Failure rates are high for entrepreneurs, but a common trait of those who succeed is identifying opportunities for growth that lie within the challenges.
That’s what I’ve done while finding success in multiple industries as an entrepreneur and franchise owner. Whether you’ve started a business or bought a franchise, at some point – often early on in the venture – you reach a fork in the road that may require more risk, such as a change in products or services, expanding a territory, and hiring more people.
Entrepreneurs who do their homework, have a solid plan and keep an open mind will see opportunities in tough times – where others do not. Therefore, people who are serious about succeeding should not let scary financial times drive them away from starting a new business venture or continuing one.
There’s no perfect time to get started, and risk and challenge are common along the journey. Here is how entrepreneurs and franchise owners can develop an eye for opportunity and grow their business, even when times are difficult.
Factors for deciding when risk makes sense.
When sales are tepid and the business itself and/or that particular industry has been trending downward, that can be the right time to explore new markets. There’s less competition when segments of the business climate are struggling, and also, an innovative new concept may impress investors and fill a consumer need.
Focus on your business’ purpose.
COVID caused a reset for many businesses. Others weren’t as prepared to be flexible and adaptive and, as a result, didn’t survive. Focus on who you are serving and in what ways you are serving them. How can you serve them better? What changes will that require?
Don’t buy into the trend of “work-life balance.”
For entrepreneurs who are a long way from reaching their financial goals, including an exit to a lucrative sale, there is no such thing as work-life balance. When you’re exhausted and have had enough of the day, send two more emails and make two more phone calls. The only thing you can always control in business is your hustle.
Keep believing in your be-your-own boss dream.
Everyone who chooses the entrepreneurial journey has been told “it won’t work” more times than not. Don’t listen to them or to your negative inner voice. And remember, gratification comes from doing the work you want to do and being in control of the decision to do it how, when, where, and with whom you choose.
James Harold Webb is author of “Redneck Resilience: A Country Boy’s Journey To Prosperity“. His career in radiology saw him rise from a technologist to becoming a leader in the industry as the entrepreneur of several companies. After over 40 years in the medical field, Webb focused on the fitness sector, owning and overseeing the management of 33 Orangetheory Fitness® franchises throughout North Texas.