Dreaming of becoming an entrepreneur may make you want to quit your current job, but before you do, make sure you have everything in place to be a successful franchise owner.
Select a Franchise Wisely
When it comes to franchising, there are several alternatives. First, you must decide the industry and brand you wish to work in. The next step is to decide whether you want to be an owner/operator or hire a manager.
You may even be able to own a franchise while continuing to work your day job if you will not be engaged in the day-to-day operations. All of these are things to consider before submitting your notice.
Balance the Budget
Running a business isn't cheap, and in addition to the franchise fees, you'll need to account for startup and continuing operational costs. Oh, and don't forget to pay yourself!
Knowing how much it will cost to manage your franchise can give you a better idea if you have enough money to finance it now, whether you want to take out a business loan or whether you should continue working for a little longer.
Do Your Homework
A smart franchise owner should always do their due diligence, talk with existing franchisees, and get to know the team at the corporate office.
By researching these areas prior to launch, you will guarantee that you are well prepared and avoid any unpleasant surprises down the road.
Time Management
Money isn't the only thing you'll need to invest in when starting a franchise. You will be devoting a significant amount of time to this business, particularly at the outset, so plan accordingly.
If you intend to keep working, you must be sure that you can devote adequate time in the evenings and on weekends to make the business successful. You may choose to hire help from the start to ensure your success.
Discuss your time commitment with your family. Having them involved in the decision and setting expectations now will help when you need their support later.
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