We’re often tempted to leave our current career paths for something new, or to set up a great business idea we’ve had. But there are some things to take into consideration before you make the big leap…
Reevaluate your current position and needs
It’s easy to stay in the comfort of a position you’ve held for so long. Reliable pay as well as the known expectation of how your daily schedule will pan out becomes a habit that can easily grow into boredom. If you’re finding yourself craving the need to be challenged again and looking for that driving adrenaline of the spontaneity that any given day can bring, you’re probably best served at being your own boss. Franchising provides one of the best opportunities to do just that.
Before you leave, be sure of a few things
First, it’s dire that you make sure you have a business and a financial plan in place. A good accountant will help you with this and will clearly outline whether it is actually, financially viable for you. Surround yourself with a strong support network, as the first year of venturing out of your job and comfort zone is the hardest emotionally.
If you are venturing into owning your own business, the biggest shake-up will be how time-poor you will initially be, as there is a lot to get your head around that requires your daily attendance mentally and physically.
Don’t doubt yourself
Although leaving a long-term position can be daunting, don’t automatically assume that because you have been with the one company or in the same role for so long that you are without skills. Trusting in your experience when changing industries doesn’t mean your skills aren’t transferable. Your skill sets are what kept you employed for so long, allow that learned intuition to give you confidence to make better initial business decisions such as hiring the right people for your business.
Why is franchising a good choice?
There is a lot of work involved when starting your own brand and business i.e. researching competitors, choosing a business structure, registering a business name, choosing an accounting system. The beauty of owning a Franchise is that most of that is already done for you. The support the Franchise Business offers their Franchisees is invaluable and paramount to the time, freedom and sense of entrepreneurialism you may have been looking for initially.
Don’t worry if you don’t know the first thing about franchising
It might be a little hard at first if you don’t come from a business background, but again, the best thing about getting involved with the right franchise is the support you will receive. If you’re lacking in any areas or skillsets you will be surrounded by a knowledgeable network, making a huge difference to your own business development. Don’t be afraid to ask for help or outsource to the franchise network.
Making sure you’re aware of the franchising regulations and working with a solicitor that specialises in franchise law is also a must when considering getting involved in a franchise.
What will be the best choice of industry for me?
Pick an industry you are passionate about or think you will enjoy working in so that you stay motivated, as it will be all consuming at times.
Where do I start looking?
Google is a great, basic starting point, but there are also franchising events, great franchising magazines and of course word of mouth referrals.
Is it all worth it?
Even though you may work more and harder than you did in your corporate role, if you are able to look around and say to yourself that you love the team you have created and the business you have built, if it has helped you achieve the things you set out to do i.e. have more time to spend with family and pick up the kids from school, then you have done the right thing and those fleeting moments of panic you may experience, are just that-fleeting moments.
