You may be satisfied with your job. Maybe you enjoy your coworkers, your boss is a nice person, the company appears to be doing well, and you are completely satisfied with your current income.
If this describes you, you should think about becoming a franchisee.
This may appear to be counterintuitive. After all, why would you quit a job you enjoy just to take a chance on business ownership? Actually, there are several compelling reasons.
No job is secure.
You could lose your job with only one economic downturn. When it comes to your career, you may feel like you have firm footing beneath your feet right now, but it may all be taken away by factors outside your control. A worldwide recession, a new competitor that renders your products/services obsolete, a market shift, an irresponsible CEO, a sale, a merger, a simple change in direction for the firm, any number of factors might disrupt your present employment, and you will have little influence over any of them.
While these same factors might affect you when you run your own business, the main distinction is that you have greater control over how much they impact your business. When you work for someone else, you have no idea how well they are performing their job or if they are looking out for your best interests. When you run your own business, you know precisely how well the person at the top is doing because that person is you.
The longer you work for a company, the lower your lifetime earning potential.
Staying at the same job for even two years reduces your lifetime earning potential by half. The typical yearly rise for a company employee is roughly 3%, but average annual inflation is usually 1.5-2 %, so the 3% raise only works out to about 1%. When compared to starting a new job, you will normally earn 10-20% more than your former position. That suggests you'll have to keep changing jobs for the remainder of your career if you want to optimize your lifetime earning potential.
When you own your own business, your lifetime earnings potential is considerably more than when you work for someone else. In your own business, the more you work, the higher your lifetime earning potential, as opposed to working for another company, where harder work does not correspond to a higher lifetime earning potential.
Even if you enjoy your job, you are still contributing to the wealth of someone else.
When you work for someone else, whether it's a privately owned corporation, a publicly-traded company, a government institution, or another business, all of your efforts go toward increasing wealth for the owner, a few senior executives, and investors.
One of the many ways you might build wealth for yourself is to start a business. When you buy a franchise, you are creating wealth for more than just yourself. You are also creating a legacy for your children, giving them a head start in life.
Even if you are happy in your current position, it is worthwhile to investigate your franchising opportunities. When you become a franchisee, you may end up becoming a wealthy business owner, and you will have all the support you need to make it happen.
If you would like to talk about your franchising options, please schedule a call here.