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Solopreneurs: Don’t Dismiss the Idea of Becoming a Franchise Owner

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By Joel Libava

Since you’ve decided to spend some of your valuable time here—at a website that has the words, “Self-Employed” prominently displayed in its title, I’m going to assume that you’re looking for a solution to a problem.

As a matter of fact, I’m going to double-down and wager that your problem is career-related. If so, I have an idea for you.

Take a deep breath (go ahead, I’ll wait), kick your shoes off, and see if what I’m proposing can provide a long-term solution to your career woes. Ready?

Become a Franchise Owner!

Here’s the deal; unless you’ve owned and/or operated a franchise business, your vast knowledge on the business model of franchising comes from one or more of the following sources;

  • Well-meaning family members and friends with no real-life franchise experience
  • Horror stories that you’ve read over the years about franchising that you can’t seem to remember details about
  • You heard that Mark Cuban invested in a pizza franchise
  • Fearful independent small business owners who’ve told you that all franchises are bad

You know where I’m going with this, right?

Fact: You probably don’t know enough about franchising to make an informative decision on whether or not owning one could be right for you. And, you’re not alone.

A lot of people talk themselves out of things based on hearsay; I’ve done it myself. But, today, I’m not going to allow you to do so, because I have some, “what ifs” to throw your way…

What if you found out that your personality is perfect for a system-based business model like franchising?  

While franchise ownership isn’t right for everybody, it can be a great fit for some. If you’ve proven to be a good rule-follower in your past positions, and are comfortable working within a system, (someone else’s system!) don’t rule out franchising.

What if you actually do have enough money to invest in one?

A lot of people that I work with in an advisory role think that franchising is out of reach for them, financially. That’s because they’re only thinking of the biggies, like McDonald’s or Dunkin Donuts, which do require potential franchisees to have significant financial capabilities.

There are 3,000+ different franchises that are currently being offered in the US. Some of them have total investments under $100k.

What if you were able to reduce your financial risk to an acceptable level?

The best way to reduce risk in franchising is to do great research. If you can learn how to become a fact-gathering machine, and only move forward when you’re totally confident that you’ve done all you can to get the information you need, you’ll be well on your way to lowering your risk.

What if you didn’t need any employees?

Not every franchise business opportunity requires employees. For example, there are franchises that can be run out of a home office, or even out of a van.

What if you were able to find out, (on average) when you’d break even in your business, and how much money you’ll make as an owner?

If you know who to ask (and how to ask), you’ll be surprised on just how much financial information you’re able to secure from current franchisees of the opportunities that you’re looking into. You just need to call them, and if possible, visit with some of them in person.

Are you becoming a little more open to the idea of looking into franchise ownership as a path to self-employment? If you’re not, that’s okay, too. I don’t want you to feel like I’m ramming this idea down your throat. I’m just suggesting that it may be worth some of your time to at least look.

The Franchise King®, Joel Libava, is a franchise ownership advisor, and the author of Become a Franchise Owner! The Start-Up Guide To Lowering Risk, Making Money, And Owning What You Do. Visit him online at www.TheFranchiseKing.com