How to Transition From Your 9-to-5 Job to Full-Time Franchise Ownership
If you’re tired of working for other people and want to work for agen poker online, you’re not alone. In a 2018 survey, over 60% of Americans said they wanted to be their own boss. Somewhere between 16 and 25 million Americans own their own business or are self-employed, depending on how you count the numbers.
It’s clear that a lot more people want to work for themselves than actually do, and that’s not surprising. Starting your own business or leaping into self-employment is a big risk. Half of all new businesses shut down in the first five years, whether because the business can’t support itself or because the owner wants to go back into the workforce.
But there’s a way to work for yourself while minimizing the risk and offloading some of the stress. It’s called franchising.
Now, I’m not a franchise owner myself. I own my own business. But I know plenty of people who have gone the franchise route, and it’s a lot easier to make that transition than it is to leap headlong into a new business.
There are a few steps you need to take to make that transition.
- Figure out what kind of franchise you want.
When someone says “franchise,” what’s the first thing that pops into your mind?
For most people, “franchise” brings to mind McDonald’s, Burger King or Taco Bell. Fast food is the most visible and one of the most common types of franchises. But it’s not the only kind.
There are several different types of franchises, involving just about every business model you can think of. Here are some of the ones you need to know.
Business format franchise
A business format franchise gets not only the trademark, but the entire system of doing business. This is one of the easiest types of franchising to get into and also one of the most common. Most fast food franchises fall under this umbrella, but so do some retail stores, fitness clubs and business services providers. A company like H&R Block is just as much a business format franchise as Jazzercise or KFC.
With these, you can offload much of the effort of getting the franchise off the ground and keeping it going to the company you’re franchising from. You’ll get help with marketing, training and more. If you want to expand the number of your franchised locations, you’ll find help there too. It’s the least stressful option of all the franchise types.
These franchises are among the cheapest to start, as they’re normally very small businesses – sometimes only one person. With low amounts of stock and low overhead, these franchises are ideal for someone who wants to leave the 9-to-5 life without a huge upfront investment.
Many of these franchises involve trades, while others might be event planning or other service-based careers. That dog groomer that makes the rounds in a van might be a franchisee. Same with the custom detailer, or the plumber who fixed your clogged drain.
These companies may have a storefront – you might run into a travel agency, shipping service or similar franchise business that has a physical location – but many of them don’t. These businesses typically have some support from the franchise company, but less than a business format franchise provides; they’re more or less just using the name.