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The Entrepreneur’s Source Reviews — 3 Traits of Semi-Absentee Business Owners
The Entrepreneur’s Source Reviews — 3 Traits of Semi-Absentee Business Owners
On last week’s Franchise Friday, host Brendan Major, Director of Marketing for Franchise Source Brands International, discussed semi-absentee franchise ownership with Gus Iurillo, Entrepreneur’s Source Coach and multi-unit franchise owner.
The two also discussed a few prominent traits all successful semi-absentee franchise business owners share. Gus said to be successful “It’s all about taking control of your own destiny.”
“If you follow the system, do your homework, know exactly what you’re going to be required to do to be successful and are prepared to do it, you will be successful.”
Here are the three traits all semi-absentee business owners share:
1. They Don’t Only Stick with What They Know
Semi-absentee business owners know they don’t have to have a background in the industry they are investing in to be successful. In fact, not only do they not need to have a background in that particular industry, it’s almost better that they don’t. The franchisor has a system and a methodology for how to be successful in that industry and successful franchisees follow that inherent system. Sometimes, when a person has too much experience in something, they wind up becoming the technician of the business, working in it instead of working on it.
2. They Did their Ownership Research
Sometimes, an individual doesn’t know the best business type for them until they get into it. Owners of semi-absentee businesses have identified this ownership type as the best to fit their personal needs, goals and expectations. Gus says you have to measure your own temperament and determine, “Am I an empire builder? Do I want multiple concepts?” The critical piece for success in semi-absentee business ownership is to understand what’s required of you as a business owner and to invest in a business that meets your expectations for that time and capital. A business coach can help you to identify your Income, Lifestyle, Wealth and Equity™ Goals and find a business type that best fits you.
3. They are Comfortable with Balance
Semi-Absentee business owners understand that they don’t have to quit their day job to be successful in a new business endeavor. Through semi-absentee ownership, it’s possible to diversify your income without quitting your current job. However, it is important to make sure you understand what’s required of you as a business owner to get your business off the ground. Just make sure whatever you’re doing fits in with your overall strategy, as well as your capacity and availability of time. Semi-absentee business owners also understand that because it’s not a full-time endeavor, it may potentially take longer for them to turn a steady profit and they are okay with that based on their I.L.W.E.™Goals.
Take the First Step:
For those wanting to take the next step in the journey to business ownership, an E-Source Coach is a great resource to help you define your I.L.W.E.™Goals and begin to explore business opportunities.
Also, check out 5 Things You Didn’t Know a Business Coach can do for You.