Before you start a business, you need to think carefully about what you want.
For instance, do you want to create something entirely new that’s never been done before?
Or is your reason for starting a business to have autonomy over your life and deal directly with customers?
Think about these questions carefully because the answer ultimately determines the path you must take.
If you answer the first question with a resounding “yes,” then your motivations for getting into the entrepreneurial world are fundamentally creative. You want to build something radically new, and you can’t have anyone cramping your style.
If you answer yes to the second question, then your motivations are personal. It isn’t about the business itself, but the power that being the boss gives you.
Many people believe that the only path to freedom is to set up a successful company that generates a lot of cash. But there’s a lot of overhead to starting from scratch. You have to craft a new enterprise and convince people you can do a better job than incumbent rivals.
When you join a franchise, however, it’s completely different. The brand already exists – you’re just tapping into it.
Setting up a franchise is actually much easier than you might imagine. First, you approach a company that offers franchise support and apply to become a member of their organization. They will then take a look at your credentials and determine whether you have the sort of background and experience they expect.
If you do, you’ll move onto the second stage. Here you either take over an existing franchise, or you build a new one from scratch. Either way, once you complete the fit-out, you’re the boss of everything that happens, so long as you follow the head office’s brand protocols.
Essentially, though, you are the owner. Nobody is breathing down your neck, ensuring that you turn a profit. Any motivation to make money has to come from you. In most cases, you have full autonomy over who you’d like to hire and fire.
Getting support for your new outlet is also pretty straightforward. Once you’re set-up, you can outsource franchise SEO to an agency and get them to take care of all the digital marketing. All you have to do is wait for the word to get out, and the punters start rolling in.
Franchise models exist for practically every restaurant chain out there, so if food is your thing, you might want to explore that route. There are also franchise models available for newsagents, local grocery stores, coffee shops and even professional services, like accounting.
Pick something that suits your skillset and run with it. Choose a life where you have autonomy over what happens in your outlet and don’t have to do all the hard work of starting a business from scratch.
Saying goodbye to the nine to five is a lot of fun. With franchises, you can do it without actually having to come up with a killer business idea.
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