The new year is here, so many people are taking stock of their personal and professional lives to determine their direction for 2020 and beyond. Will this be the year you finally run that 5K? Is 2020 when you'll tackle that home remodel you've been discussing for years?
\r\nIs it finally time to open that franchise business you've dreamed about?
\r\nTaking on a 5K is a terrific goal, and home improvement projects bring lots of happiness, but neither is as life-changing as abandoning life as an employee for the thrill of entrepreneurship. That's something I've helped people do for more than two decades now, so I understand how hard it can be to break the chains of traditional employment – especially when that job is in corporate America.
\r\nCorporate jobs are often loaded with fringe benefits, making it difficult for employees to leave. Health insurance, retirement plans and company vehicles are just a few of the perks I've heard candidates discuss as reasons they were apprehensive about going out on their own. I like these perks as much as anyone, but I'm not going to limit my potential as a business owner to keep them. And with a whopping 30.2 million small businesses open in America today, there are obviously others that agree.
\r\nIf you're at that point in your life where you're thinking seriously about franchise business ownership, here are some great places to start.
\r\nCertainly, everyone wants to make money in a business venture, but true success is how the business helps you design the lifestyle you've always wanted. Answering these questions will help you narrow your focus and select the franchise model that works for you:
\r\nYou don't have to scream it from a mountaintop; just have the courage to acknowledge that you're afraid to leave the security of a job for the uncertainty of small business ownership. Ask yourself what specifically scares you. Is it financial? Are you overwhelmed by the possibilities? Unsure where to start? Do you have self-doubt?
\r\nAll of this is normal, much more normal than having no fear at all. You owe it to yourself to face the fear even if you don't decide to become an entrepreneur. Learn what it takes financially to open a franchise. Understand how to narrow the field and select the right business for yourself. Franchisors look for people whose skills match up well with their franchise system and offer initial and ongoing support. That way, neither you or the franchisor will have any doubts about your ability to succeed as one of their franchise owners.
\r\nFranchise business ownership is an amazing life change. It will allow you to take control of not just your professional life, but your personal one as well. Discussing your desires to be a franchise business owner with your family at the beginning of the process could alleviate your fears and generate support from loved ones. You'll be able to set your own hours, giving you more time for family. You'll be making the hiring decisions, which could involve bringing family on board. You might even decide to go all in and make your entire franchise business family owned and operated. Whatever you choose will impact the people who live in your home, so let them in on what's happening.
\r\n\r\n
Editor's note: Are you ready to research franchising business opportunities? Fill out the below questionnaire to have our vendor partners contact you with free information.
\r\n\r\n\r\n
Most people know at least one business owner, whether it's a friend or family member. Even if you don't, there are resources in your community to help you learn about the business culture. Joining your local chamber of commerce or just attending some of its events will introduce you to local business owners.
\r\nIf there's a local business you know has a good reputation, spend time there. Sign up for its email communications. You could even visit the owner during their downtime to learn about their experiences. Large communities will have offices of economic development teeming with great information to help you determine what types of businesses can thrive in your area.
\r\nNo, you don't have to figure out exactly how you're going to purchase a franchise business. That's something you can work through with either your franchise consultant or the franchise system you're considering. However, this is a great time to get your personal finances in order so you can understand your current financial position. Many franchise systems have financial benchmarks in place to ensure they are considering qualified candidates capable of purchasing and operating a franchise. You'll want to determine your net worth (assets minus liabilities) and your level of liquid capital (readily convertible assets, like cash or savings accounts). There are many financing options to consider, like 401(k) rollovers and Small Business Administration (SBA) loans. All of this information will help you determine which franchise systems best suit you financially.
\r\nEver heard of semiabsentee franchise ownership? This is by far one of the most popular ways to enter the franchising world, because it allows owners to spend only 10-15 hours per week working on their business without having to work in their business's physical location. In other words, you can keep your day job and still be a business owner. Another option is to keep your job through the early period of your franchise ownership, then expand your franchise business to multiple units while enjoying more free time for the people and things you love.
