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Overcoming the "knowledge barrier" to owning a business

by Lindsay posted in Franchise Information, small business ownership • Jun 3, 2015 11:30:00 AM

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According to a recent survey by The University of Phoenix, 50% of working adults in America either own, or want to own their own business. That's a lot of people!!  So what is holding back the ones who haven't taken the plunge?  It seems the biggest barriers are money & lack of training/ specific business skills.  

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How can "entrepreneurs-in-waiting" overcome these challenges? 

financing:

"It takes money to make money". So where do you begin?  There are several ways to go about funding your business.  Some are traditional, some are not.  Our advice... start by doing a bit of research on your specific industry and what it REALLY costs to open and run your business.  The SBA has amazing resources for anyone interested in owning their own business.  From free advice through SCORE, to business plan worksops and beyond... the SBA is a great place to start.  Then research your options.  Creating a solid financial plan is crucial to your success. 

 

training/education:

Michael Bevis, director of Academic Affairs for University of Phoenix and faculty member for the School of Business says: 

“Many potential entrepreneurs have great ideas and a strong understanding of specific industries, but often do not have the business background to turn concepts into profitable ventures. Business education can help entrepreneurs fill knowledge gaps and strengthen business acumen.”

Business education doesn't have to come in the form of a degree.  Seek out mentors with experience in the areas you need help with.  Partner with someone who has skills different than your own.  Contact your local Small Business Development Center.  Seek out workshops, conferences and groups that offer educational opportunities in your chosen field.  

 

joining a franchise system:

Joining a franchise system offers entrepreneurs the chance to own their own business without having to go it alone.  Training, marketing support, established workflow systems & processes are all part of a good franchise system, giving the franchisees a leg up on the competition.  If you likes structure, and don't want to "reinvent the wheel", then franchising could be a good fit.  Many systems offer help with financing your business as well. 

 

Do your due diligence!!  You don't need an MBA to be a successful entrepreneur... but you do need a commitment to educating yourself. Spending time researching, exploring, and searching out experts as mentors will pay you back in great rewards. The more you educate yourself, the stronger your business foundation will be. 

 

own a little nest