Are you considering switching your career path and becoming a franchise owner? It’s a move that comes with many perks, and for this reason, is a longtime dream job for the masses. But no matter what industry you’re in, no matter how many years of experience you have, this can be a move that’s big and scary.
After all, you’re going into the unknown. That in and of itself can cause stress. But add the fact that you’re going into the unknown for your career, with funds on the line, and it can be too much for many to handle. In fact, it’s the biggest excuse as to why folks never go after franchising in the first place. Even if they see it as a desirable career path for themselves. The risk is too great to ever go after the reward.
This is how all-too-many franchisees get stuck before they ever make it off the ground. But it doesn’t have to be this way. After all, you’re smart and successful, and you have the backing of a multi-location brand who wants to see you succeed. It’s not going to be easy. But it’s more than doable. All you have to do is put in the time and the effort to see your way through.
Don’t get bogged down in considering how many ways you could fail and instead focus on how many ways it could go right. Then, follow industry best practices put forth by your franchising brand and you’ll find growth every step of the way.
How to Transition into a Franchising Career
First things first. Before you can bask in the glory of your franchising success, you have to start the business. If you already have a full-time career, this means you’ll have much to juggle. And that’s ok. You want your downtime to be small in order to reduce the time with no income. It’s absolutely doable.
Start by researching and talking with potential franchising brands in your free time. Use nights, weekends, or a day off to find out what type of brands you’re interested in working with. This will give you good insight on what it is you want to do and who you want to work with. Start research months out so you can ease your way into this process.
Next, start talking with brands that interest you most. You’ll start discussing logistics and timelines so you can know when you’ll need to start, and therefore, when you should finish up with your current job. In most cases, you’ll have a few months where you can work on getting everything ready. Secure financing, set up paperwork and bank accounts, find a location and start with the building, etc. You may feel as though you’re burning the candle at both ends, but the more prep work you do on the front end, the more prepped you’ll be for success. It can also reduce the time you’re living without an income.
If you have sick leave or are nearing retirement, now can also be the time to play that card. Use as much paid time as you can, with the permission of your current employer. While all of this is happening, it’s a good idea to fill them in on your plans and keep them up to speed about when you’ll be leaving. Of course, this won’t always be the best approach and if you don’t have a good relationship with them, don’t feel obligated to over-share. But if you are wanting to use this paid time, it may help to tell them why and get their blessing on your way out.
Plan Out Your Franchise Switch in Advance
Going forward, it’s likely that dates and times might change. Keep this in the back of your mind. But the better planned out you have each step, the better you can move forward. And ensure that nothing has fallen through the cracks.
Write out dates, what needs done by X time, etc. Staying organized is key to your successful transition into becoming a full-time business owner.
Finally, it’ll be time to make the leap. To clock out of your old job and start your new franchising gig. Try to create as little downtime as possible. The quicker you can get the ball rolling on your new routine, the fewer kinks that will be in the system. You will also be able to carry over your momentum straight into being a franchisee. Working 40 hours a week is very different from owning a business. In some cases it requires more hours, and in others, it’s self-motivation to keep moving forward. But with little downtime, you can simply transition what you’re doing during the day, eliminating the need to create that muster to get things done.