\r\nOne of the most famous lines from the franchise industry is that franchising is about being in business for yourself, but not by yourself. The same is true for franchise business exploration. You don't have to sift through more than 3,000 franchise brands via an internet search to figure out which one is right for you. Franchise business consultants like myself help candidates determine what they want from a franchise business and how their skills match up with different systems. Best of all, there is no cost to franchise candidates for working with franchise business consultants. As with real estate agents, if a franchise business consultant helps a candidate find something they decide to buy, great! If not, that's fine as well. Either way, the services will never cost you a dime.
\r\nFranchise ownership is a terrific adventure for people invested in maximizing their professional potential with the system and support of experts. Utilizing these tips will help ensure your franchise journey stays on the right path.
\n","docType":"article","guid":"articles_4d2e61f4e0a22b3d6f970952c702ecae","lastModified":"2020-01-28T14:00:00.000Z","published":"2020-01-28T14:00:00.000Z","structuredData":null,"subtitle":"The thought of leaving the corporate world for business ownership is both exciting and frightening. These steps can help you decide and prepare.","template":"v1","title":"Transitioning From Corporate America to Franchise Business Ownership","type":"article","author":{"avatar":null,"bio":"As a franchise consultant, I’ve counseled thousands of candidates for entrepreneurship, helping them decide if it’s time to take control of their destiny and become a small business owner. Together, we formulate a plan to determine their goals and interests to see how a franchise business can help them achieve the lifestyle they have always wanted. \r\n\r\nFor more than 23 years, I have helped thousands of hopeful entrepreneurs say goodbye to traditional employment and hello to life as a small business owner. My passion for franchising and experience in the industry give me a distinct advantage matching successful franchises with aspiring candidates.\r\n\r\nLeading business media outlets such as Entrepreneur and Forbes Magazines routinely publish my articles. I have been a guest contributor to industry publications such as Franchising USA, Veterans in Franchising Magazine, Counselor Magazine and foxbusiness.com. I am also a member of the International Franchise Association, the world’s oldest and largest organization representing franchising worldwide.\r\n\r\nI am fortunate to be affiliated with FranChoice, Inc., a company that helps aspiring entrepreneurs realize their dream of owning a franchise business. As a franchise consultant, I help people identify franchises that best meet their personal and professional goals, then guide them through the franchise exploration process. \r\n\r\nAn Ohio native, my wife and I currently reside in Raleigh, North Carolina.","name":"Jim Judy","image":null,"slug":null,"social":{"facebook":"https://www.facebook.com/jimjudync/","linkedin":"https://www.linkedin.com/in/jimjudync/","twitter":"https://twitter.com/jjudync","website":"http://www.tryfranchising.com"},"status":"enabled","title":null,"type":"New BDC Member","user":{"imagePath":"https://staging.business.com/images/uploads/user/profile/394dddd11156d36af239300831d32f6624a47.jpg","profile":{"company":"Tryfranchising.com","jobTitle":"Franchise Business Consultant","website":"http://www.tryfranchising.com"}}},"breadcrumbs":null,"channels":{"primary":{"name":"Business Basics","slug":"business-basics"},"sub":{"name":"Franchising","slug":"franchising"}},"meta":{"robots":"index, follow","description":"A stable corporate job may be more comfortable in some ways, but is the franchising world for you? Here are some steps to help you decide and get started.","title":"Leaving Your Corporate Job for Franchise Ownership - business.com"},"parsedContent":{"toc":[{"id":"1-decide-whats-important-to-you","title":"1. Decide what's important to you."},{"id":"2-address-your-fear","title":"2. Address your fear."},{"id":"3-speak-with-your-family","title":"3. Speak with your family."},{"id":"4-learn-from-your-community","title":"4. Learn from your community."},{"id":"5-consider-your-finances","title":"5. Consider your finances."