Are your ready to become your own boss? Perhaps you are tired of punching the old-time clock? Sick of answering to the higher-ups? Maybe it’s time to set out on your own? Start your own company? Become an entrepreneur? Franchisee owner?
There’s no time like the present they say so it might not be a bad idea to start becoming your own boss since many traditional career paths are dying off.
As technology and the global economy change, the average company and employee in the United States continues to come to terms with the new normal.
Workers 50 and older who lost their jobs during the recession were 20 percent less likely to become re-employed than those 24 to 34, according to the Urban Institute. And, unemployment doubled for workers 55 and older between December 2007 and March 2012.
And it’s not only factory jobs that have disappeared, it’s also a wide range of middle-class, white-collar jobs that are terminating experienced people.
Those days when you could expect a job out of college to last an entire career are pretty much gone. The new normal is, for many, a very cobbled career trajectory. Unfortunately, there are many talented, middle-aged professionals who are not able to find their perfect career.
Instead, many are making their own new paths.
They are taking the initiative to become entrepreneurs and business owners, and sometimes taking the leap without the requirement of a brand-new idea.
Many are looking toward franchising because it’s a simple route to go if you want to become a franchisee to such an idea.
That’s because someone else has already dreamed the big dream, figured out how to make it work, and marketed and sold their way into a well-defined niche. As a result, they’re looking for an investor and partner in building on that success.
Here are some things to consider:
Capital: Most franchise companies require a minimum level of liquid capital. There will also be legal fees, rent, royalty fees, and equipment and inventory to purchase – to name some costs. You’ll need enough money to cover your expenses during this time when more money will be going out than coming in. Meanwhile, the ordinary expenses of life continue.
Capacity: You must have a certain level of business acumen. As a business owner, you must understand people and how to motivate, lead and support employees. Experience in sales and operations management is a plus. It takes strong leadership skills to build a business and develop a reliable staff, and savvy hiring skills will save from costly mistakes.
Cooperation: A franchisor will have a detailed plan — and they need to know you will embrace it in a spirit of cooperation. They want to feel confident you’ll follow procedures to create a consistent product and service.
Character: Franchisors expect the people with whom they partner to operate with honesty and integrity. As a franchisee, you will be representing the brand, and franchisors will take a close look at how well you will do that. A company may do a background check on their candidates to make an assessment of this quality.
It never hurts to look into a new career option as you contemplate your future. Becoming a franchisee might be the answer to your future and a way to say goodbye to your current boss!