When most people consider becoming a business owner and making the journey from employee to a franchisee, they do not consider emotional fulfillment. However, in reality, assessing emotional factors should play a key part in deciding whether to become an entrepreneur or remain in their current situation.
Of course, evaluating risk against return should be included in every evaluation. It should include income and cash flow estimates. It should involve a review of finance options, geographical choices, and various other objective factors that will lead to a final decision on becoming an entrepreneur. A methodical approach to each of these topics should guide you on the path of due diligence.
However, assuming that the objective requirements have been checked off your list, it should all come down to emotional fulfillment in the end. After all, we all have the right to happiness.
Many job opportunities might satisfy your emotional requirements, goals, and desires. Many, however, do not and cannot. As a result, a thorough assessment of emotional factors should entail examining various issues, with the ultimate objective of determining if a job can fulfill your needs or whether your own business is more likely to meet them.
Take Charge of Your Destiny
This specific factor's importance for a person is perhaps the single most significant thing to consider before deciding to go it alone. How essential is it that you have control over what you do and where you do it daily? How important is it to know that you have the last say on whether you stay or go at some point?
In addition to analyzing the practical items of becoming a franchisee, the following emotional factors should be considered:
- Are you happy where you are?
- Can you attain your objectives and dreams in your current situation?
- Are you more likely to satisfy your demand for control over your results by starting your own business?
- How essential are each of these factors to you?
Evaluate these items honestly and the other control concerns that are important to you. Then, decide which circumstance best fulfills your objectives. And think about how essential that is to you. Then it's time to move on to the next element for evaluation.
If you apply the 'I deserve to be happy' test to each factor and try to figure out which scenario is most likely to get you closer to your goal, you'll know which column to check. If you carry out this procedure systematically, combined with an examination of the objective criteria, you will gain clarity in your decision-making process.
This exercise should also be repeated these other emotional factors:
- Financial independence
- Day-to-day motivation
- Building a valuable asset
- Appreciation for efforts
- Schedule flexibility and control
- Free time for family and friends
- Community respect
- Achievement and recognition
The bottom line is that you must consider ROI, cash flow, the support system, the value of building a brand, the marketplace, and all other objective factors required to make an informed conclusion. However, you should also consider what you want out of your life and if owning a business can help you get there.
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