},{"id":"6-try-the-best-of-both-worlds","title":"6. Try the best of both worlds."},{"id":"7-get-help-from-an-expert","title":"7. Get help from an expert."}],"json":[{"component":"p","children":["The new year is here, so many people are taking stock of their personal and professional lives to determine their direction for 2020 and beyond. Will this be the year you finally run that 5K? Is 2020 when you'll tackle that home remodel you've been discussing for years?"]},{"component":"p","children":["Is it finally time to open that franchise business you've dreamed about?"]},{"component":"p","children":["Taking on a 5K is a terrific goal, and home improvement projects bring lots of happiness, but neither is as life-changing as abandoning life as an employee for the thrill of entrepreneurship. That's something I've helped people do for more than two decades now, so I understand how hard it can be to break the chains of traditional employment – especially when that job is in corporate America."]},{"component":"p","children":["Corporate jobs are often loaded with fringe benefits, making it difficult for employees to leave. Health insurance, retirement plans and company vehicles are just a few of the perks I've heard candidates discuss as reasons they were apprehensive about going out on their own. I like these perks as much as anyone, but I'm not going to limit my potential as a business owner to keep them. And with a whopping ",{"component":"a","props":{"href":"https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-US.pdf","target":"_blank","rel":"nofollow"},"children":["30.2 million small businesses"]}," open in America today, there are obviously others that agree."]},{"component":"p","children":["If you're at that point in your life where you're thinking seriously about ",{"component":"a","props":{"href":"https://www.businessnewsdaily.com/4628-franchising.html","rel":"nofollow"},"children":["franchise business"]}," ownership, here are some great places to start."]},{"component":"h2","props":{"id":"1-decide-whats-important-to-you"},"children":["1. Decide what's important to you."]},{"component":"p","children":["Certainly, everyone wants to make money in a business venture, but true success is how the business helps you design the lifestyle you've always wanted. Answering these questions will help you narrow your focus and select the franchise model that works for you:"]},{"component":"ul","children":[{"component":"li","children":["Are you the type of person who wants to build a business empire, or are you looking for something smaller and easier to manage?"]},{"component":"li","children":["Do you imagine yourself playing a role in the daily operations of the business, or are you hoping to hire people for the day-to-day management while you handle the back-end operations?"]},{"component":"li","children":["How important is it to have your weekends free? How about being home in time for dinner every night?"]},{"component":"li","children":["Are you excited to go to a place of business every day, or do you prefer a remote environment?"]},{"component":"li","children":["Is there a personal or philanthropic motivation you want to consider with the good or service you provide? "]}]},{"component":"h2","props":{"id":"2-address-your-fear"},"children":["2. Address your fear."]},{"component":"p","children":["You don't have to scream it from a mountaintop; just have the courage to acknowledge that you're afraid to leave the security of a job for the uncertainty of small business ownership. Ask yourself what specifically scares you. Is it financial? Are you overwhelmed by the possibilities? Unsure where to start? Do you have self-doubt?"]},{"component":"p","children":["All of this is normal, much more normal than having no fear at all. You owe it to yourself to face the fear even if you don't decide to become an entrepreneur. Learn what it takes financially to open a franchise. Understand how to narrow the field and select the right business for yourself. Franchisors look for people whose skills match up well with their franchise system and offer initial and ongoing support. That way, neither you or the franchisor will have any doubts about your ability to succeed as one of their franchise owners."]},{"component":"h2","props":{"id":"3-speak-with-your-family"},"children":["3. Speak with your family."]