So you want to own your own business? Been dreaming of all the free time you would have, nobody telling you what to do; becoming the next Bill Gates? Well, there is good news and bad news about being an entrepreneur.

According to the SBA, the Small Business Association, only about 2% of the American population is emotionally and mentally equipped to succeed at owning their own business.  For the rest of us, a franchise may be just what we’re looking for.

Most people simply don’t know where to start and what to do when they don’t know what to do.  That’s where a franchise could be for you.  As a franchisee, you will be provided with the information you need to hit the ground running. 

The good new is the sky is the limit for a motivated, self-starter person who believes in him/herself and their product or service.  That’s why spending time researching franchises is the most important step you can take.  The following guidelines will help you find your perfect franchise.

1. Determine your  goals

You must know where you are and where you want to be. Write these goals/plans down. Remember, “That which can be measured, can be managed.” Those who write down their goals have a 97% better chance of success than those who don’t!  Your personal and professional goals will help you eliminate those franchises that don’t fit into your “perfect picture.”

2. Budget

Know how much you need to live on; estimate how much your franchise will cost you until it starts paying you back (then double the amount of time you estimated and add 20% to your budget—it always takes longer and costs more than you anticipate!)

3. Plan

Not just a business plan, a daily, weekly, monthly, yearly plan

Again, write it down!

4. Keep your day job

Until your “dream job” begins to pay your budget items.

5. Meditate

Close your eyes, relax and program your subconscious mind to help you create the future in your real world that you create in your inner world. Spend at least 20 minutes a day doing this. It will take months off the time it would normally take to get your franchise up and profitable! Try it—this may just be the most important step.

6. Rent office space vs. home based

The franchise you choose will determine whether or not you can have your business home based. Try not to spend too much money before the business begins paying for itself. If you can start out at home, do it. As the business grows, you’ll have to get more space. Do it then.

7. Rent from MD’s or corporate boardrooms

If your new franchise  lends itself to this, you can often rent space in the evening from existing businesses. That’s a win-win situation.

8. Get a good Bookkeeper

This may be your best investment. Have him/her show you how to set up your books (using Quicken or some other good software). You may think this is a frivolous expense, but it will save you many wasted hours and much unnecessary expense in the long run. Find a bookkeeper that specializes in small businesses and/or franchises—until you have to find one that specializes in large businesses!

       9.     Do what your Franchisor tells you to do

They have spent (and wasted!) thousands of dollars learning what NOT to do so that you don’t have to learn those same expensive lessons.  You don’t want to re-invent the wheel.  Chances are you won’t do it nearly as well as the original!

10.  And, finally, always remember, the first goal of a business is to stay in business; the second goal is to make money!