The Hunt for the Right Business Model
SOUTHBURY, CT --(Marketwire - December 28, 2010) - In the current economic climate, where secure jobs are hard to find, much is being said about forced entrepreneurship. Displaced business professionals are finding the job market to be more impenetrable than in previous down turns and are turning to entrepreneurship in droves, according to Brian Miller, COO and president of The Entrepreneur's Source (TES). Realizing that their dormant dreams of self-sufficiency are now being re-awakened out of necessity, the hunt is on for the right business model.
"The question prospective business owners need to ask is, 'Should I go it on my own or invest in a proven business model, such as a franchise?'" said Miller. "There are literally thousands of franchise business models available in a variety of sectors from business services to furniture restoration. There certainly isn't a shortage of models to choose from."
Business coaches with TES use a "discovery process" to help people explore what they want their short term income and lifestyle goals to look like and encourage people to think about building wealth and equity in the long term. During the coaching process, people have the opportunity to learn more about various business models to see if and how these could be used as vehicles to success matching their personal objectives and income goals. According to Miller, 95 percent of clients discover options they would have never looked at on their own or had admittedly dismissed prematurely.
According to Miller, former business professionals naturally look closely at industries they're familiar with and business models within those industries. In some cases, while exploring franchises in those industries, they'll start to think that they can just start a similar business on their own.
This can be a fatal assumption according to Michael Gerber, New York Times best-selling author of a series of small business success books called the E-Myth. Miller notes, "Gerber's books talk about the fact that most small businesses are started by first-time entrepreneurs who assume that being knowledgeable about a product or service in a certain industry means that they will be successful at starting a business in that field." TES business coaches are well-connected in the franchise sector and hear franchisors say time and again that their most successful franchise owners come from unrelated industries. They find that many clients end up being attracted to franchises not only because they offer a proven business model, structure and ongoing support but because a whole new world opens up for those clients when they realize that they don't need to have experience in a particular industry in order to be able to capitalize on it.
To learn more about The Entrepreneur's Source, please visit www.entrepreneurssource.com.
About The Entrepreneur's Source®
The Entrepreneur's Source is North America's leading career and franchise Business Coaching Company dedicated to the entrepreneur with more than 230 offices in the United States, Canada and the UK. With its unique E-Source Coach Advantage and partnership with E-Myth Worldwide®, E-Source offers a full range of services to individuals seeking alternate career options and to franchise businesses looking to increase performance. Today, E-Source dominates the $1.5 billion dollar Business Coaching/Consulting franchise market in North America. For additional information about The Entrepreneur's Source go to www.EntrepreneursSource.com.