},{"component":"p","children":["Franchise business ownership is an amazing life change. It will allow you to take control of not just your professional life, but your personal one as well. Discussing your desires to be a franchise business owner with your family at the beginning of the process could alleviate your fears and generate support from loved ones. You'll be able to set your own hours, giving you more time for family. You'll be making the hiring decisions, which could involve bringing family on board. You might even decide to go all in and make your entire franchise business family owned and operated. Whatever you choose will impact the people who live in your home, so let them in on what's happening."]},{"component":"p","children":[" "]},{"component":"p","children":[{"component":"strong","children":["Editor's note: Are you ready to research franchising business opportunities? Fill out the below questionnaire to have our vendor partners contact you with free information."]}]},{"component":"RfqWidget","props":{"className":"bz-form-widget","id":"bz-form-widget-0","widgetCategoryId":"10054"},"children":[" "]},{"component":"p","children":[" "]},{"component":"h2","props":{"id":"4-learn-from-your-community"},"children":["4. Learn from your community."]},{"component":"p","children":["Most people know at least one business owner, whether it's a friend or family member. Even if you don't, there are resources in your community to help you learn about the business culture. Joining your local chamber of commerce or just attending some of its events will introduce you to local business owners."]},{"component":"p","children":["If there's a local business you know has a good reputation, spend time there. Sign up for its email communications. You could even visit the owner during their downtime to learn about their experiences. Large communities will have offices of economic development teeming with great information to help you determine what types of businesses can thrive in your area. "]},{"component":"h2","props":{"id":"5-consider-your-finances"},"children":["5. Consider your finances."]},{"component":"p","children":["No, you don't have to figure out exactly how you're going to purchase a franchise business. That's something you can work through with either your franchise consultant or the franchise system you're considering. However, this is a great time to get your personal finances in order so you can understand your current financial position. Many franchise systems have financial benchmarks in place to ensure they are considering qualified candidates capable of purchasing and operating a franchise. You'll want to determine your net worth (assets minus liabilities) and your level of liquid capital (readily convertible assets, like cash or savings accounts). There are many ",{"component":"Link","props":{"href":"https://www.business.com/categories/small-business-loans-and-financing-options/"},"children":["financing options"]}," to consider, like 401(k) rollovers and Small Business Administration (SBA) loans. All of this information will help you determine which franchise systems best suit you financially."]},{"component":"h2","props":{"id":"6-try-the-best-of-both-worlds"},"children":["6. Try the best of both worlds."]},{"component":"p","children":["Ever heard of semiabsentee franchise ownership? This is by far one of the most popular ways to enter the franchising world, because it allows owners to spend only 10-15 hours per week working on their business without having to work in their business's physical location. In other words, you can keep your day job and still be a business owner. Another option is to keep your job through the early period of your franchise ownership, then expand your franchise business to multiple units while enjoying more free time for the people and things you love."]},{"component":"h2","props":{"id":"7-get-help-from-an-expert"},"children":["7. Get help from an expert."]