Mel & Leila Bailey were referred to me by a previous client. Mel was being downsized and they had decided that they wanted to investigate business ownership. In fact, they had already started researching a popular ice cream/novelty food franchise. However, they recognized that it might be useful to have some other ideas to compare and contrast with it.
As we began our discussions, I learned that they were both planning on working in the business. They wanted the business to have some flexibility for Leila. They wanted to be able to build something of their own. When I asked them what appealed to them about the food franchise they were researching, they explained that they were big fans of the product. I find this to be a fairly common response. As they did more homework, they learned that there were things about the business that were less attractive. For example, the hours of operation were long and involved lots of nights and weekends. The profit margins were high, but it was going to require a very high volume for them to meet their financial goals (as I always say, it’s hard to make money one dollar at a time!) Since the business required a retail location, the initial investment and the monthly overhead would also be very high. They learned that liking the product did not necessarily mean it was the right business for them to own; perhaps they would be better suited being dedicated customers!
In the meantime, we had begun researching other alternatives. I had told them before we started that we were going to be exploring businesses that would help them to achieve their goals. I also tried to prepare them to understand that these would likely be very different from what they had been considering on their own. I find that so often people only look at businesses where they love the product; instead of at businesses where they love the business model.
After considering a host of options and learning more about what worked for them and didn’t work for them, we found Move It Now, a residential and commercial moving company. Since it’s a newer franchise they found that they would have a little more independence and plenty of opportunity for growth. The initial costs and monthly overhead were more in alignment with their needs. Mel & Leila also found through their research that the hours were more reasonable for them. Finally, since they had an interest in a painting company as well, they felt that background would help them with getting the moving business started.
Here's what they had to say about the process: "Our initial thought about using a company like Entrepreneur’s Source was that the service was going to be a waste of time and not necessary. Robin’s approach; however, totally changed our minds and allowed us to realize what we were really looking to do in making the transition from the corporate world. Robin’s approach allowed us to “peel back the onion” and helped us determine what our true needs and goals were for the future. The biggest fear to overcome throughout this process was the fear of the unknown and dealing with it head on and by performing in depth due diligence and by asking as many questions as possible. "
Providing Professional Moving for the Greater Richmond area at a competitive, locally owned price.
Mel & Leila Bailey
Owners, Move It Now North Central Virginia
Northcentralva@moveitnowusa.com
