[Free Book Preview #24] STEP 4: From the Four Paths to Business Ownership

Hey there, Freedom Seeker!

Welcome to the exhilarating big sky of small business entrepreneurship!

I wrote a book for you. This book reveals the Unbiased Small Business Research Formula developed from decades in the trenches of American Main Street and online business as a small business entrepreneur and a coach. Its objective is to help you become the successful creator of the new life you envision by objectively guiding you in researching and choosing the right business.

In the next weeks, I’ll share free sections of the book with you before it’s released for publication and available for purchase.


 

9.4 – STEP 4: From the Four Paths to Business Ownership

This is our last step of external research! You don’t need to be first to succeed in business. You just need to be better and different. New business ideas can be found by examining what can be improved. Here, you might research from the perspective of businesses that already exist in the paths to business ownership discussed in previous pages: independent businesses, for-sale businesses, new franchises, and for-sale franchise units. You can find great intel by searching and browsing business brokerage websites that list for-sale small businesses and franchises.

Independent small businesses: Small businesses are usually rated on Yelp and Google My Business. By scrolling and reading their reviews, both positive and negative, you can identify possible areas of improvement. With your understanding of their respective fields, you might create a solution with a business model that appeals to a specific market niche or that fixes a flaw in an existing business. 

For-sale businesses and franchises: Research ideas from business models proven to succeed by scanning for-sale businesses and franchises on various brokerage websites. The less successful, less profitable companies can point to clues to create a better product, delivery, or approach. Failing business can warn you of trends that are on a downward curve. For example, with the widespread use of e-commerce, many bookstores and other retail stores that didn’t find a creative way to pivot were sold for only the value of their assets. If, as you browse business brokerage websites, you see many franchises of the same brand that are marketed for less of an investment than it costs to build a new unit, ask why. And then think about new business ideas by improving or fixing what didn’t work.

This concludes the essential steps of our external research. 

Key Chapter Takeaways:

  • External research is where you look out in the market for ideas of businesses to create or acquire. Here are four distinct approaches that can yield great business ideas, each of which expands on the internal research work you did in Chapter 8.

  • If you have a business idea in mind, this section will help you confirm if you are on the right track. 

  • The external research step represents four milestones to examining the market for business ideas:

  1. From your life purpose: What problem needs solving? Can you create a solution to a problem related to your life purpose?
  2. From what exists elsewhere: Do you have access to cultural knowledge or exclusive circles that you could offer to your target audience? 
  3. From your strengths and assets: Can you leverage your career capital, unique skills, and talents to offer a product through a business?
  4. From within the paths to business ownership: Explore what current businesses are doing and what could be done better or differently. Find business ideas from businesses and franchises that are for sale.

Congratulations! 

You have completed the eight milestones of the Right Business Right Life Unbiased Small Business Research Formula. 

Here is a quick recap of what you have accomplished. Recall that in order to identify the right business for you and the life you envision, you undertook two types of research: internal and external. 

Internal research focuses on who you are via four milestones: your life purpose, the LIFE+ you envision, your strengths, and your ideal path to business ownership (by either creating a business or buying one).

Then, with external research, we follow the same pattern of four milestones, but this time by focusing outward on the market: problems to solve from your life purpose, what exists elsewhere, opportunities you might recognize from your strengths, and existing business ideas you might improve upon. 

These eight milestones represent the core framework of Unbiased Small Business Research within the Right Business Right Life Formula.

Next, we are going to explore a critical component to your success in business and in life: your mindset. 

As always, remember, if you would like help with these steps, don’t hesitate to reach out: www.rightbusinessrightlife.com/discovery

 



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