Over the last month, Doug Bugie, President of the Antal International Network, organised a few Q&A sessions to discuss what can make or break your business idea and how to avoid costly mistakes.
More and more business professionals consider taking the big leap to open their own business but not enough are getting the right advice to do this as pragmatically as possible. Doug’s first and most important message if you want to become an entrepreneur, is and has always been, to ‘Lead from the Front’. You have to truly like what you do, learn it well and do it yourself; this will make you a great leader and developer of people you hire.
If you choose to become your own boss, there are a few things to keep in mind:
- Be careful to always focus on what you do: you have to take the time to make your business work, every day you are not in the market, especially at the start, you lose money and real momentum.
- Don’t solely count on others to make your business work: even if you buy into a franchise system that has been tried and tested, you are basically the prime mover! You can’t hide behind anyone or anywhere, it is your business and you are the one running it. The franchisor is there to train and support you, not do the job for you. It is true that 60% of start-ups collapse over the first 3 years compared to 15% if they have joined a franchise system. The explanation is simple, it’s your own business with your own stamp but you follow advice from people who have done this before and who have struggled and faced difficult times.
- Always apply the priorities to yourself first: your primary focus has to be on making money and be successful. Concentrate on your business, don’t get distracted. Don’t start investing in things that are not of primary importance such as a nice car, new house or expensive holiday, your priority has to be on making your business successful.
- Once you have the funds, invest in people: you can build up a team around you, this will help you build a bigger and more lucrative business and above all, as Doug says: “There is no bigger satisfaction than to invest in people and to see them prosper and build their own lives.”
- Never lose focus on your finances: you need to be well prepared, knowing how long you can be without an income if needs be, you need to have a clear view of your pipeline and make sure you have enough cash in-between.
- Have fun: find something you really like to do and every day you work will feel like a holiday!
Doug adds: “I have seen people become millionaires, then fail or just find a perfect balance to be happy. So just go with it and give it all you’ve got!”
About Doug Bugie, President Antal International Network: Doug Bugie has over 31 years of experience having led to over 800 franchises in more than 40 countries, generating over $500 million in revenue. Doug is connected to the successful English Entrepreneur James Caan and together, they have built and sold the first ‘big deal’ in James Caan’s legendary career.
After working globally for 3 successive Fortune 500’s, Doug began his recruitment career in the USA as Marketing Director for Management Recruiters Intl (MRI) where he sold 400+ franchises… In London, Doug and James Caan started an executive recruitment franchise, Humana International Group PLC. Over 8 years, the business grew to 200+ offices in 27 countries and a $90m+ annual fee income. They sold it to a fortune 500, New York Stock Exchange traded company, becoming part of the American giant in franchised recruitment, MRI.
100,000 + people were placed in jobs through businesses where Doug has held a leadership role. Doug remains a committed supporter and sought after speaker in the global recruitment industry.
Doug says: “Over the years I have set many people up in the international recruitment business and helped them build a profitable business with solid capital value. It gives me great personal satisfaction to help people realize their dreams of success for themselves and their families.”