The story goes something like this. Bob is a moderately successful corporate type. He has put in the time and has sat through enough corporate meetings for a lifetime. Somewhere along the way, he became unfulfilled, hit his max pay rate and now doubts why he sold the last 20 years of his professional life to a career he doesn’t want.
He has fantasized about owning his own business, but it never progressed beyond thoughts in his head and chatting with his wife. If he didn’t have that mortgage and car payment, he thinks he could do it. Instead, he resigns to the fact he needs to put in another 15 years, collect his gold watch and retire. Only then can he start living. Life begins at 65 right?
So sad. The truth is he can do it. Bob is either unwilling or unable to make a change. He is scared. It’s completely normal and certainly relatable for millions of working stiffs in America. The elite few will break the cycle and be moved to action.
Here are 4 things to do to take back control of your destiny.
1. Prepare today for tomorrow. This means that if you want to own your own business, begin preparing now. You will have to mentally prepare yourself and make some hard decisions. It might mean downsizing your home or selling all together. Put off that new car every 3 years you have become accustomed to. Reduce eating out, cancel the vacation and frivolous spending to make sure you have the financial cushion you will need.
2. Talk to your financial advisor. All franchise opportunities will require an up-front investment. That’s not it. You will also need money for equipment costs, construction build out and ample ramp up capital in your first 6 months to a year of operation. Exact costs vary depending on the franchise opportunity.
You may be able to borrow against your portfolio without having to liquidate your investments. Because it’s your money, you usually will not have to go through the hassle of sending financial information like with a traditional bank loan. Some specialized lending institutions will lend using your 401k as collateral too.
3. Get your family on board with the decision. This means a good old fashioned serious conversation around the dinner table. You can’t do it without them. They will have to sacrifice too and be there to support you when you have setbacks.
4. Prepare to work harder than ever before. I know that doesn’t sound appealing, but entrepreneurs are the only group of people that gladly trade their 40 hour a week job for an 80 hour a week job….at least in the beginning. You will be surprised though, it won’t be as bad as it sounds because you will finally be building your business and not someone else’s. You will find new energy.
Businesses don’t just spontaneously happen. It takes change and change is hard. The truth is, it’s not for everybody and it may or may not be for you. I tell my clients to look at it this way; you will spend a career giving your blood sweat and tears for someone else. You will trade the best years of your life and sacrifice friends and family for a paycheck at the end of the week. Most are stuck in trading time for money and will never escape.
Entrepreneurs see things quite differently. They look for ways to create a machine that produces money and ideally, with as little input from them as possible.
That’s the difference between a job and a business.
To have a complimentary and completely confidential conversation with Marshall, contact him HERE.