Should You Quit Your Job To Start A Business? The Pros And Cons

Transitioning from the workforce to franchise ownership can be one of the best things that you can do for your career, your finances, your family and your future. However, the best time to make that transition isn’t so clear cut.

For some, it makes sense to leave their day jobs behind and jump right into running the franchise on a full-time basis; for others, it is better to establish their businesses before making such a bold leap and leaving their former professions behind.

So which approach is right for you? Continue reading “Should You Quit Your Job To Start A Business? The Pros And Cons”

Life As A Franchise Operator: How Does It Compare To Independent Business?

The free enterprise system is perhaps the ultimate meritocracy. Every business owner succeeds or fails on his or her skills, personality and business acumen. Find a better way to do something than a competitor, figure out how to offer a better value, run an operation more efficiently — and a business owner will likely find success.

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That said, how business owners approach their businesses is as varied as their personalities. There’s a business style to match every personality.

We’ve explored the differences between franchises and independent business owners. Now we’ll take a more in-depth look at the differences between the two when it comes to three key aspects of running a business: autonomy, hiring and support.

Autonomy

The Franchise Operator

A franchise operator follows a company’s proven business model. The Bin There Dump That model, for example, has been tested in a variety of markets and economic conditions. Our franchise operators expected to follow a business model, though we don’t ask for blind allegiance.

We explain our reasons and processes, and you’ll know long before you open your doors if a franchise is a good fit for you. But just because you follow a model doesn’t mean you have no control over most aspect of the business. There is still a great deal of autonomy.

For example, in terms of hiring, firing and the day-to-day operation of a Bin There Dump That franchise, the autonomy is very much there.

The Independent Business Owner

It’s all about the business owner. If you’re the pioneering sort, you’ll love the total freedom your own independent business offers. If the excitement and risk of independence is part of the draw, then an independent business is likely the right choice.

Of course, there’s a greater risk of failure if you get it wrong: An independent business owner has no model to follow and no track record of success.

Employee Training

The Franchise Operator

Living the Life of a Franchise OperatorOne of the most important things any business owner (and really any employee) can do is continue learning. There are always new approaches and new strategies. At Bin There Dump That, continuing education is one of the more important aspects of our approach.

As a franchise operator, you’ll likely attend a corporate training session, but it’ll be up to you to train your staff on what you’ve learned.

The home office will support you with training materials and continuing education.

The Independent Business Owner

Though there’s a good chance you’ll be doing the work of many employees in the first couple of years, at some point you will likely hire some help. Employee training is crucial as your business begins to grow. You’ll need to develop training processes and materials to bring new hires up to speed.

You’ll certainly learn along the way, but that education often comes by figuring out what went wrong and learning not to do it again.

That’s not to say franchise operators don’t make mistakes. They do. But franchise operators have the advantage of learning what others have done wrong and avoiding those mistakes in the first place.

Corporate Support

The Franchise Operator

With a strong franchise business, the home office will be there to support your efforts as long as you’re doing your part, too.

Bin There Dump That makes sure that our franchise operators receive the support they need from the very beginning. That includes training in all aspects of running a franchise operation.

The Independent Business Owner

There’s no corporate support when you’re starting from scratch — for better or worse, you’re on your own. You can seek advice from others, but you won’t find anyone else who is as vested in your operation’s success as you are.

Which New Business Opportunity Is Right For You?

Whether you choose a franchise or go off on your own isn’t a matter of right or wrong. Both approaches have a their advantages. It’s more a matter of what’s right for your personality and management style.

Want to learn more about what’s involved in starting and operating a franchise? Start our FREE, one-month email course, 9 Common Franchise Myths — Busted!

The 7 Traits Of An Exceptional & Successful Entrepreneur

How often have you either referred to or considered the expression, “Success is a journey and not a destination?” Probably many times, yet often being in a hurry to get there, we forget that success is not an end unto itself, but is instead an ongoing process.

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Consequently, whether you’re an established entrepreneur or just starting out on your journey, there are 7 particular traits you’ll discover deeply embedded within the exceptional and successful businessperson.

Successful Entrepreneurs Gain the Respect of their Peers

One of the first and most obvious characteristics you’ll see operating in an exceptional entrepreneur is an equitable and unbiased disposition. With an attitude of respect for others, the successful entrepreneur gains the respect from everyone they encounter. No matter how effective or beneficial your expertise, becoming a successful entrepreneur requires building up of your character muscles, traits and habits, which correspondingly make your dreams a reality.

Successful Entrepreneurs Believe and Trust in Themselves

The savvy entrepreneur is good at trusting his or her own ideas and instincts. Starting out as an entrepreneur requires persistence, determination and a high level of self-discipline. Continuing as a successful entrepreneur requires even more persistence, determination and self-discipline. Having the desire and passion are the first steps on your journey; getting there requires believing in yourself.

Successful Entrepreneurs Follow a Plan

The successful entrepreneur follows a plan. Haphazard or trial and error have no place for the triumphant entrepreneur, for no one gets to his or her destination without a map or a guide to follow. That doesn’t mean you won’t go off course if another road seems better, but it’s still more effective to have a plan in place.

Most successful entrepreneurs start out by writing a basic business plan that acts as the impetus and guide for their endeavors. A business plan should be reviewed and updated periodically for each new idea stirs and inspires other ideas

Successful Entrepreneurs Think Creatively

Successful entrepreneurs are not afraid of thinking creatively. The successful entrepreneur is willing to think outside or the proverbial box, which means using imagination, trying new things and expanding on a vision. The savvy entrepreneur pays careful attention as to whether a particular strategy is working. If after giving it his or her best shot the entrepreneur realizes the particular strategy isn’t working, they know there’s no point in continuing to invest energy, time and effort in the strategy. They move on to another approach and idea.

Successful Entrepreneurs Explore Their Exceptional Skills

Successful entrepreneurs realize that we each have our strengths and weaknesses as well as a multitude of skills and talents. Successful people ask themselves often what skills they have that no one shares in quite the same way. An exceptional and successful entrepreneur explores their particular skills until they find the ones that match most closely with their ideal. The successful entrepreneur stays open to change for they recognize that as they move forward, doors open in unexpected places that carry them to their next level of success.

Successful Entrepreneurs Envision Their Success

The successful entrepreneur gives time to envisioning how they want their business to look and how they want it to be. Intention is a powerful and dynamic tool. For those who are not inclined towards intention and visualization, talk to a successful athlete and you’ll discover that before each sporting event, the successful athlete envisions exactly how he or she wants things to turn out.

Imagine what it will feel like when you’ve reached a particular set of goals. The successful entrepreneur knows they have the power to live life the way they want, but to make it a reality, they know it has to be seen first.

Successful Entrepreneurs Never Give Up

Giving up is never in the vocabulary of the successful entrepreneur. Of course there may be days when a successful entrepreneur feels discouraged or disappointed, but giving up is not an option. Having faith, trust, confidence and determination are the qualities needed for the successful entrepreneur. The smart and successful entrepreneur realizes that there will be good days and not so good days. Being a successful entrepreneur requires accepting the ebbs and flows of business for it is in fact what separates the exceptional and successful entrepreneur from the one who gives up far too soon.

How many of these traits do you feel you have? Which ones would you like to acquire? What are other important traits to an exceptional entrepreneur? Please share your thoughts with us in the comments!

Do you think a Bin There Dump That franchise might be the opportunity you or someone close to you has been looking for? Discover your possibilities on our website.

Robert Moment is a sought-after innovative small business and marketing coach and the author of Invisible Profits: The Power of Exceptional Customer Service and It Only Takes a Moment to Score.