How do you choose the right company?

How do you choose the right company?

A few months ago, my daughter, who is a caterer, announced that the catering company she worked for was opening a restaurant. She was going to manage it and she would be able to stop the schlep to Manhattan to cater. She was thrilled. Her boss made a deal with the owner of the building and things started up.

They moved the catering operation to the restaurant kitchen. They continued to cater until they would be able to open the restaurant for business.

As the months went by, I watched her and the team plan menus, hire employees,decorate, clean, set up, prepare and plan for the grand opening. There was just one fly in
the ointment…the person who owned the building turned out to be less than honest. He had a past that would prevent him from getting a liquor license for the building. He hadarranged for everything to be in his girlfriend’s name. And she wanted in on the deal. She wanted to be involved in the business – she was controlling and difficult and made
trouble. It would never work.

Long story short, I spent the day yesterday helping them pack. I helped them take down pictures, empty the refrigerators and pack everything to return to their old location. It was a very sad day. It was the end of a dream. A lot of time and money wasted.

Choose the right company -

As I worked there, I was thinking about what it takes to start a business. What are the steps you need to take to avoid pitfalls? What are the questions you need to ask yourself and the things you need to understand before you take a leap?

First and foremost is to do your due diligence. Research the company. Who owns it? Do they have a good team in place? Are they well capitalized? How long have they beenin business? Do you trust them? Are they ethical and will they do what they say they will do? Do they have good training?

After you decide the company is rock solid, you need to look at yourself. Are these products something you can believe in – something you would use yourself and can sell
to others? Do you have money to invest in the business on a monthly basis? How much? Do you have the time and energy to put into the business? Can you put a certain number
of hours into it every week? Are you willing to take the training you need? Are you willing to do what it takes?

In order to succeed, you MUST choose the right company.

The answers to these questions will determine whether or not you will succeed or fail. Yes, luck sometimes plays a part in it, but the reality is, if you go in with youreyes closed, you most likely will not make it. Take a close look at the business and at yourself, first. Then take the leap if it feels right!