The majority of individuals who start a business through Franchising are coming from Corporate America where they have worked for multiple bosses and broad structures that dictate their positions. People who start a franchise typically are looking for freedom that offers them the ability to make their own decisions, work with whom they wish, and have the ability to make as much money as one desires.
That doesn’t mean that leaving a Corporate America doesn’t come without risk and has a place for everyone that has dreamed of business ownership. I’v mentioned a few below for your review.
WORKPLACE INDEPENDENCE
Corporate jobs are not known for their independent structure and employee autonomy. Even if you’re a particularly skilled employee, there’s a good chance you’ve got to answer to somebody about your work in a corporate environment.
When many people leave corporate jobs, they do it to find a bit more freedom, flexibility, and independence in their work. Starting a franchise can give people who still want and need to work the ability to control growth and work without the strict corporate system in place above them. Individuals find themselves working with a franchise team and making decisions that have a positive effect.
For many people, simply running the show instead of answering to somebody higher up is a big relief.
STARTUP COSTS
Building a franchise can be exciting, especially for people leaving the corporate world and running their own company for the first time. One of the biggest challenges that many people face right away is the startup costs that often come with a franchise.
If you’ve saved money, have investors, or can take out a loan, startup costs may not be a big deal. For many people, though, startup costs can be the first negative when it comes to building a franchise. It’s best to evaluate all options when it comes to being able to afford a franchise and come to a conclusion on what you are comfortable with.
POTENTIAL FINANCIAL FREEDOM
- When you start a franchise, the sky really is the limit in terms of growth. If your first location is successful, then you can expand In fact, this is what many franchise owners who do well and enjoy the franchise experience do.
That could mean financial freedom for you and a completely different schedule than you’re used to. Depending on your role in the business and the type of franchise you’re running, you may be able to work limited hours in your initial location, and simply run it from the financial side.
That’s what many people who are looking to get into franchise ownership are aiming for down the road.
POTENTIAL MONEY PROBLEMS
Unlike working at a corporate job, starting a franchise requires you to spend money to build a business infrastructure. From
buying into the franchise to paying rent and employees, the financial costs will be your own for the first time.
You also won’t get a steady paycheck when you start a franchise. You may be able to make more in the long run, but for some people, the fact that they won’t be getting steady pay makes franchising difficult or impossible.
Before you take on a franchise, make sure you have a solid financial plan to see yourself through the early stages of ownership. Speak with franchise advisors to get a complete view of what the financial commitment would look like. As well, look at all the options that one may have to capture capital to invest in a business.
EVERYTHING YOU NEED
Starting a franchise can be incredibly exciting and rewarding, but leaving your corporate job can be a scary proposition. The Franchise industry is vast and robust and for many people looking into franchise ownership, it can be very confusing.
Just take the time to make sure buying a franchise is right for you before you make the leap. It’s important that you utilize others to help you work through the maze of information, so you can bring clarity to whether it makes sense to join a Franchise or not. Companies like Joshco Partners act as mentors to those that are considering Franchise ownership, and most services are free to the individual looking. Take advantage!
For more information about the pluses and minuses of Franchise ownership, contact Joshco Partners today!
