Many people who feel stuck with the 9-5 routine or limited by corporate politics consider entrepreneurship for more freedom with their finances and lifestyle. Switching tracks from having a job to growing a business is a big adjustment, and isn't for everyone. Franchising has many advantages and benefits which may fit your goals, if you are considering making the change. Here are 9 reasons to buy a franchise mid-career.
1. A well-established business plan is already available
With a franchise, you get a well-established business plan which has already been tried and tested. You don't have to come up with ideas or positioning. This leaves you with more time and energy to focus on working the plan and seeing results.
2. Less risk involved
All business involves risk - there are no guarantees in life. Success in business is tied to consistency and effort, as well as strategy. When you buy into a franchise system you get the strategy, and the support of a team of people who are invested in seeing you succeed. That is far less risky than starting off on your own, from scratch.
3. More freedom
Everyone wants more freedom in life but not everyone has the freedom they want in life. If you are freedom junkie and if you still wait for the weekends, buying a franchise mid-career is the best thing you can do. You will be able to celebrate each day and you will love Mondays the same way you love Fridays.
4. More guidance and coaching available
Competitors are not going to give you advice or be your mentor. Coaching from experienced business professionals is costly. This is an additional expense when starting out on your own. However, when you invest in a franchise, you get guidance from your franchisor to help you get established more quickly. This coaching and support can save you from making the newbie mistakes. You gain access to years of experience related directly to your business.
5. All promotional and branding materials will already be in place
When you are building a business from scratch, you need to invest to brand and promote your business. These expenses include creating a logo, building a website, designing business cards, print material, web banners, and other promotional materials. When you buy a franchise, the brand, website and marketing material is ready to go.
6. Quicker road to profitability
When a business starts from zero, it takes time to earn a profit. Starting up a new franchise territory can take you from zero to profit faster than starting up something on your own. The franchise brand, marketing, system, and tools eliminates all the trial and error of starting from scratch. It can carry you through to profitability faster.
7. It is easier to get a small business loan
When you buy a franchise mid-career you may have a much easier time getting a small business loan. Your credit rating and home equity will factor in your favour. The new grads may have more time and energy on their hands, but they lack the skills you've gained in your career, and they don't have the financial stability you do. Many Canadian banks have small business loan programs, and there are grants and loans available through the BDC.
8. You are better at team building
Buy a franchise mid-career and you bring with you team building skills that will benefit your business. Whatever your background, chances are that you have people skills and communication skills from your years of experience. Success in a franchise, especially in the service sector, means having a team of reliable staff. Your franchisor will have the recruiting tools, training manuals, and hiring documents - a perfect match for your team building abilities.
9. You have moral support
Being an entrepreneur is a lonely road. Buy a franchise and you'll be doing it on your own, but you won't be alone. In your career you had the proverbial water cooler to vent and share with your co-workers. Now you'll have your fellow franchisees, who are experiencing the same challenges and joys you are. The moral support of your franchise team may be even better than what you had in your career!
These 9 reasons to buy a franchise mid-career are advantages to consider if you are thinking of making the switch. If you are considering a home-based business in the service sector, download our free Franchise Kit.