},{"component":"p","children":["One of the most famous lines from the franchise industry is that franchising is about being in business for yourself, but not by yourself. The same is true for franchise business exploration. You don't have to sift through more than 3,000 franchise brands via an internet search to figure out which one is right for you. Franchise business consultants like myself help candidates determine what they want from a franchise business and how their skills match up with different systems. Best of all, there is no cost to franchise candidates for working with franchise business consultants. As with real estate agents, if a franchise business consultant helps a candidate find something they decide to buy, great! If not, that's fine as well. Either way, the services will never cost you a dime."]},{"component":"p","children":["Franchise ownership is a terrific adventure for people invested in maximizing their professional potential with the system and support of experts. Utilizing these tips will help ensure your franchise journey stays on the right path."]}]},"resource":null,"sponsorship":null,"thumbnail":{"path":"https://staging.business.com/images/content/5e2/a4f609c658a9c378b4568/1500-0-","caption":"Ridofranz / Getty Images","isBlurred":false},"bestPicks":null},"related":{"relatedArticles":[{"title":"How to Transition From Your 9-to-5 Job to Full-Time Franchise Ownership","canonical":"https://www.business.com/articles/transition-to-franchise-ownership/","slug":"transition-to-franchise-ownership","thumbnail":"https://www.business.com/images/content/5ef/36d227b437428528b4578/1500-0-","dek":"Does your day job leave you exhausted at the end of the workweek? If so, franchising might be a good opportunity for you to be your own boss.","lastModified":"2020-06-24T20:40:00Z","published":"2020-06-24T20:40:00Z","sponsored":false},{"title":"5 Reasons Why Franchising Could Save Your Retirement Plans","canonical":"https://www.business.com/articles/franchising-retirement-goals/","slug":"franchising-retirement-goals","thumbnail":"https://www.business.com/images/content/5db/3835a5a215eb6648b4582/1500-0-","dek":"Franchising is a solid option for people who are looking to better prepare for retirement. Here's what you need to know before making this decision.","lastModified":"2019-10-28T13:00:00Z","published":"2019-10-28T13:00:00Z","sponsored":false},{"title":"A Guide to Franchising Your Restaurant","canonical":"https://www.business.com/articles/guide-to-franchising-restaurant/","slug":"guide-to-franchising-restaurant","thumbnail":"https://www.business.com/images/content/58d/14df82f87b1df06e540bd/1500-0-","dek":"Franchising is a step not to take lightly. Our guide explains the process.","lastModified":"2017-03-21T17:13:00Z","published":"2017-03-21T17:13:00Z","sponsored":false},{"title":"Is a Home-Based Franchise Right for You?","canonical":"https://www.business.com/articles/home-based-franchises/","slug":"home-based-franchises","thumbnail":"https://www.business.com/images/content/5e9/0b6237b4374d50f8b4576/1500-0-","dek":"During tough economic times, people have looked to franchising for job replacement. Is a home-based business right for you?","lastModified":"2020-04-10T18:03:00Z","published":"2020-04-10T18:03:00Z","sponsored":false},{"title":"Real Talk: Is Franchising As Profitable As You Think?","canonical":"https://www.business.com/articles/does-franchising-pay/","slug":"does-franchising-pay","thumbnail":"https://www.business.com/images/content/5d1/510799c658acc498b4579/1500-0-","dek":"Looking to start a new franchise opportunity? Not so fast.","lastModified":"2015-04-02T17:00:00Z","published":"2015-04-02T17:00:00Z","sponsored":false},{"title":"SBA Loan Default: A Complete Guide for 2020 and Beyond","canonical":"https://www.business.com/articles/sba-loan-default-guide/","slug":"sba-loan-default-guide","thumbnail":"https://www.business.com/images/content/5dc/047af7b437483068b4572/1500-0-","dek":"Here's comprehensive guide to all your questions about SBA loan default, forgiveness and the SBA Offer In Compromise.","lastModified":"2019-11-04T15:00:00Z","published":"2019-11-04T15:00:00Z","sponsored":false},{"title":"Is Your Business Ready for Expansion? 