During the pandemic, the business world was thrown off its axis, and many of us had to quickly grow accustomed to new habits such as social distancing and working from home. As a result, many businesses had to close their doors. Now that restrictions have been lifted and life has returned to a relative state of normalcy, many individuals have decided to leave the corporate world behind in favor of exploring entrepreneurship. Of these individuals, many are finding success in franchising and beginning their new life as self-employed. If you’re ready to make the change, this guide will be of excellent service.
The transition from the 9 to 5 working world to self-employment is one that takes some careful planning and preparation. Your best bet is to start putting some money aside before you begin your path toward franchising. Depending on the type of franchise you buy, you’ll need a considerable sum upfront. Franchisors will only award franchises to candidates that meet their requirements for liquidity and total net worth. You will have to disclose this information to the franchisor early in the process to demonstrate that you are a serious candidate with the means to run a successful business. Whether you finance the franchise from your own pocket or through a small business loan, it’s important to consider how you will finance the franchise before you begin. A franchise broker can also provide guidance and point you to funding sources.
You have to spend money to make money. Any business, regardless of whether it’s a franchise or not, will have a variety of monthly expenses to cover. If you’re entering the world of franchising, you will be required to pay royalty and marketing/tech fees to the franchisor, as well as monthly expenses for supplies, payroll, health and property insurance, rent, and more.
Quality of life is often one of the most important reasons people dream of being self-employed. You may need to consider how you want to balance your work and life. This might seem difficult at first, but putting your own needs first, hiring the right team, using all the tools and resources provided by the franchisor, and following the franchisor’s processes and procedures can put you on the path to success as a small business owner.
The franchising world consists of a lot of different businesses in hundreds of industries that you can invest in. Consider what your best skills are and how they can be properly utilized for the right type of business. Meeting with a franchise consultant is a great way to assess your skills, define your income needs, and get to the heart of the lifestyle and business you want. Your franchise consultant or broker will save you a lot of time and money because they have the tools to quickly sift through hundreds of franchise opportunities and put you at the front of the line with a few select franchisors. Ultimately, they will match you with an exciting franchise opportunity.
If you think you’re ready to seize the perfect opportunity and become a self-employed franchise owner, we’re here to help. For more information on FranSave and how you can get on the fast track to success, visit us at www.fransave.com.
This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your jurisdiction. Franchise offerings are made by Franchise Disclosure Document only.