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If you're at this point in your life and seriously considering a franchise business ownership, here are some great tips to start.
The end of one year and the beginning of another is often a time of reflection. What business ownership worked well in the previous year?
What needs to be improved? What new opportunities should be pursued?
This can be an exciting time, full of new possibilities. But it can also be a bit daunting, as business owners consider all that they hope to accomplish in the coming year. Still, with careful planning and a bit of hard work, there’s no reason why 2022 can’t be a successful year for your business.
Is it finally time to start that franchise business you’ve always wanted?
Taking on a 5K is a fantastic goal, as are home improvement projects, but neither is as life-changing as giving up your job for the thrill of entrepreneurship. We understand how difficult it can be to break free from traditional employment – especially when that job is in corporate Australia.
Corporate jobs are frequently laden with perks, making it difficult for employees to leave. Health insurance, retirement plans, and company vehicles are just a few benefits heard from candidates mention they were hesitant to go it alone. I enjoy these benefits just as much as anyone else, but I will not limit my potential as a business owner to keep them. And, with millions of small businesses open in Australia today, it’s clear that others agree.
If you’re at this point in your life and seriously considering owning a franchise business, here are some great tips to start.
Everyone wants to make money in business, but true success is when the business allows you to design the lifestyle you’ve always desired. Answering these questions will help you narrow your focus and choose the perfect franchise model for you:
> Do you want to build a business empire, or are you looking for something smaller and easier to manage?
> Do you want to be involved in the everyday operations or hire people while you handle the back-end?
> How important is it for you to have free weekends? How about always arriving home in time for dinner?
> Do you enjoy going to work every day, or do you prefer a more remote environment?
> Is there a personal or philanthropic motivation when providing a good or service?
You don’t have to shout it from the mountaintop; just admit that you’re afraid to leave the security of a job for the uncertainty of small business ownership. Consider what specifically scares you. Is it monetary? Daunted by the possibilities? Not sure where to begin? Do you struggle with self-doubt?
All of this is normal, far more normal than not being afraid at all. Even if you don’t want to be an entrepreneur, you owe it to yourself to face your fears. Learn about the financial requirements for starting a franchise.
Learn how to narrow the field and choose the best business for you. Franchisors seek people whose skills complement their franchise system and provide initial and ongoing support. That way, neither you nor the franchisor will be concerned about your ability to succeed as a franchise owner.
Owning a franchise business is a life-changing experience. It will enable you to take control of not only your professional life but also your personal life. Discussing your desire to own franchise business with your family early in the process may alleviate your fears and generate support from loved ones. And be able to work your hours, giving you more time to spend with your family.
They can help you with hiring decisions, for example, bringing family members on board. You might even decide to go all in and own and operate your entire franchise, or business family. Your decision will have an impact on the people who live in your home, so keep them informed.
Most people have a friend or family member who is a business owner. Even if your community has resources to learn about business culture. Joining your local chamber of commerce or simply attending some of its events will put you in touch with local business owners.
Spend time at a local business you know has a good reputation. Sign up for its email newsletter. You could even visit the owner in their spare time to learn about their experiences. Large communities will have economic development offices brimming with information to assist you in determining what types of businesses can thrive in your area.
No, you do not need to plan how you will purchase a franchise business. You can discuss with your franchise consultant or the franchise system you are interested in. However, now is an excellent time to organise your finances so that you can understand your current financial situation. Many franchise systems have financial benchmarks in place to ensure that qualified candidates are considered for franchise purchases and operations. Calculate your net worth (assets minus liabilities) and liquid capital (readily convertible assets, like cash or savings accounts).
Have you ever heard of a semi-absentee franchise owner? This is by far one of the most popular ways to enter the franchising world because it allows owners to work on their business for only 10-15 hours per week without having to work in their business’s physical location. In other words, you can work your regular job while also running your own business. Another option is to work during the early stages of your franchise ownership, then expand your franchise business to multiple units while having more free time for the people and things you care about.
One of the most famous franchise industry adages is that franchising is about being in business for yourself, but not by yourself. The same holds true for franchise business development. You don’t have to sift through over 3,000 franchise brands on the internet to find the one that’s right for you. ActionCOACH, the world’s largest business coaching franchise created this franchise opportunity for the true Entrepreneur like you, who sees themselves as an investor or area developer and is looking for unlimited growth potential.
Your decision to embark on business ownership is a powerful and pivotal point in your professional and personal life. You and your family, friends and confidants need to weigh many options. Finding a business partner that will support you and give you the tools to help you grow beyond your expectations is critical. Consider choosing a career with a purpose and a business option that offers unlimited growth.
In today’s marketplace, the world needs more people that love what they do. Finding a business that works for you is a real possibility. Let’s work together to make your future dreams a reality today. You will be surprised how easy and uncomplicated, becoming a business owner can be.
You will always have us by your side, answering your questions, providing you with data and connecting you with experts to help you make the final decision. Discover all ActionCOACH and our Business Model can offer you.
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