Does your passion lie in working in the corporate world for the rest of your life, or are you ready to venture out in an entrepreneurship role?
Transitioning from employee to business owner is as exciting as it is difficult. You have spent your career in a corporate job that gives you income and stability, or at least perceived stability. But it also means you’re going to spend your life building somebody else’s dream. Every day that passes is another day that you have not created something for yourself.
Working as an employee comes with risks, no matter how good and/or loyal you are, that you cannot control. For example, the company could go through a merger or get bought out, downsize or go out of business. There could be a change in management or in the direction of the company that results in an elimination of your position, division etc, and so on.
Owning your own business also comes with risk and there is risk out of your control. However, in this case you do have control of many more factors influencing the business’s and your future. There are also ways to reduce that risk for first time business owners significantly. One of the most common and proven ways to substantially reduce your risk, as a new business owner, is to buy into a franchise business rather than start from scratch.
The skills you have acquired in your corporate job, including but not limited to time management, leadership, teamwork, managing staff, marketing and networking (along with an affinity for these) already set you up as a potentially great business owner. But owning and running a business involves a lot more. What products or services will you provide? How will you provide them? How will you market? What tools will you use? What employees do you need? Where do you find them? And the list goes on.
Why Franchise Ownership?
If you don’t have the answers to these questions, then franchising is a great solution. Franchising offers the least amount of risk to aspiring business entrepreneurs. Startup franchise businesses have 90% success rate whereas 60% of non-franchised start-ups fail in the first few years.
When you get into business for yourself, through franchising, you become part of a proven business system with a proven business model with training, support, and systems. Provided you can follow the proven system, your focus as the business owner is to utilize those skills you learnt in corporate, that we mentioned above, to work on and grow your business. All those other questions we raised above are covered by the business model, training and support provided by the Franchisor.
It is key that you are able to convert from being an employee (who works in the business) to being a business owner whose focus is on working ON the business. If you cannot make that change, then owning your own business is not the solution for you, not even as a Franchisee.
There are no guarantees – even in franchising – as the business success relies heavily on you as the business owner (Franchisee) being successful. My advice to you is to look before you leap. Make sure that:
- The business is right for you. Look at options. Buying a business because you like the product or service might be a fatal error – Make sure the business (and industry) you choose is first and foremost the right fit for your lifestyle goals and financial goals.
- Note that there are many resources out there to look for good business options – internet sites, Business and Franchising Magazines, newspapers and so on. There is another option, however, where you don’t have to look at hundreds of options – You can engage a Franchise Consultant & Coach, like myself, who can assist you through this process and filter options down to a handful that are a good fit for you. We never charge you (the buyer) for our services. So use us.
- You have the finances to cover all start-up costs (including being able to qualify for and repay business loans) as well as cover your running costs (including salaries and wages) and your living costs until the business can support itself and you. (Make sure you have a realistic expectation of how long it will take.)
- You are comfortable with what is required of you as the business leader and that you would enjoy doing what is required.
- You understand all aspects of the franchise agreement and have a franchise attorney review it for you. Do NOT sign an agreement without first doing this.
The above notes are only meant to be a highlight. You must investigate thoroughly. I can provide you with a far more comprehensive breakdown of what all you should be looking at. Remember that, as your franchise consultant and coach, I can guide and coach you through the entire process – from choosing from the otherwise daunting maze of franchise options out there through the entire franchise purchasing process.
Call or text me on 440-673-8154 or email me firstname.lastname@example.org.