Taking a leap of faith into the world of franchising might be the most exhilarating undertaking of your life. Especially if you’re harboring thoughts on formulating a real plan to become your own boss. But nobody said it would be easy. Unless you have a fabulously wealthy relative ready to drop an established business right in your lap, it’s going to take a modicum of planning to accomplish. But when you’re done, you’ll be much better off than the guy with the wealthy relative. It’s the mindset and approach that leads many a successful franchisee candidate through our doors. During this FranNet blog edition, we’re going to clue you in on what they went through to get to this point…
I Can’t Get No…Satisfaction
You may have reached a point in your life where a reality check is a welcome exercise. We’re not talking about the midlife crisis variety where you go buy expensive sunglasses and a Corvette. This is more like realizing that you may be dissatisfied with your current career situation. You want to do something about it. This feeling is both natural and even welcome if you’re considering an entrepreneurial journey. Even Bill Gates once sold computer parts out of the trunk of his car. You think he went home satisfied every day? He sure does now.
Skills and Expertise
Hopefully, at this point in your career, you’ve accumulated a wealth of knowledge in a particular field. Your accrued skills and expertise should be a guide—but not necessarily the only guide—in exploring what it is you really want to do. Some of the best accountants would rather run a handyman operation. Why? Because they love do-it-yourself projects more than spreadsheets. Just the same, a do-it-yourself carpenter might want to own a handyman operation precisely because he does understand the ins and out of the business and knows he can be a successful business owner. Take stock of what you have to offer and marry that with your passion.
If you’re ready to formulate a goal to become your own boss, you should know as well as anyone that this will take careful planning. Here’s a helpful hint—you don’t need an 80-page dissertation on the subject. You just need your own personal Plan-O-Gram. Keep it short and simple and answer these questions: What do I really want to do? Who will I serve? What business model appeals to my working style? What is my specific time frame? When you do make an appointment with a FranNet representative, bring your Plan-O-Gram with you. It will be a helpful document for both of us.
In order to formulate a plan to become your own boss, you may be well into a multi-year savings plan to give you the nest egg you’ll need to get your business off the ground. Or perhaps you intend to seek outside financing to fund your future entrepreneurial operation. Either way, this step is important in getting a handle on what you can afford and what you can’t. Franchising offers candidates multiple ways to set up shop and be in business. Do your best to read up on things like bank financing, 401k rollover funding, and small business administration loans. Keep careful records of your own savings and earmark them for actionable steps in the franchise investigative process.
If it’s really your dream to open your own business, you don’t have to wait for the ribbon-cutting to get out and network with individuals, groups, and influencers. Minus the fine details, it’s ok to share your plans with those who may have a positive impact on your future as a small business owner. Look into your local Chamber of Commerce. Attend a Rotary Club meeting. Find like-minded business leaders in your community and don’t be shy about asking for advice. You’ll find that people can be unfailingly polite and quite helpful when you seek their opinion. After all, it’s a form of flattery.
These are but just a few small ways in which you can begin transitioning to a life where you become your own boss. Put these steps into action and best of luck on your journey!
Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!