Business ownership and/or franchising are definitely NOT for everyone. Yet for many, being the owner could provide a desirable alternative to traditional employment or a better way to invest capital, produce supplemental income and offer continued involvement or an exit strategy for the future. Before proceeding with such a venture, it’s important to determine that you have a very compelling reason to do so. Here are some frequently cited reasons that new business owners articulate:
- Experiencing “Career Pains”, an e.g. overbearing boss, corporate politics and bureaucracy, threat of downsizing
- Being a victim of age discrimination in the job market
- Tired of trading hours for dollars, “When I stop working, the money stops!”
- Own a business, but need to diversify as a hedge against industry threats or to accommodate a family member
- Just sold a business or took early retirement, but need continued cash flow and/or intellectual stimulation
- Not seeing the Corporate World as a long-term solution for reaching income potential and providing the flexible lifestyle desired. This is often the case with Millennial’s, who also fear missing out on ground floor opportunities
Of course, there are inherent risks involved in business ownership. The franchise model can mitigate that risk by providing a proven, systematic approach to starting and staying in business.
Have you been considering business ownership as a career change, a supplemental income source or an additional layer of retirement security? Have you stopped short of looking into franchising because you think it’s all fast food, it’s all too expensive, it’s too time intensive, or requires prior industry experience? If so, you may want to think again. Franchising offers an array of categories and investment levels (starting at $50K). There are various points of entry ranging from full-time owner-operator to a multi-unit developer, to the semi-absentee investor. You may not even have to quit your day job to become a franchise owner! Rarely is prior industry experience required, as the franchisor is more interested in the transferable skills that you bring to the table from prior employment that they know you can be put to effective use by learning and following their system.
Does this sound like something that might be worth your time to learn more about? If so, here’s a great place to start:
Mark Cory has been the owner/operator of FranNet of Michigan since 2002, engaged in helping aspiring entrepreneurs select the right franchise business opportunity by strategically guiding them through the search and selection process. Mark knows that investing in a business can be a fearful decision, so he has designed seminars and a consulting process to help people manage the fear in order to determine if business ownership is the right path for them, and to discover the wide range of investment levels and categories. he
Learn about our seminars and online events at www.michiganfranchiseforum.com.
Want to schedule a brief, no-fee, no-obligation phone consultation with Mark to address career options and determine if franchising could be a viable path to explore? Please complete the form below and Mark will reach out to you to schedule a time to talk: