Are you considering a new career path because you’re tired of everyday American employment?
Well, there are almost limitless ways to add much more purpose and agency to your career, but you have to know where to find them. We often recommend exploring business franchising, provided you can identify the best industry/niche most suitable for you.
Check out this quick guide on how to determine the best franchise businesses to buy whenever you decide to reinvigorate your career.
What are Your Personal/Professional Goals?
First things first, this is not so much about identifying a clear, silver-bullet answer to which business sector will work best. Some of today’s most popular markets, which yield tremendous ROI, may be a terrible match for you personally.
We suggest going over your career goals to create a framework for finding the best franchise opportunities. