It’s the beginning of the New Year and many are still reflecting about resolutions for 2019.  You may be considering a job change within the industry or interested in doing something totally different. I help those wanting to go into business for themselves but not by themselves through franchising-both start-up and resale opportunities. 

REFLECTIONS

You are well into your career… and for the most part, you are satisfied.  Deep down you occasionally have that entrepreneurial itch.  From time to time you reflect on giving up your career to do other things.  Maybe you are not ready to give up your job because you don’t have the funds saved to both start a business and support you and the family while the business takes off.  Maybe you don’t have a spare moment between your demanding position and family obligations.

If you have a family, are traveling for work and can barely find the time to get in some exercise or a date night, it’s probably not the right time to buy a franchise.  Even semi-absentee or absentee owned concepts need the time invested to learn the business, oversee it and keep it running smoothly.

You also need the financial means to keep the business going.  Even the lower cost franchise models require working capital.  The total investment range advertised or cited in the Franchise Disclosure Document (FDD) typically includes several months of working capital but some may include only 3 months, others 6 months or more.  It probably won’t comprise living expenses needed while you are waiting to break even and then profit from your efforts.  To not have the time, to not have enough funds, to not have a support network (family and friends) = lack of success.

TIMING

Timing is everything.  If someone would have told me ten years ago that I would quit my medical device global marketing position to assist others to find a new or resale franchise opportunity, I wouldn’t have believed you.  I was too busy working, traveling, keeping up with my two teen-agers and their activities, being a co-owner with my husband in two long-owned UPS Store franchise locations, being part of a non-profit board, etc.  But with time, the moment became right.  It may be the same for you.

Although dreaming is important in determining and realizing goals, you need to be enough of a realist to find out if you are ready and in the right place in your life to undertake owning your own business.  This requires taking a long, hard look at your circumstances and become informed.  You may need some tools that I have at my disposal to do that – determining your financial means including your personal net worth, speaking to my financial lender contacts experienced in franchising about converting 401k funds to a loan or other lending options you may have, discussing the different types of ownership (full, semi-absentee, absentee), arrangements (single unit, multi-unit, area developer, etc.) and location type (home-based or brick & mortar). 

Every potential franchisee wants to make money but choosing a concept that you think will make the most money or make money the quickest, may make you miserable in the long term.  Think about your interests and lifestyle.  If you are not an early riser, you don’t want to own a coffee shop that needs to be started at 5:30 a.m.  If you’re not a particularly empathetic person, owning an in-home senior care business won’t be the right fit.

Not sure if the time is right?  I invite you to schedule a conversation to find out.  No harm, no foul. What is the worst that can happen?  You spend 30-45 minutes to learn that you aren’t quite there yet but now know what it will take for a future venture and have something to work toward.  And when you decide it is the right moment, I will help save you dozens of hours and frustration by researching and offering options that closely align with your financial and personal goals at that point of time.                

No-charge Franchise Consultation: 855-725-1970 (U.S.); 760-473-4659 (SMS; WhatsApp).  View call availability on the calendar or schedule a call at https://app.acuityscheduling.com/schedule.php?owner=16315311

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