If you’re tired of the usual 9-to-5, you have probably been thinking about how you could pivot your career and change your life. A career change is a daunting idea, however, if you are not satisfied in your current field of work, taking the risk is a favour you will be doing yourself. When you try franchising, you get to be your boss and enjoy some of the benefits of this working arrangement, while at the same time, the level of risk you are taking is much smaller.
Besides a lack of satisfaction, there may also be other reasons why you are thinking about exploring a new route. The constantly decreasing level of job security is only one example. Daunting as it may be, changing one’s job or entire career is not as rare as you might think. While a few decades ago, people were likely to work their whole lives in the same job, today, a person is expected to change their workplace an average of 12 times throughout their lifetime. So, why not make a bigger leap upwards the corporate ladder?
Make a decision
A lot of people dream about being their boss. The benefits are clear – you have greater freedom when it comes to your work hours, you are in charge when it’s time to make decisions, and you have infinite potential to keep growing your project and reach new heights.
However, the price of such a decision can be quite hefty. Naturally, leaving your day job to start your own business is a very risky step. Not only do you need the capital, the idea, the know-how and a bit of luck, but you also need to be ready financially since your business will most likely not be profitable for the first few years of its lifespan. Besides, there’s no guarantee that your business will succeed at all. However, this is not the only way to become your boss.
What is franchising?
If you want to change your career but are reluctant to start your own business, franchising might just be the business opportunity you have been looking for. Purchasing a franchise and gaining control of it while still not being completely alone in your business ownership brings you the best of both worlds.
You get access to an already existing brand name and target audience, which allows you to jumpstart your business and get things in motion faster. There are also many advantages to franchising, such as training and support, that make this model ideal for those who have decided on a career change but might not be ready for a full 180-degree turn. That said, franchising is not a walk in the park. You need to be certain that changing your career and walking this path is for you. Here are a few reasons why it could be the right decision – weigh them in and make your call.
Why should you give a thought to franchising?
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Enter the business without extensive experience
You might think that your lack of extensive business experience means that becoming a business owner is out of the question at this point. Indeed, starting a business from scratch is difficult even for more experienced individuals. However, the story is a bit different when we are talking about franchising. What makes purchasing a franchise a great idea if you are thinking about a career change and have some capital on your hands is that experience is not a strict requirement.
Depending on the franchise in question, it might not be a requirement at all. A good franchise prioritizes drive, passion, and willingness to learn over experience, which means that even if you have never dabbled into managerial tasks, you might still be able to make this your career.
Franchises often offer extensive training to their new franchisees, where you will be able to learn all the essentials. Some franchises are also more supportive than others, and depending on your franchisor, you might also be able to receive advice and support when you run into an obstacle. As they say, when you are in a franchise, you are doing business for yourself, but not by yourself. This is a huge plus that simply does not exist when you start a business by yourself.
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Take fewer risks
Although a career change is risky, as we mentioned in the beginning, pivoting your career towards franchising involves fewer risks than starting a business afresh. There are several reasons why this is so. First of all, a franchise is an already successful business. Purchasing a franchise thus removes the biggest risks of opening a startup: failing to get your name out there and finding your audience. Your audience is already out there and you won’t have to come up with your brand image to get their attention, since they are already well aware of your offer.
While opening a franchise is not entirely without risk either, if both your franchisor and you give ample consideration to the location, competition and demand in the area. There should be no problems in this aspect. Besides, another thing that makes a new business risky, especially if you are inexperienced, are all the crucial decisions that you need to make – by yourself. Once again, in a franchise, you don’t have to worry about this, since you will not be making those crucial decisions yourself. Your franchisor also already has a well-working system you can gain insight into before purchasing the franchise, and all you’ll need to do is follow it.
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Obtain better job security by franchising
In today’s market, few would argue that there is simply no such thing as job security. The pandemic has made it even clearer that workers are essentially expendable and you cannot be sure that your position is safe, should unexpected circumstances arise. The only way to shield yourself from this economy is by becoming your boss. Purchasing a franchise allows you to do that simply. There are both advantages and disadvantages to this kind of business ownership – while you do get to be your boss, you don’t get the freedom to make changes to the business and do everything the way you like.
However, for those whose aim does not lie in realizing their business idea but are rather looking for a secure job that allows them to be in control, this arrangement is the perfect compromise. All you need to do is find the right franchise for sale, apply, and your new career will kick off in no time.
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Improve your work-life balance
Ambitions in the business field and pursuing better job security are not the only reasons why so many people want to be their boss. Many make this decision to improve a core aspect of their life, which is their work-life balance. Few people enjoy working 9-to-5 with little freedom and even less free time and days off to focus on their private lives. Living like this in the long term will only lead to burnout and stress-related health issues. If you feel like you have been running nonstop and want to experience a more fulfilling career where you have a little bit more freedom and control over your life, changing your career and looking into franchising might be the way to go.
While not all franchises have the same requirements (some require quite long working hours from their franchisees), you can find the right arrangement if you look hard enough. Some franchises can even be operated remotely once everything is set up and in motion. This grants you an incomparable improvement concerning your work-life balance. But even if you end up choosing a franchise where you’ll have to work hard and long, having a purpose for your efforts and the satisfaction of seeing your achievements are still worthy motivators that will keep you going and make you feel more fulfilled than working for someone else.
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Leverage a developed network
Finally, it’s important to mention that another reason why changing your career to franchising might be a lucrative idea, is that it grants you instant access to a network. Building the right connections would take you a long time if you were to start your own business. When you become a franchisee, however, not only will you have your franchisor by your side, but you will also become part of a community. Your franchisor might host events where you can meet other franchisees and business experts, or create an online platform where you can communicate with your peers, sharing experiences and advice.
These connections are going to be invaluable to someone new in a field, and are also something that you will keep even if your contract is terminated in the end. In additions, as a franchisee, you will also get access to your franchisor’s suppliers and, most likely, amazing deals that would otherwise not be available to your own business. A strong network is necessary for a successful business, and you get a head start in this aspect if you choose to franchise.
Naturally, franchising also has its disadvantages. The lack of freedom to make your own decisions is, for instance, a deal-breaker for some. Others find the price of purchasing a franchise and paying the ongoing royalties counterproductive to their financial goals. However, there is no doubt that franchises do provide the aforementioned benefits to those who want to change their careers. The fact that there is less risk involved and you will always have a support system to rely on make your transition smoother and less stressful. Even if you are not experienced in the business.
