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How to know when to quit your job and buy a franchise

May 10th, 2017 by Joel Caws in Franchise Tips
 

How to know when to quit your job and buy a franchiseDo you often find yourself thinking about running your own business but you’re not sure if now is the right time? Consider these points and see if you’re ready to invest in a franchise.

1. You want to work for yourself but not by yourself

Franchising is an excellent option for going into business for yourself but having the support and guidance of a proven system behind you. Your franchisor will provide you with training, skills and the knowledge you will need to get the business running successfully. You will have a vested interest in the business, and rather than working to please the manager, you’ll be working to make yourself proud. As a franchisee you will also play a part in the business’ decisions and have a say in future plans.

2. You’re financially ready

Becoming a franchisee is an investment and the financials should not be taken lightly. Franchising can cost a lot of money and it’s important you consider all your options. Do your homework and have a plan for meeting all of the financial requirements both upfront and ongoing. Make sure you speak to your potential franchisor about the support that’s available to you as well.

3. You’ve got the mind-set of a franchisee

As with all business, as a franchisee you will have your ups and downs. There will be challenges and setbacks which you will need to face head-on. You will need to have the get-up-and-go attitude that will get you through these trials and make your business a success. If you are ready for the challenge, then it may be time to pick up the phone or take our Two-Minute Franchise Matching survey.

4. You’re getting all the right advice

Even if you haven’t picked the franchise system for you yet, it is important to hear advice from all areas. This includes the franchisor, franchisees, and experts from places such as the British Franchise Association. Visiting exhibitions and discovery days can be an excellent way of gathering information and learning all you need to know about franchising. We also have a free eBook available for prospective franchisees to download with top tips and best advice on how to find the right franchise for you. Download your copy by clicking here.

5. Your family is on board

Buying a business is a both a financial investment and a personal investment. Many franchisors will encourage you to bring your partner, friend or family member along with you on a discovery day so that you can have a trusted second opinion to hear. It will be beneficial for you to have your family encouraging and supporting you during your franchising venture as this is make the business-ownership process a lot easier.

If you are considering becoming a franchisee, make sure to check out all of our Franchise Tips for best advice.

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