Franchising Forward: What Does Your Future Look Like as a Business Owner?
No matter how long you've been picturing your life as a franchisee, there are aspects you've considered as a business owner. You've wondered how will your life look once you get there. How will your income be affected? Your happiness? Your daily work schedule? And more. But how realistic have those dreams been? When you look to the future, you go after what you want and you spin your dreams toward what you want them to be. In other words, you play it up big! This is your dream, after all, why not put everything just as you want it to be? Then there are those who play out every worst-case scenario and assume them to be true in going forward.
But have you looked at the facts? As difficult as it might be, try and look at your future as a franchisee objectively. What's likely to go right? What will realistically go wrong? Of course, there's no way to tell the future, but you can look at others' experiences, facts, math (probability, for example), and more for a better idea of what to expect.
Surprises are less surprising when they're planned for, after all.
Your Future as a Franchisee
Of course, you have to look at logistics when looking at your franchising future. That means money – how much money do you need to survive? How much will the business cost to run? How long will it be until you're profitable? Can you increase those margins? What's your ideal rate of profit? How many dollars do you need to be "liquid" at all times? Ask these questions and come up with real, tangible answers.
Next, you have to look at your responsibilities – in and outside of work. How quickly could you leave your current job? Can you transition out of it? Can you franchise on a part-time basis? What does your family require of your time? How much family time does it take in order for you to be happy? Can you take a few months to really dive in for work? Or do you need to remain more flexible for your personal life? Whether you're single and working multiple jobs or a working parent, to a retiree with friend and family obligations, look at your personal timeline and how you're able to dedicate hours to your franchising goals.
Next, consider funds for the franchise itself. Will you need to obtain a loan? If so, what kind? Do you need help in obtaining that funding or are you going at it as a sole investor? Are you working with others? Silent or involved investors? How much of a work load will each party have vs. how much of a vote in daily operations? Will you have any type or board wherein decisions need to be voted upon? Consider all of this to create a better timeline and to determine your own due dates for opening up a location, level of financial responsibility, and any added tasks, such as working with others for votes, etc.
Finalize the Franchising Perks
Most importantly, it's time to get pumped! Look at all the good stuff, the reason you have even considered franchising in the first place. What will you look forward to most? Being your own boss? Creating your own schedule? The creative freedom to help a company grow? What about teaching others, creating and growing a team that can help a business not only survive, but thrive?
Then again, you might be franchising because there's things about your old job or career that you'll be glad to get away from. It could be people, it could be regular working hours, company policies with which you didn't agree, and more.
Both the perks of the new job and getting away from the old can lead you to become excited about opening your franchise location.
The main takeaway, however, is that you want to have a good idea of what to expect for your future. As a soon-to-be franchisee, looking at all of the facts and putting them together will better prepare you for your professional venture.
While there's plenty to look forward to, being aware of the real changes business ownership will have on your future can better set you up for success.
By Bethaney Wallace | Jul 02, 2019 | General Franchise Information