Many people have been dreaming of owning a business for a very long time. Perhaps business ownership is a distant goal, and the timing is not yet right. For most employees who just started working, the most important things are getting promotions, acquiring management experience, and stacking up funds in their retirement accounts. Some also have things in their personal lives holding them back from them starting a business, such as growing a family, paying a mortgage, parenting, and more.
But we have seen it happen many times before. Unexpectedly, the so-called “dream job” is gone, and so is the pay. Then, a vicious cycle of job changes and pay changes begins. After-work meetings and business travel become the usual. Spending quality time with loved ones is no longer a priority. Suddenly, a wake-up call rings in, and these questions are asked: What did I do with the past 20 years of my life? Who has been in charge of my career? What key occasions have I missed? What occurred to the dream of living a free and flexible life, having control of my destiny, and working for myself? Well, you put it on the back burner because life got in the way.
For many people, this can be a big burden to shoulder – one full of sadness, regret, and frustration.
So what is the next thing to do? What can you do to stop the endless cycle of life? The answer is easy, but the decision is not: pursue your dream!
I was in the same situation about 20 years ago. I pushed aside my dreams of owning a business because I was too busy pursuing my career goals. But an event made me rethink my priorities and switch my career. I transitioned from being controlled to being in charge. How? By becoming a franchise owner. . Rather than staying as an employee, I became a boss and put myself in control of my financial future instead of putting it in another person’s hands. Was it an easy decision? Of course, not. Was the decision worth it in the end? Sure! So, ask yourself, what is your dream? What are you passionate about? Do you want to be an employee or a boss?
During this internal conversation within yourself, you need to ask yourself whether it is the right time to pursue your dream.
It is easy to be an employee. You only have to follow your boss’s orders, carry out tasks, and receive payment for your work. This may seem simple until you find out that the streak of independence in you is stronger than you believe. You then start to ask your boss questions. You are asked to do things you don’t like. You find out that increments, bonuses, and promotions are given to those who you don’t think deserve them. You have reached a stage where you cannot earn more money. Unhelpful changes are being made to your benefits and retirement plans, and you have no control. You are told to make sacrifices that affect your beloved family. You have to engage in office politics to remain relevant and keep your job. You are asked to reach compromises that unsettle you. Your boss is making life difficult for you. You don’t see a future in your present position anymore. You begin to seek alternative career options. You continue to say to yourself, “If I were the one in charge, I would treat people in a different way, I would have control over my financial future, and I would have the flexibility and freedom I desire.” During that internal conversation within yourself, you need to ask if it is time to pursue your dream and find out how you can be in charge of your destiny.
Here are five important questions to ask yourself to know whether it’s the right time for you to make your dream come true. Are you cut out for franchise ownership? Continue reading to find out.
QUESTION #1: Is Franchise Ownership a Risk I Am Willing to Take?
Risk and fear go hand in hand. And fear is one of the most powerful human feelings. It can deter you from achieving great things or spur you on to achieve great things. When you buy a franchise, you are taking a risk. Below are some risk factors.
- You might lose your capital
- The business could fail
- You are not sure what the future holds
- You could select a bad choice
- It could affect your family
- The economy could take a hit
- Good employees may be hard to find
The truth is that everything comes with a risk. Is becoming a business owner scary? Of course, yes. However, people who are successful embrace change and figure out the risks. As soon as they discover that the risk is overblown by fear, they can start taking steps to deal with it. We all have our fears starting from when we were young. We are told to be careful and take caution. As we become older, we discover that our biggest fears as children were not insurmountable. We got over the fears and moved on. It is normal to experience some fear, but you just have to do it anyway.
QUESTION #2: What’s Motivating Me to Own a Franchise?
It’s also important to discover your “true” reasons for wanting to own a franchise. You need to ask yourself the following questions:
- What’s motivating me, pain or gain?
- Am I trying to move away from something painful?
- Am I changing my career?
- Am I fed up with the uncertainty surrounding my career?
- Do I feel frustrated with how much money I can earn?
- Am I motivated by the excitement of doing what I’ve always dreamed of?
- Do I want to be in charge of my own destiny?
- Do I crave more flexibility and freedom in my life?
- Do I want to have more control and security over my finances?
If your answers to the questions above suggest changing your career, you might want to consider owning a business. When you completely understand your “reasons” for wanting to own a business, you will be able to identify what type of business to invest in.
QUESTION #3: Will I be Able to Afford a Franchise?
Franchises can be costly to buy. And if you don’t know the actual start-up costs, recurring costs, and profitability of the business before jumping into it, you are setting yourself up for failure. Having a clear understanding of the business costs and your personal financial situation during the set-up phase is crucial to be successful in the short and long run. The great news is that with proper guidance, you can easily research and determine the start-up and recurring costs of a franchise you are pursuing. You will also be able to make financial projections to know the profitability of the business and the possible break-even period when you begin operation. Collecting all this information will also help you know how much money you need to maintain your lifestyle while getting your business off the ground.
QUESTION #4: Do I Have the Right Personality to Own a Franchise?
In franchising, the personality of the business owner is important. Since the franchise owner sets the mood in their organization, their personality will determine the business environment and atmosphere. People like to do business with those that they like. Employees also put in their best for bosses they like. If the business owner doesn’t enjoy working with other people, it will be difficult for them to bring strong customer service-oriented employees into the business. On the contrary, if the owner is a good leader, a strong motivator, and a people person, the employees will be happy to work with him, and customers will be happy, too. So, you need to ask yourself the following questions:
- Do I have the ability to manage people?
- Do I like working with people?
- Am I ready to learn, take direction, and stick to a plan?
- Am I a problem solver and an effective listener?
- Do I have a good work ethic?
If you answer “yes” to all these questions, you may want to consider business ownership.
QUESTION #5: When Is the Right Time for You to Buy a Franchise?
Well, you’re the only one who can answer this question. Did you start working long ago or just kick-started your career? You might be thinking, “the right time for me to start a business is when I have accumulated enough cash and when I’m past my most expensive years.” You might also be like some of our franchise clients who say, ” I want to become a franchise owner now that I’m about to retire. I wished I had taken the leap before now.” You know the popular saying, “timing is everything in this life.”
The decision to become a business owner is a very personal one. However, there are a lot of things you need to consider. Most people make major changes after a live event. It is possible that the only thing that will make you happy in your career is the overwhelming feeling of becoming your own boss. It might also be a career-changing event, such as a job loss, downsizing, or rightsizing) that makes you pause and ponder, “Are there alternative options I should explore before deciding to look for a new job?
Perhaps you are in a role where you don’t have many job opportunities, pay is insufficient, and rejections are not encouraging. Many people decide to look for employment because that seems to be the most secure and safe path… until the new job ends up being a disappointment or is lost. And the cycle goes on and on, one job after the other.
So, when will it be the right time for you to own a business? If this article catches your interest, now may be the right time for you to become a business owner. It is very likely that you are even considering franchise ownership right now. Getting in touch with an experienced franchise consultant can be a good first step to help you make the right decision. As you think about becoming a franchise owner, these professionals can provide you with the necessary information to help you make the right decisions and live the life you have always dreamed about.
