Who Is Joan
Online Parent Ezine
Help 4 Parents
Help 4 Teens
Games 4 All
Stories to Read
Tribute to Bill
Like This Site?
Let your friends know. Click here.
Adopting a Systematic Approach in
by Isabel M Isidro
Choosing a Business
Finding a business that will provide you with a money-making venture
requires strategy and skill. While some are lucky enough to have business
ventures fall on their lap, others have to undergo a careful process of
research and self-analysis before finding out what business is best for them.
Research has been an important process in determining the entrepreneurial
venture of Michael Reagan, President of Power Signs and Graphics in
Arizona. In fact, the choice to get into the sign business was a result of
his extensive research coupled with a close self-examination of what he
really wants to do in life.
Like many start-up entrepreneurs, he didn't have a realistic and clear
picture of what he can feasibly sell to make money. Instead of simply
following the age-old rule of going for what you know, "I spent about six
months researching what it is that I wanted to do for the rest of my life,"
"Every time a thought came to me about the characteristics of a business I
would like to have, I wrote it down in a piece of paper." He took a close
look at his capabilities to gain insights into the kind of business worth
starting for him. The process entailed knowing the sum total of his
experience, knowledge and skills. He had to understand the kind of
expertise that he had gained from his education, his past jobs, from
previous management experiences. Aside from knowing his strengths and
weaknesses, he had to be sure what kind of business suits him most. At the
end of the day, "I had about 103 characteristics of business that I want."
What he found out guided him in his choice of business. "I didn't want
consumer goods with inventory stacked on the shelf. I didn't want anything
that was perishable. I don't want anything that people could get sick from.
I wanted something that is not just limited to a neighborhood, like dry
cleaner or a pizza shop. I wanted something that was a part of service that
will be purchased by business executives. I wanted something that was
technology driven." And the list goes on and on.
The next step was to match the characteristics he identified with existing
business ideas and opportunities. "I categorized everything, looking at
different types of businesses that matched many of those criteria as
possible," he recalled. "Then I began looking at categories of businesses
to see how they match my criteria. As I continued to go through the list of
possibilities, it started to narrow down into this opportunity of joining a
Once he figured out that the sign business possesses most of the criteria
that he want in a business, his next step was to decide on his take-off
point in the industry. "I had to make decisions on 'Do I start out as
independent? Do I find and buy a small existing sign company? Or do I buy a
When he decided to buy a franchise, his next question was "which one,
because there were about seven different companies at that time to choose
from, and a lot of them has since failed."
Reagan's business selection was "a 3-step" process:
settled on FASTSIGNS, and there has been no turning back since.
- Find the industry
- Find out how I could get into the industry
- and when I decided to go into
franchising, decide on what franchisor I was going to go with."
His advice to would-be entrepreneurs? "Learn a lot about yourself as a
person as far as what you really should be doing as a profession for the
rest of your life. And don't just get into something because somebody tells
you that it is a hot opportunity, or it is a great deal; or you can make a
lot of money. There are a lot people who go into business for themselves,
and the first couple of years, about 80 percent of them fail. Because you
do not have the make-up the overall skills, talents and mental and
personality make-up to survive as a business owner."
by Isabel M Isidro,
Managing Editor of Power Homebiz Guides