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    Choosing the Right Business
    Choosing the Right Business
    Choosing the Right Business
    Ebook82 pages1 hour

    Choosing the Right Business

    By Ty Freyvogel

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    About this ebook

    Choosing the Right Business is an eBook for people planning to start a new business. Author Ty Freyvogel is a veteran entrepreneur who founded and managed more than a dozen small and million dollar businesses throughout his career. This eBook offers experienced observations thoughtful insights to help readers avoid making unnecessary, costly mistakes! It’s like having a personal mentor to guide you along the way as you face the challenges of starting a new business.
    Are you thinking of starting your own business? Perhaps you’re approaching retirement and looking for a way to keep active and supplement your retirement income. Or maybe you’ve been recently downsized and you’re looking for a way to get back on your feet by working for yourself. Maybe think you can turn an idea into a great business. If so, you’re in very good company!
    Many thousands of people would like to start a business these days, but the challenges and hurdles can be overwhelming! To successfully start a business you have to think about challenges such as financing, marketing, planning, selling, hiring, taxes, and legal issues. And that’s just for starters!
    Contents: The Dark Side of Entrepreneurship; The Right Field for You; The Plan Before the Business Plan; Research to Do Before You Launch; Overcoming Your Fear of the Start-up; Get Ready for Success; Don’t Fall into the Success Trap: Next Stop Happiness; A New Way of Looking at Yourself.

    LanguageEnglish
    PublisherTy Freyvogel
    Release dateMay 16, 2013
    ISBN9780982207505
    Choosing the Right Business
    Author

    Ty Freyvogel

    Ty Freyvogel is a visionary entrepreneur, author and small business mentor. Over the course of nearly four decades he has started and operated more than a dozen small and million-dollar businesses. He is currently President of Freyvogel Technologies, a provider of energy, telecommunications and security services. An early pioneer in the franchise industry, Ty grew a small weight loss center into a thriving chain of 24 units across three states. At that time he was one of the largest franchisees of the NutriSystem weight loss centers in the nation. His present company, Freyvogel Technologies, has been providing technical services to clients for the past 35 years. Ty is a frequently sought out as a speaker, coach and mentor on the subject of small business startups. He is the author of three books on business and recently published The Small Business Startup Series, six ebooks that offer beginning entrepreneurs insights into how to plan, organize and grow a small business. Ty has priced the books in this series at just 99 cents each to help as many budding entrepreneurs as possible.

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      Book preview

      Choosing the Right Business - Ty Freyvogel

      Disclaimer

      This book is presented to the reader solely for informational purposes. The author and publisher are not offering it as legal, accounting or other professional services advice. While best efforts have been used in preparing this book, the author and publisher make no representations or warranties of any kind and assume no liabilities of any kind with respect to the accuracy or completeness of the contents and specifically disclaim any implied warranties of merchantability or fitness of use for a particular purpose. Neither the author nor the publisher shall be held liable or responsible to any person or entity with respect to any loss or incidental or consequential damages caused, or alleged to have been caused, directly or indirectly, by the information contained herein. Readers should always seek the services of a competent professional before undertaking any new business venture or making any key decisions.

      CHAPTER 1

      Is This Life for You?

      So, you want to be an entrepreneur. Perhaps you’re thinking of buying a franchise restaurant…or quitting your dull day job to open a custom bike shop…or starting your own in-home graphic design business so you can care for your kids and still make a little cash. Whatever flavor of business you’re considering, when you dreamed it up your first thought was probably, How exciting! Your second thought was, How scary! And hot on its heels: Do I really have what it takes to be an entrepreneur?

      These are the thoughts of every entrepreneur before they take the plunge. Owning your own business is equal parts exciting and scary. And the scary factor is directly linked to the excitement factor. Ask any skydiver: Exhilaration is the other side of the fear coin. You’re not going to get one without the other.

      And if you’re worried you don’t fit the entrepreneurial mold, know this: There is no mold to fit into. That’s the great thing about entrepreneurship: You get to be yourself and make a living doing it.

      On the other hand—there is always another hand, isn’t there?—I’ve found that with very few exceptions, successful business owners possess the same set of qualities. I like to call them The Entrepreneurial Eight. If you don’t think you possess each of these traits, don’t worry. The challenges you encounter along the way will help you develop them over time. Now, let’s get started building the new entrepreneurial you!

      You are a natural risk taker.

      Okay, I am starting with the most obvious quality. Entrepreneurs, by nature, are risk takers. Starting a new business is a huge risk, and as your new business grows, you’ll have no choice but to take risk after risk along the way. Of course, the key to being a successful entrepreneur is learning how to anticipate risks as you go. Know the difference between risk taking and being reckless. When I am starting a new business, I always develop a plan B in case things don’t go as anticipated. As an entrepreneur, you will learn that there has to be a limit to your risk taking. If your business, or a new development in your business, isn’t going as planned, you have to know when to pull the plug.

      You are resilient.

      When you start your own business, if you are realistic at all, you have to know going in that there’s a chance you may fail. We’ve all been there. I learned the importance of being resilient when my first venture, a franchised telephone consulting business, ran into a major obstacle. The franchiser I purchased the business from went under. I knew that I didn’t want my franchise to go under with him, so I ended up taking over the company and we became a huge success. When you become an entrepreneur, anything can happen. You have to be able to change directions on a dime. The key to resilience is being proactive. Anticipate the challenges you will encounter over the next six months, and be prepared to deal with them.

      You have the ability to learn from your mistakes.

      Talk to any entrepreneur and they’ll tell you about crazy, ridiculous mistakes that will have you shaking your head and saying I just can’t believe someone could be that stupid. Well, they can. I can. And so can you. No matter how brilliant a mind you may have, no matter how sharply honed a business sense you possess, you don’t have a crystal ball. And that’s okay. No one ever learned anything meaningful from success. But failure…well, failure is chock-full of lessons on business and life. Part of learning from your mistakes is learning how to make your mistakes work to your advantage.

      Let me give you an example: When I owned a set of NutriSystem franchises, I gave local DJs free memberships, and in return they plugged NutriSystem on the air. The plan was that the DJs would use their memberships and tell their audiences about their success. However, one of the DJs wasn’t losing any weight, and I knew that it could be a deal killer if someone saw the DJ around town and assumed that NutriSystem wasn’t working for him. So I gave a membership to his assistant and instead of telling about his own progress on the air, he started talking about her progress. By transferring the focus to his assistant, I was able to correct my mistake of relying solely on the DJs to promote the NutriSystem program.

      You crave independence.

      Entrepreneurs need to feel in control of their own lives. They chafe under the authority of a boss, though most of them will gladly jump through hoops to serve their clients and customers. Is there really a difference? In the mind of the entrepreneur, yes. You see, we entrepreneurs generally want to work. When we’re immersed in work that we feel passionate about, we get a natural high, not unlike an endorphin rush. We just want to feel that it’s our decision, not someone else’s. When we work for others, we feel like we are giving up control. When you own your own business, you know that you are in the driver’s seat. No

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