In the last 2 blogs, I covered 7 steps to a successful business journey and the details of steps 1-5. If you have yet to read them, I highly encourage that you do. You can access Part 1 and Part 2. In this third and last blog, I’ll walk you through steps 6 and 7 but first, let’s recap what the 7 steps are.
1. Research and understand the process of franchise ownership.
2. Have a plan to finance the business.
3. Develop a culture of support and communication with employees.
4. Have an infrastructure in place for payroll, HR, and other operational tasks.
5. Look for opportunities to expand and grow the business.
6. Have an exit strategy in place.
7. Remain flexible and be prepared for any unexpected events.
When considering opportunities for expanding and growing a business, it is important to evaluate the costs and potential benefits of each option. The return on investment should be considered, as well as the potential risks involved. Additionally, it is important to ensure that the business has the resources and personnel to handle the new opportunities. For example, if a business is considering franchising, it is important to make sure that the franchisor has a good reputation and can provide support for the franchisees. Finally, it is important to remember that expanding and growing a business can take time and effort. While there may be short-term rewards, it is important to understand that it may take several years to build a successful business. It is therefore important to be patient and to focus on the process of growing the business, even if it takes longer than expected. By taking the time to properly evaluate each opportunity, businesses can be sure that they are making the best choices for their expansion and growth.
6. Have an exit strategy in place.
Having an exit strategy in place is an important step for any business owner. It ensures that if something goes wrong, you have a plan for how to move forward. In the case of Sue Petrowich and her business partner, Pam, their exit strategy was to eventually sell the salons they owned together after 10 years. Before this happened, they had to make sure the salons were making a profit and had a good reputation. They also had to make sure they had the right people in place to run the business, such as a general manager and an HR person. They also had to make sure that they had the right insurance in place in case of any disasters, such as the salon burning down. It was also important for them to have a great relationship with their employees and customers, so that they could trust them to take care of the salons if they ever needed to step away. Having an exit strategy in place is critical for any business owner, and it helped Sue and her business partner eventually sell their salons.
Once Sue and her business partner had an exit strategy in place, they started to plan for the transition. This included finding buyers for their salons, as well as training a new manager to take over the business. They also had to make sure that their customers and employees were taken care of during the transition. To do this, they held meetings with their employees and customers to ensure they understood the changes and had a smooth transition. In addition, they worked with their lawyers to ensure that the sales process was handled correctly and that the salons were sold in the best way possible. Overall, having an exit strategy in place was a critical step. Not only did it help them eventually sell their salons, but it also gave them peace of mind knowing that their business was in good hands and that their customers and employees were taken care of. Whether you’re a business owner or just starting out, having an exit strategy in place is essential for protecting yourself, your business, and your future.
7. Remain flexible and be prepared for any unexpected events.
Remaining flexible and being prepared for any unexpected events is an important part of owning a business. This means being prepared for any potential problems or issues that may arise, such as a fire in one of the salons or technical issues with the printer. It is important to have a plan of action in place in case of any unexpected events, and to be able to respond quickly and efficiently. Having a reliable team of people, such as an HR person or a technical support team, who can help you with any issues can be beneficial in these situations. Additionally, having a strong culture of communication and support among employees and ownership can help to keep morale high and allow employees to feel supported in times of crisis. Finally, having an insurance plan in place can also help to protect your business in case of any unexpected events.
The importance of remaining flexible and being prepared for any unexpected events cannot be overstated. The ability to respond quickly and efficiently to any issues that may arise can be the difference between success and failure. It is also important to keep up with changing trends in the industry, as well as any new laws and regulations that may affect your business. Staying on top of these changes and understanding how they will impact your business can help to ensure that you remain competitive and successful in your industry. Having a backup plan in place is also essential for any business. This could include having multiple suppliers or sources of materials, having an emergency fund set aside, or having the ability to outsource certain tasks. Having a backup plan in place can help to ensure that your business can continue to operate even in the face of unexpected events. Being prepared and having a plan of action in place can help to reduce the impact of any unexpected events and help to keep your business running smoothly.
Owning a business is a big leap and involves a lot of hard work and dedication. However, with the right steps in place, it is possible to achieve financial freedom and create a successful business journey. Sue Petrowich’s story of taking the leap into franchising is an inspiring one, and her experience of using the franchising system to achieve financial freedom is a great example of how to do it successfully. By taking the time to research, create a comprehensive plan, and develop a culture of support and communication, business owners can ensure that their business journey is successful. With the right mindset and determination, you too can achieve financial freedom and take control of your financial future.
I’d love to hear how you apply Grace Under Pressure Part 2 to get financial freedom.. Leave me a comment on how it went for you or drop any questions you want me to answer!
