You will be tied to a store all day and follow your passion: Two Franchise Myths busted
If you buy into a franchised business, are you concerned about being tied to a store all day? Depending on the concept and how you are with delegating, that could be an issue. However, most great franchises teach you to work 'on' your business and not 'in' it. Some franchises only require 10 hours of the owner's time. It's called a manager-run model. That type of business is an investment type, not a career transition model.
For example, I know of a haircutting franchise that will not grant someone a franchise if they have a haircutting or beautician license. The franchisor is looking for people with vast corporate experience to translate their wisdom and expertise into managing several units and delegating to a salon manager with haircutting experience. It seems counterintuitive at first, but when you understand that successful businesses are operated by managers, not owners, you begin to see how to successfully operate multiunits, scale up, and build a big company. If the owner was behind the counter, they would rarely be able to grow the revenue and customer base of that business.
Another option if having regular hours is essential to you; you might consider a business-to-business concept. These models are usually operated from a home or an executive office. B to B operators typically work 9 to 5, no nights, no weekends, and no holidays because they usually work with other business owners during the day.
Follow Your Passion
Do what you love, and the money will follow. If you love your job, you never work a day in your life. I've read the stories of people who just wouldn't say "no" to letting go of their favorite activity and risked everything to evolve that interest into a profitable business. Good for them. They are among the tiniest minority.
Remember, the people who turned a hobby into a business that failed no longer pay money for PR pieces. They don't make it into a brief "feel-good piece" shown during the evening news. If there's something you enjoy doing that's outside of what you do for an income, keep it as a hobby; you'll do it when it's of interest to you and when you feel like doing it, and thus you'll continue to enjoy it. By definition, when you turn your hobby into a business, you no longer have a hobby.
A few years back, I was working with two friends who were laid off from Wall Street. They wanted to go into a golf franchise together. Why? Because they love to play golf.
I said I could help you buy into a golf franchise, but it will be selling golf equipment in a store. You're not going to be standing at the beer cart on the 9th hole greeting your customers with a cold one. Get a reality check on the actual day-to-day operation of the business you're thinking about and what your daily role will be.
So, I shared how my process works with the two Wall Street guys, and I help folks pick a franchise that will get them to their goals. I told them that if they happen to choose a golf franchise or something that has to do with their hobbies and passions, they will despise that hobby or passion within a few months if they are trying to pay their bills with it. I suggested that we work on finding a business that will give them all the time and the money in the world to golf to their hearts are content.
That is the essence of my service. It's what I did with my first franchise and what I've been helping people do since April of 2005. They indulged me and ended up in a home healthcare business. They told me they couldn't answer the phone fast enough when we spoke around the holidays last year. And now, they got to play golf all over the world.
Before you become infatuated with a franchise concept, understand the accurate picture. In addition, don't make assumptions about franchising. There is a lot more than meets the eye.
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