flow, and making informed financial decisions?
5. Adaptability: Are you prepared to adapt to changing market conditions, technology, and customer preferences to stay competitive?
6. Marketing and Branding: Have you implemented effective marketing strategies and strong branding to attract and retain customers?
7. Networking: Are you building a network of contacts, including mentors, industry peers, and potential clients, to provide valuable support and opportunities?
8. Continuous Learning: Are you committed to continuous learning, staying updated on industry trends, and investing in your development?
9. Employee Engagement: How engaged and motivated are your employees? Are you creating a positive work environment and recognizing their contributions?
10. Resilience: How prepared are you to overcome challenges and setbacks, staying focused and persistent even in tough times?

Are you thinking about starting your own business, or are you looking for ways to improve an existing one? Let's explore how you can take the next step toward owning your future.