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Keep Your Job Or Buy A Franchise?

Bigg Challenge
Ellen e-mailed us because she and her husband are considering buying a franchise. Currently, she’s the #2 executive at a small business she’s worked at for years. She has two questions:

  • What franchise should she buy?
  • Will it pay off within ten years, because she plans to retire then?

Bigg Advice
Obviously, this is a very personal decision, so only you can decide what franchise to buy. We can, however, give you some guidelines.

What’s your expertise? What are your interests? Where’s the opportunity? Match these up when looking for your franchise.

How to find your franchise

Check out 66] to learn more about the International Franchise Association. This industry group also provides some fantastic resources for people like you. In the article, you’ll see our review of their exhaustive, step-by-step guide to buying a franchise. The only thing we don’t like about it is that we didn’t write it!

They also have a listing of franchises, but in our opinion, it’s not as user-friendly as the next great resource.

You’ve probably heard of the Fortune 500. Entrepreneur publishes a similar list called the Franchise 500 every year. You can look up franchises by category – restaurants, business services, and just about any other category you can imagine.

They also have lists of the top new franchises, the lowest cost franchises, top home-based franchises, fastest growing franchises, and more. We definitely recommend that you check it out.

Making it pay
Buying a franchise, as with any business, comes with uncertainty. You have to take chances to succeed. However, you can and should reduce your risk to a level you can tolerate. You’ve heard us say this before – successful entrepreneurs are very adept at that.

Use the resources we mentioned above. Do your homework. Build your projections, but remember they are just SWAG.

SWAG, in this sense, has nothing to do with the Oscar presenters! It is an acronym for scientific, wild-assed guesses! So make sure you build some “fudge” into your guesstimates.

Is there another option?
You’ve painted an either / or picture – you either keep your job or you buy a franchise. We wonder if there are other alternatives.

You mentioned your husband, but we don’t really know what his situation is. Could he run the business?

You could also hire someone to run the franchise for you. Find a way to align their interest with yours. This could range from sharing profits to an actual ownership stake.

Obviously, if you choose this last option, you’ll have to accept a lower upside. However, your downside is a lot less, too.

If either of these works, you can keep your job AND buy a franchise!

Thanks, Ellen for sharing your bigg challenge! We wish you bigg success, whatever you decide!

What’s your bigg challenge? E-mail it to us at bigginfo@biggsuccess.com!

Our bigg quote today is over 2,000 years old. Seneca, the Roman philosopher, said:

“It's not because things are difficult that we dare not venture.
It's because we dare not venture that they are difficult.”

You have to look at the downside, but if you spend too much time focusing on that, you’ll never enjoy the upside.

Next time, we’ll discuss a recent study that shows that happiness is overrated. Until then, here’s to your bigg success!

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football on field

Fumble Forward

football on field

With the Super Bowl upon us, we thought we’d discuss how to recover your fumbles and keep moving toward the end zone. One of the most famous fumbles ever occurred on September 10, 1978 in a game between the Oakland Raiders and the San Diego Chargers. It has become known as “the holy roller”.

Listen to today’s show for a re-created broadcast of that fantastic play! (Starts at 1:00)

The Chargers led 20 to 14. The Raiders had the ball on the Chargers 14-yard line with only ten seconds left in the game.

Read more

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How To Make $3 Billion A Year

By Bigg Success Staff
01-23-08

Success Story

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Unless you’re the Wall Street-type, you’ve probably never heard of John Paulson. You may be familiar with Henry Paulson, the United States Secretary of the Treasury. Well, they’re not related.

We’ll bet that you are familiar with the subprime mortgage mess. John knows it well. He manages his own hedge fund, which made huge bets in the subprime market last year.

In 2007, he made over $3 billion! Yes, we wrote that right. BILLION!

Gregory Zuckerman wrote an excellent article for The Wall Street Journal Online called Wall Street Trader Paulson Made Billions on Subprime. He does a fantastic job describing the details of how John made his billions. It’s definitely worth the read, particularly if you’re a serious investor.

Going against the grain
John bucked the herd mentality with his subprime bet. Most people in the business were still very upbeat about the market. John believed that he had a lot of upside potential with very little downside risk. It turns out he was right.

The biggest winners are often “contrarians”. But be careful – find ways to minimize your risk without sacrificing your reward too much.

