After a year of pandemic chaos, many are rethinking their idea of a perfect career. The days of working in corporate America for 30 years, then retiring with a gold watch are over for most. There is no longer the guarantee of continued employment, and workers’ futures are at the mercy of management and wavering economies now more than ever.
Employee happiness is at an all-time low as people are no longer sure what tomorrow holds.
So, what is the solution?
Many have found that franchise ownership has been the best possible career path for them. Did you know that there are over 770,000 franchised businesses in the United States? With numbers like that, franchising must have a lot going for it.
Unfortunately, there are several myths about franchising which keep some from exploring it as a viable option. For instance, the first thing that comes to mind for many when they hear “franchise” is fast food. Sure, there are many fast-food franchises out there, but there are also many, many more options that are not fast food! Health and wellness, education, pet care and grooming, house care (painting, interior decorating, cleaning, etc.), automotive, and senior care are all industries that have amazing franchise opportunities.
Some also believe that when you buy a franchised business, you have no control or creativity when it comes to running that business. While it is true that franchisors have processes in place for you and your franchise, there are also many ways that you make it your own. You will find out exactly what can and cannot be done while you are in the discovery phase of your franchise search.
Now that you are intrigued at the prospect of franchise ownership, an important question is popping into your head: “What are my next steps?”
As the title to this article says, it is easy as 1-2-3!
1. Connect with a Professional Franchise Consultant
Like with most things in life, it is easier if you have someone helping you that knows what they are doing. And no one knows more about franchising than a Franchise Consultant.
A consultant spends every day helping people just like you discover the business of their dreams. They will guide you from the beginning until the end because they want to make sure you succeed. Why? Simple. Your success is their success.
The first thing a Franchise Consultant will do is to help determine if franchise ownership is the right move. Not everyone is cut out to be a business owner, and it is better to know that in advance that two years down the line.
Once franchising seems like the right path for you, they will work to discover what industry, and then which opportunity, would be the best fit. Would you like a brick-and-mortar location, or is working from home the best option? Do you want to work alone, or do you see employees in your future? Are you ready to jump in 100%, or would you like to keep your current job while starting your new franchised business? There are many options to consider while looking at this new career path.
2. Review Your Financial Situation
Now that you know the franchise options that are right for you, it is time to look at the money.
Each franchise has a set amount of fees and royalties required. There are also other financial considerations such as location costs, marketing, payroll, etc. Again, these are all topics your Franchise Consultant can help you with.
And there is one other area to consider…it may be months, or even a year, before you can start paying yourself. Do you have the ability to continue your lifestyle without a guaranteed paycheck for a while?
Don’t worry, there is good news. There are different banks and institutions out there that are happy to give business loans to people ready to start their franchised business (keep in mind, there are usually credit and other requirements when searching for these types of loans). Again, your consultant will help you find these opportunities.
3. Discovery Day
You found your new best friend, the Franchise Consultant. You have found the right franchise for you, and you know you have the finances to cover the costs. Now what?
This is when you, as the potential franchisee, get to visit the company headquarters and ask the franchisor all questions you have about the franchise.
This is your opportunity to find out about the brand, and to discover how it holds up to other brands in the same industry.
You will want to find out about the type of support system they offer, how they train, what they offer in terms of marketing and other brand support, and what income expectations are realistic. In other words, you should not leave Discovery Day with any questions whatsoever about the franchisor.
And they will be more than happy to answer, because like your consultant, they are only as successful as their franchisees are.
You will also want to talk to other franchisees, as well. They should be more than happy to tell you about their experience with the franchisor, and if their expectations were met.
This all seems like a lot of work (and there is more to do after these three steps, including all the legal paperwork!), but once you have found the franchise that will be your new career path, it becomes an exciting journey rather than a tiring task. After all, you are about to make one of the biggest, and most thrilling decisions of your life!
Franchise Matchmakers is a team of franchising professionals that are dedicated to helping people explore business ownership as a career path. Contact them at firstname.lastname@example.org to find out more about franchising options that are perfect for you.