Many of the budding entrepreneurs who make appointments with qualified FranNet representatives have engaged in a significant amount of planning to exit Corporate America. They consider business ownership to be a well-heeled dream in which they’ll finally be in control of their own destiny. Yet we would never advise a cut and run strategy without proper foresight and planning. That’s why we’ve put together a handy list for you—the finer points of planning an exit from Corporate America.
It’s not that Corporate America is all bad. Lots of people manage to navigate quite successful careers while working for someone else. But at the end of the day, as we’ve all seen, that never exactly translates into what we’d call job security. The phrase “downsizing” entered our lexicon a couple of decades ago as a casual way to explain what we used to refer to as a “firing.” Other frustrations can easily mount, as we deal with the stresses of job performance, reviews, promotions and even office politics. But who needs all that, right? Let’s look at a few pointers on a graceful and gradual exit…the first step in becoming an entrepreneur.
Before you can begin your quest to become your own boss, you’ll have to decide where you’d like to be. If you’re an accountant by trade, does this mean you’re harboring a plan to open an H&R Block franchise? Maybe, if you happen to like numbers and your job in general. But many more future franchisees are willing to wing it, searching for a business opportunity that really speaks to their passions. You’ll have to decide—what are your passions? When you embark upon your own business ownership dreams, you’re in charge of your destiny, not your current boss.
Become Financially Independent
Many people who begin their entrepreneurial journey have considered the idea for some time, and thus have begun long ago saving money for the day they could use it to launch their own business. That’s not to say that only nest egg owners may apply, because there is such a thing as financing your new franchise opportunity. However, as a rule of thumb, many financial planning experts point to a strategy in which it’s smart to save between three and six months’ worth of income, just to keep your transition a smooth one. If this isn’t possible for your situation, consider part-time and freelance work during the transition.
Be Prepared to Sacrifice
Transitions, by nature, aren’t necessarily supposed to be easy. In your quest to become a franchise owner and your own boss, you will undoubtedly face setbacks along the way. Search your lifestyle for areas in which you can cut back expenses and increase time management. These ideas can range from radical departures from the norm, to not eating out as much. Every dollar and extra hour will count in the end.
Set Your Mental State
This overlooked aspect is extremely important. If you’re ready to move on from Corporate America, you may actually be leaving behind everything you thought you knew about making a living, paying bills and achieving notoriety. It can be overwhelming to have such a radical change. No more early alarm clocks, racing through rush hour traffic and boring meetings (OK, you might not actually miss those). But once you become your own boss, the landscape will change. Keep mentally fit and envision yourself succeeding in this new chapter of your life.
Making the decision to stop working for someone else and begin working for yourself is not a question to be taken lightly. It will involve your very preconceptions of safety and security. But what’s waiting on the other side can be far greater than those two aspects. Think independence, freedom and happiness. Trust us. We deal with it every day.
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!