Thinking about a career change and become your own boss? You may already be thinking along the lines of the following statements about yourself:
- I hate my job, your boss, your colleagues, or the company I work for
- I'm tired of doing what others want me to do and not what I like most to do
- I want greater control over my income and wealth than what my job is currently providing
- I'm brighter than these yahoos at my company and can do a much better job.
- I don't think I'll have enough savings for retirement.
- I feel my job is in danger of being eliminated during the next recession
- I keep hearing my company is losing money and needs to cut more expenses
- I want more diversification of my income to reduce my financial risks
- I want a better work/life balance
Do these statements sound familiar to you?
It's essential to understand what you want. Think about the level of freedom you desire. As a franchise owner, that may be your answer to your desires.
However, a career change isn't easy. What's holding you back? You may be asking yourself:
- I don't have the experience in the field that interests me
- I can't afford the time it takes to get started not to have a steady income
- I don't think I can afford to buy a franchise
- I don't know where to start
- I haven't run a business before
- I'm not good at sales
- I'm not good at operations
- I'm not good at financials
Again, a franchise can be an answer to these concerns. Think of franchising as a "business-in-a-box." Sounds simple. Good franchisors provide the tools, training, and ongoing support to overcome most of your concerns. For example, if you don't like sales, many franchise concepts help you obtain a steady stream of new business. In addition, they provide a community of other owners that you can lean on. This community of owners can help since they can help you avoid problems they've already encountered.
If you want to become your own boss, it's well understood that there are three primary ways to get there. Buy an established business, start everything on your own entirely from scratch, or purchase a franchise. Depending on your personality, lifestyle, income goals, and risks you are willing to take, each has its advantages and disadvantages. The benefit of the "business-in-a-box" model leverages the advantages and mitigates many of the
Do you have what it takes to operate a franchise? An advisor can help you here. There are strong indicators of whether or not you'll be an excellent match for specific franchises. At the same time, franchisors look for the kind of 'soft' skills you tend to learn through experience. These include people skills, communication, sales skills, organizational ability, teamwork, and management. Most of these skills can be transferred into a franchise business, from personal traits such as self-motivation and resilience to more business-oriented attributes like time management and developing organizational values. You can also pick up transferable skills outside work. For example, skills in outside activities such as community events or being the chairperson of the local community center will have enabled you to pick up transferable skills.
Where do you start? The first step is to find a franchise broker to see if franchising is right for you. They will advise and coach you through the entire process, most typically at no cost to you. They operate similarly to a real estate broker when buying your first house. The franchise broker is there to learn about your skills and desires, then help you navigate the thousands of available franchise concepts to find the right one that is an excellent match for you. This way, you will find the franchise concept you can indeed be passionate about.