There are dozens of benefits to opening a franchise, including a support system from like-minded entrepreneurs on the franchisee, franchisor and vendor levels as well as the opportunity to invest in a tried and true business model.
As large in number as they are common, layoffs are a threat to professionals in corporate America. The nation has experienced more than 460,000 layoffs between January and October 2016, leaving hundreds of thousands of professionals to seek new opportunities or alter their career paths entirely. Well-seasoned professionals are finding themselves in limbo, some too young to retire and others too experienced to be compensated appropriately in their field, causing many to transition into business ownership.
Proprietorship is an attractive option for people who have honed a variety of skills over the course of their employment, absorbed valuable experiences and are now seeking independence, increased financial success, control and freedom. If you are one of the many professionals impacted by layoffs and are interested in taking the entrepreneurial leap yourself, working with your spouse or setting up a family or legacy business, consider the following information to help assess if the decision is right for you.
ASK THE RIGHT QUESTIONS
When deciding if business ownership is a viable career option for you, ask yourself if you'd rather open a new business or purchase an existing business. Identify what you are trying to accomplish. Create a vision of your goals, needs and objectives including income, investment and work-life balance expectations. What are your non-negotiables? What are your strengths, weaknesses and transferable skills? What kind of communication style do you have? How will you assess the success of your employees and yourself? What can you bring to this business to set it apart from your local, national and market competition? If you can answer these questions effectively and still be enthusiastic about your new venture, proceed--and become passionate about attaining your vision.
IS FRANCHISING A GOOD FIT?
In evaluating your options for business ownership, you might consider a franchise. There are dozens of benefits to opening a franchise, which include a support system from like-minded entrepreneurs on the franchisee, franchisor and vendor levels as well as the opportunity to invest in a tried and true business model that is established and proven to succeed.
Far too often, franchising is not given the credit it...