Depending on your situation, deciding between starting your own business and searching for a new job can be difficult. On the other hand, securing a high-paying new position can be a jolt of energy. It’s a nice boost to one’s ego. As a bonus, you get a feeling of safety.
In contrast, starting a business can be a lot of fun. This gives you a sense of ownership, and you’ll feel more powerful. Because you don’t have a boss to answer to, you’ll feel more in control. It’s possible, however, that you will not feel safe. Certainly not in the start. There is a period before your investment pays for itself and you start making money.
So, if you find yourself in a position where you need to find a new job, should you look for a traditional position or invest in a franchise?
To begin, let’s look at what brought you to this point. A job search can be motivated by many different factors. Let’s see if you can put yourself in their shoes and identify with them.
If you’ve lost your job and the prospect of starting up a new search for work doesn’t excite you, you could benefit from a franchise.
Start by noting that starting a business is not like starting a new job; it’s much more complicated. How significant is this difference? The cash. Specifically, the initial investment is necessary for ownership of a franchise business. In most cases, a loan for a small business is also required.
As a franchisee, don’t overlook the additional costs you’ll incur—an expenditure of effort. This is because, depending on your level of in-depth research, selecting and exploring franchise opportunities could take anywhere from 2-3 months.
Finding a location, building your store, and opening your business could take several months, depending on the kind of business you select.
You can immediately begin working on your new project after accepting a new job offer. This is true even if you’ve previously spent time researching the company and interviewing with them. You’ve been hired, so now you’re here.
In addition to looking for new employment, some individuals are looking into franchise ownership opportunities. It can be challenging though not for the reasons you might think. When you’re in the middle of a job search and looking into franchise opportunities, your mind can get jumbled up.
On the other hand, looking at franchises can be exciting if you’ve had enough of the corporate world or employment in general. One of the most effective visualizations is picturing yourself as your own successful business owner.
In contrast, risking your hard-earned cash on something you’ve never done before and for which there are no guarantees can be frightening. In the end, you’re used to regular paychecks and predictable work schedules. However, you’re still interested in franchises.
It’s not unheard of for someone to find a franchise or two they like and then suddenly get a generous offer of employment from a company they interviewed with months ago. What are your options at this point?
In the end, whether or not you find the right franchise or do an excellent job researching it, you don’t have to go through with it. A job offer is the same way. Accepting it is not required. It’s up to you.
Finally, it’s up to you whether or not you want to look for a new job or a franchise to invest in. Both have their advantages and disadvantages, as you can see. There’s a lot to consider. If you want more franchising information, contact the experts at The Franchise Institute. You can call us on 1300 855 435 or fill in this contact form, and one of our experts will contact you as soon as possible to answer all your questions.
Thanks for reading,
The Franchise Institute Team
1300 855 435