1-800-GOT-JUNK's CEO Can Help","canonical":"https://www.business.com/articles/1800-got-junk-ceo-on-expansion/","slug":"1800-got-junk-ceo-on-expansion","thumbnail":"https://www.business.com/images/content/5ab/9284792a3a4d3518b457e/1500-0-","dek":"Brian Scudamore talks about when entrepreneurs should consider expanding their business.","lastModified":"2018-03-26T18:00:00Z","published":"2018-03-26T18:00:00Z","sponsored":false},{"title":"Ready to Franchise Your Retail Business? Here's How","canonical":"https://www.business.com/articles/retail-franchise-guide/","slug":"retail-franchise-guide","thumbnail":"https://www.business.com/images/content/590/a70d83087b15807b6063c/1500-0-","dek":"Is your business a good fit for a franchise?","lastModified":"2017-06-15T07:00:00Z","published":"2017-06-15T07:00:00Z","sponsored":false},{"title":"Achieving the Ideal Franchisor-Franchisee Relationship","canonical":"https://www.business.com/articles/ideal-franchisor-franchisee-relationship/","slug":"ideal-franchisor-franchisee-relationship","thumbnail":"https://www.business.com/images/content/5f2/d96f97b4374e85d8b4567/1500-0-","dek":"The franchisor-franchisee relationship is unique and takes effort from both sides. Here's what both parties can do to forge a successful partnership.","lastModified":"2020-08-07T18:11:00Z","published":"2020-08-07T18:11:00Z","sponsored":false},{"title":"Resources for Business Owners with Disabilities","canonical":"https://www.business.com/articles/resources-business-disabilities/","slug":"resources-business-disabilities","thumbnail":"https://www.business.com/images/content/5c5/9c8c97b43743d098b4571/1500-0-","dek":"Connect with dozens of government programs and resources to make your dream a reality.","lastModified":"2019-02-06T12:45:00Z","published":"2019-02-06T12:45:00Z","sponsored":false},{"title":"Building Blocks to Success: 8 Steps to Finding Your Strengths As An Entrepreneur","canonical":"https://www.business.com/articles/8-steps-to-finding-your-strengths-as-an-entrepreneur/","slug":"8-steps-to-finding-your-strengths-as-an-entrepreneur","thumbnail":"https://www.business.com/images/channel/business-basics.jpg","dek":"It's hard to know what you're good at, without years of experience. Here's the process to finding your true strengths as an entrepreneur.","lastModified":"2016-03-31T20:00:00Z","published":"2016-03-31T20:00:00Z","sponsored":false},{"title":"Turn Your Genealogy Hobby Into a Side Business","canonical":"https://www.business.com/articles/turn-genealogy-into-business/","slug":"turn-genealogy-into-business","thumbnail":"https://www.business.com/images/content/5db/9c9f37b4374674d8b4581/1500-0-","dek":"Learn how to turn your genealogy hobby into a home-based business.","lastModified":"2019-05-01T12:00:00Z","published":"2019-05-01T12:00:00Z","sponsored":false}],"relatedReviews":[{"doc_type":"category","thumbnail":"https://staging.business.com/images/rz/5db752e25a215e277d8b4588/Invoicing_AndreyPopov_BDC.png","canonical":"https://staging.business.com/categories/best-collections-agency-services/","title":"The Best Collection Agency Services of 2021","dek":"We've reviewed the best collection agency services for 2021. See up-to-date comparisons on features and the best prices for the top-rated agencies.","slug":"best-collections-agency-services","lastModified":"2021-03-17T16:34:00Z"},{"doc_type":"category","thumbnail":"https://staging.business.com/images/rz/5e4edd837b437442548b456d/cash_Dutko_getty.jpg","canonical":"https://staging.business.com/categories/small-business-loans-and-financing-options/","title":"The Best Business Loan and Financing Options of 2021","dek":"Many small businesses need funding to get started. Learn about the different financing options to decide which would work best for your small business.","slug":"small-business-loans-and-financing-options","lastModified":"2021-03-11T17:24:00Z"},{"doc_type":"category","thumbnail":"https://staging.business.com/images/rz/5d4c65367b43741a258b4572/Laptop_Sfio_Cracho.png","canonical":"https://staging.business.com/categories/crm-software/","title":"The Best CRM Software of 2021","dek":"Looking for the best CRM software? We have easy-to-read, expert unbiased reviews and feature comparisons of the best and cheapest programs.","slug":"crm-software","lastModified":"2021-02-24T14:09:00Z"}],"relatedSponsoredArticles":null}},"pageContext":{"displayModified":"2020-01-28T14:00:00.000Z","template":"v1","title":"Transitioning From Corporate America to Franchise Business Ownership","meta":{"robots":"index, follow"},"docType":"articles","slug":"transition-to-franchise-business-ownership","canonical":"https://staging.business.com/articles/transition-to-franchise-business-ownership/","skipTOC":false}},"staticQueryHashes":[]}