The outsider’s perspective
John wasn’t an expert in the subprime market. They were all still highly optimistic. Because John was an outsider, he was able to see an opportunity that the insiders missed.

Usually it pays to have special insight into your market. However, sometimes 136 insiders know too much]. That’s when outsiders find opportunities because they’re looking at things with a fresh set of eyes.

Pay the price
John worked long and late, pouring over data to confirm his suspicions. He had a hunch – but he didn’t just play it. He continued looking at the evidence.

You have to pay the price if you want to make millions … or billions! Learn about the market. Look for inconsistencies. But then you have to …

Go!
John had a bigg idea. It turns out that it was a $3 billion idea! But it’s not the idea that made him the money. He had the courage of his convictions. 130 He took action]!

This is one of the hardest parts of success. You have to put yourself out there. You have to take risk. You’ll never get anywhere until you 144 take a step].

Persist
John placed his bet … and he lost money! His advisors 166 discouraged him from pressing on]. They reminded him that experienced traders were still very enthusiastic about the market. John didn’t listen – he invested more!

You will face obstacles on your path to success, just like John did. If you’re confident in your idea, you have to find a way to push on. It won’t always work out …. but, you never know, you might just make $3 billion!

The rest of the story
At times during this ride, John faced so much stress that he just had to get away from it all. He went on long runs. Find a way to relieve your stress so you can keep going. Get away from it all somehow.

John started his firm with $2 million under management. Now, from his success last year, new money has poured into his firm. He is now managing $28 billion, becoming one of the world’s largest fund firms. Everybody loves a winner!

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The One Ingredient That Guarantees Your Success

Successful people are a diverse group. Some are outgoing while others are extroverts. You have creative types and analytical people. They do however share a few commonalities.

One of those was displayed by Thomas Edison. The great inventor obtained over 1,000 patents in his lifetime. But did you know that it took Edison about 10,000 tries to finally invent the light bulb? If at first you don’t succeed, try 10,000 times again!

The one must-have ingredient to succeed is persistence!

History is ripe with example of people whose greatest success came after their biggest failure. So today we’ll discuss three persistence principles – things you can do to keep on keeping on.

#1 – Believe in yourself and your idea.
You need to almost be stubborn about it. Have faith – not a blind faith, but a “calculated faith”. We often think of “calculated risk” – this is similar. You have insight that others may not.

You’ve done your research. You may have a unique perspective based on your education and experiences. You have confidence in your plan. Trust your instincts and push on!

#2 – Keep your spirit up.
There are a number of ways to do this; find those that work for you. You may read success stories. Or keep your batteries charged by hanging out with positive people. Get a good night’s sleep … or take a nap. Get some exercise. Whatever it is, plan some time daily to keep your flame burning so you can keep pushing, no matter what obstacles come your way!

#3 – Welcome failure.
Imagine if Edison had quit after two tries, or 5,000 … or just one time short of his great invention? Learn to recognize failure for what it is – progress toward success.

Take the example of great sales people. The numbers are different for different industries, but think of this example – a sales person knows that he has to make ten calls to get two appointments. He has to have two appointments to make a sale. He fails ninety percent of the time. But here’s what he knows …

The sooner he gets through those nine failures, the sooner he succeeds!

Here’s a story that illustrates the importance of persistence. It comes from Think and Grow Rich, the great book by Napoleon Hill.

During the days of the gold rush, a young man went west to find his fortune. He staked a claim and went to work. A few weeks later, after much work with no reward, he discovered gold!

He quickly raised the money to buy the equipment he needed to mine the gold. He started drilling, but then the vein disappeared. He kept drilling, but to no avail. In desperation, he quit and went home a poor man.

Some time later, it was discovered that he had stopped just three short feet of one of the richest deposits of gold in the United States.

Don’t stop three feet from success – be persistent!

What do you do to keep going? We’d love to hear from you!
Leave us a comment below…

Our Bigg Quote today is by the great author and speaker Brian Tracy:

“Remember you only have to succeed the last time.”

Here are two things to add to your list of things that are certain –
(1) you will face obstacles on the way to success, and
(2) you will succeed bigg if you persist.

Next time, with all this talk of persisting, we thought we’d throw a curve ball your way – we’re going to talk about when to quit. What are the signs that it’s time to move on?

Until then, here’s to your bigg success!