Unfortunately, the well worn phrase that “those who don’t learn from history are forced to repeat bad events in history” is true. Current economic times have shown us that “working for a corporation” job security, indeed, any form of job security, for the long term is not very dependable. So, if working for someone else is not the long term positive economic answer to your financial needs, what is? Owning a business is an option.
Today many existing business owners are considering diversifying their product or service due to downturn or lack of growth. Owning and developing a business that is proven and that has enough uniqueness and competitive advantage to insure you long term strategic, sustainable advantages is the answer. Franchises (Such as Pop-A-Lock) that provide unique and consistent opportunities with sustainable, strategic, competitive advantages can represent the positive initial and future economic achievement that you desire. Thus, the current negative market and business events can motivate you to make the right decisions and start on the right path to provide for yourself and your family, long-term, in both up and down business or market cycles, positive economic results.
- First you must insure that the opportunity you develop is sustainable in both good and bad times. How much is business affected when business or market success is not moving in a positive direction? Historically, have the opportunities you are interested in been successful in bad economic times?
- Next, you must look at current and future, possible competition. If you select an opportunity that may become obsolete due to changes in technology or future business environments, you will not achieve the financial security and success that you desire. Also, if you pick an opportunity that becomes a commodity, or could have so many of the same businesses that you are considering entering that your revenues or prices have a strong likelihood of being greatly diminished as competition grows; you will not be as likely to reach your long-term financial goals.
- Ask yourself how many other businesses like the one I am considering are there, both as individual businesses and as businesses that are part of a small, medium or large organization or system. If those businesses continue to grow and compete with the business I am considering, how will I be so substantially different as to dominate or negate all competition?
- What natural advantages and ongoing future advantages does the business I am considering have over all current and potential competitors?
- What is the system’s historical success with the business opportunity I am considering?What support is there to ensure my success in the business opportunity I am considering?
- What expansion opportunities regarding providing additional goods and services, or “locked-in” account opportunities, are there?
- What national accounts or guaranteed business comes along as part of the business opportunity I am considering?
If you insure that the business opportunity you are considering has sustainable, strategic, competitive advantages, both now and in the future, you are far more likely to be successful in providing long-term financial security for yourself and your family. Do not settle for just good current revenue. Insist on long-term true wealth creation in exchange for your financial and business efforts, and focus on the opportunity you select. Your future success is within your control if you take the time to ensure that the opportunity you select leads to the results that you desire.
Don Marks, CEO, Pop-A-Lock email@example.com