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My first year in business – Natashia Mundell
Raising a business is not dissimilar to raising a child. You have your ups and downs. And very often you just do not know what to do.
Natashia Mundell describes her first year in business as the scariest time of her life. She bought her Creative Minds® franchise in 2004, after working for a salary for many years. Making the transition from the security of a pay cheque to the uncertainty of starting your own business is daunting.
“Your first year is your make or break year. It was made very well for me,” says Mundell. The common perception is that businesses do not make a profit during their first two years. Mundell proved this theory wrong. She showed a profit after her first year in business.
One of the key ingredients in her success is that she used her own funds, and never took out a loan. “Since I never had the money to cover myself in the beginning, it pushed me to work much harder. The bills were not going to wait – I had to earn money to pay them.”
Buying into a franchise was a sound decision. Many people believe that franchises are expensive, and for the price you pay you might as well go it alone. But there are many benefits that a franchise provides, according to Mundell. Creative Minds® is more than 65 branches strong today. She felt that buying into a reputable franchise helps your business in the long run.
With a good franchise comes a good support system. You can call the franchisor anytime to assist with your problems. “When you are going it alone, who can help you if you find yourself in a difficult situation and are unsure about how to proceed.”
Looking back at her first year in business, Mundell says that the advice from the franchisors was invaluable. “I used to phone our head office and say, where to now? There was always someone who gave me advice. And that is what helped me through the beginning stages of the business.”
For the first 18 months Mundell was running the operation by herself. Her advice is to appoint an assistant as soon as possible. “It made life a lot easier because it gave me time to focus on marketing as opposed to being bogged down with administration. When I did that the business just took off.”
Another good piece of advice is to set goals. If you do not have goals you no not have anything to work towards and that could ultimately be your downfall.
Mundell recommends that when you buy a franchise, make sure the package is sound. It is a good idea to speak to a business consultant beforehand. “You need to be very sure what is going to happen in a year or two. Business consultants bring your attention to things you should look out for rather than assuming everything is in place. “There are a lot of sad stories out there, so make sure the franchise does not sell empty promises.”
Article: Chantel Oosthuysen: Succeed Magazine, December 2007, My first year in business – Natashia Mundell :pg 15
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