Starting a business in the age of Coronavirus

We are working from home. We miss seeing family and friends. We worry about lost income and how we will pay bills. We wonder if we will have a job to return to or if our business can survive. Yes, these are scary times, but we will get past it. One day, life will return to normal even if that normal is different. As the saying goes : “this one will leave a mark.”

Whether in our personal or career lives, many traumatic events cause us to contemplate making substantial changes. Who hasn’t gotten sick and swears to begin leading a healthier life? Who hasn’t suffered an injury and not promised to “get in shape?” Who hasn’t been passed over for a promotion, lost a job due to downsizing, relocation or good old office politics and has not promised to “start my own business so I’ll never put my family’s fate in the hands of someone else?” The answer to all of those questions is “all of us.” So why don’t more of us follow through?

There are two reasons. The first is that when things return to (fairly) normal, we get busy, feel OK and no longer have the sharp pain that led us to seek change. That leads to the second reason: Change is scary. Then the cycle repeats itself. But next time we beat ourselves up because we “saw it coming” and didn’t take action after the last incident.

Some people though do follow the path of change. We know them. The guy who suffered a heart attack and is now runs half marathons. The woman who started her own competitive business after being passed over and over for promotions by men with half her experience. The couple who worked side by side in a factory that shut down and starting baking cookies to sell at the local farmers market and now employ 20 people. Each of them sailed into the unknown bonded by a common purpose: to take control their own lives.

These people took action. Make no mistake, all were undoubtedly scared to death. But the risk of doing nothing was far greater than the risk of “giving it a shot.” It has been said that at life’s end you will not regret the things you did but rather things you didn’t.

So we come to the topic of the title of this post: Starting a business in the age of Coronavirus. You may say that had you started a business last year it may not have survived this upheaval. You are correct. But the job you left might not survive either. There are no guaranties. There is risk. Just like stepping off the curb. You can choose to avoid risk, but like crossing the street, you’ll never get anywhere. So let me propose this: look both ways and then take a giant step. When you get to the other side, take a moment to look back - and then go on your way down the path of self-determination. You will find that as you walk down that path people will be cheering you on. Your family. Your friends. Even the jealous workplace colleagues you left on the curbside.

Isn’t this your dream? Research has shown that over 80% of people want to own their own business. Less than 5% ever do. Why? Most simply cannot get over the risk factor. But many can, but are stopped by four key reasons:

1. They don’t have an idea for a business. But if they do…

2. They don’t know how to gauge the viability of their business idea. But if they do…

3. They don’t know how to develop their product and launch their business. But if they do…

4. They don’t know how to promote their business and gain customers.

So please allow me to make a suggestion: Consider opening a franchise. Why? Because it takes those big four reasons out of the equation. Franchises are based on a simple premise: Success is repeatable. Franchises allow to business owners to:

1. Sell a proven product or service…

2. In an territory with the market dynamics necessary for success….

3. Supported by a management system which has been tried, tested and continuously improved…

4. Backed by a recognized brand name which is supported by marketing and advertising

Which franchise should you open? There are over 5,000 choices in virtually every business category. You are familiar with all the donut, burger and sandwiches franchises. But perhaps less so with after-school arts programs, dog training, fitness boutiques (yoga, Pilates, running, barre cycling, rowing - I am out of breath), business expense reduction consultants, janitorial and cleaning services, decorative concrete, hair salons, French macarons (yum!), vacation rental property management. You get the drift.

The cost? There are great franchise opportunities that require as little as $25,000 start-up cash and less than $100,000 total investment. Sure, if you want to open a fast casual restaurant in Times Square you’ll need a few million. Maybe more than a few. But there are many terrific franchises that are affordable and which can be financed in a variety of ways including SBA loans.

Isn’t it worth a look? Isn’t it worth a little time away from your next Zoom Conference to see if it’s right for you? As I said earlier, this crisis shall pass. While our lives may never be exactly the same, the sun will come out again and it will shine on us. When that occurs, you can hide in the shadows or you can go out and bask in its glory. That glory is making your dream come true and controlling your own future. If that dream is owning your own business, call/text me anytime (914.810.4520) or shoot me an email at bruce@zizefranchise.com. No obligation. No cost (ever).

Please allow me to finish with one of my favorite quotes from Dr. Denis Waitley:

“Life is inherently risky. There is only one risk you should avoid at all costs. That is the risk of doing nothing.”

My best wishes for good health to you and your family.

Bruce