However, it’s not for everyone because it can be scary. We’ve all heard that 90% of startup businesses will fail. That’s a grim statistic for sure, and it will send most employees back to their cubicles.
But there is a bright spot. Enter the world of franchise ownership.
It’s brilliant, because, by the nature of being a franchise, the business model and demand have already been proven. Therefore, success is more common than failure.
If you’re ready to think seriously about your next move, follow these 4 steps:
Decide the time is now
Starting a business begins with being emotionally ready. Everyone has a dream, but only a select few have the drive to take action. There are dreamers and there are do-ers. Ask yourself, how much do you want it?
Having a job is kind of like renting an apartment. It’s a good place to start, but are you ready to step up and buy a home (own a business)? If the answer is yes, be sure to bring your spouse in on your thoughts. Owning a business is very much a team sport.
Get feedback
Of course, you’ll talk to other family and friends but take their opinions cautiously. Don’t let others ambush your dreams just because they don’t have the courage to do it themselves. Value the opinion of others that have already walked down the entrepreneurial path themselves. Remember: The elephant in the room is FEAR. Some people are paralyzed by it, others are motivated.
Get a coach
When you’re researching franchise opportunities, you’ll no doubt do a few internet searches. It’s at this moment, you’ll realize there are over 3500 options. You can go into analyst mode and build spreadsheets to try and sort them out, but why would you? We like the services of an independent franchise consultant. One longtime consultant/coach is Marshall Reddy. He has a proprietary process to help narrow your choices.
It starts with a Franchise Assessment Profile. He’ll help you understand your “Why.” Do you take direction well? How do you process information? Reddy helps you figure it out. Next, he’ll ask you about other drivers. Are there specific skills you want to use? Perhaps you have school-aged children and don’t want to miss any baseball games. Do you have any physical limitations? Perhaps you’re not ready to quit your job and want to be an absentee owner? His 15-page worksheet will prioritize what’s important to you so you can design your own professional destiny.
Based on the sessions with Reddy, he’ll present franchise options that fit your goals and genetic makeup. At that point, it’s up to you to do some additional research and have discovery calls with the franchisors. If you like what you hear, and the franchisor likes you, they may invite you to their corporate location for a discovery day. This is when you’ll meet your potential business partners face to face and learn more.
Look at your finances
It does take some cash to buy into a franchise. Most commonly called a “franchise fee,” it can be just a few thousand dollars to a million dollars or more. In Reddy’s process, you’ll have a conversation about this. For most moderately successful working adults, franchise ownership is well within reach. Special government programs help you unlock the cash you need. It may come from allowing you to access a portion of your 401k tax-free or even an SBA-backed loan. The best risk you can take is on yourself because you can influence the outcome.
So is 2022 the year you change your reality? It could be - IF you have what it takes. It’s not all blue sky and roses and there will be rough days - but they will be yours.
