Statistically, the vast majority of people who actually start their own franchise business don’t truly understand what they’re venturing into, and so they often fail. Many even view it as fascinating and alluring, believing that freedom and wealth are right around the corner. It’s probably one of the biggest financial decisions you’ll ever make, so it’s crucial to understand exactly what being a franchisee really means.
What does the term “self-employed” mean to you, anyway? It’s extremely important to ask yourself that question. Call it what it is. In actuality, you’re replacing your J O B with a franchise business, you’re new J O B. Many successful entrepreneurs long for the day when their franchise business reaches the level of success that ultimately provides absolute control of their time and income. Now, that’s what it’s all about, right? Yes, most business owners are “control freaks” at some level. But that is a necessary ingredient of a successful franchise owner.
In many ways, being a business owner is strikingly similar to being an employee. In actuality, you’re still trading hours for dollars; the major difference being that as a franchise business owner, you generate income for yourself rather than earn money by punching a clock in a traditional job. And you have the huge advantage of plugging into a tried and proven successful system.
Regardless of your reason, the decision to buy a franchise is a very calculated risk. Even considering any economic challenges, the growth of franchising continues to be strong, and a great option for those who want to operate their own business. Franchising provides motivated, new business owners the best possibility of succeeding with the least amount of risk. Industry experience is typically not required to operate a franchise.
Granted, certain risks do exist in franchising, as in any business, but there are many franchise concepts that are recession proof and some actually thrive in a weaker economy.
Your ultimate goal as a franchise owner should be to gradually replace the hourly wage scenario with more of a long-term passive income. Many franchises provide for the ability to hire a manager once your business s generating a decent profit, allowing you to gradually move away from the day to day, hands-on operations. That way, you create and maintain a healthy balance of a successful, passionate career along with having the time and money to enjoy a fulfilling lifestyle with family and friends. The best of both worlds.
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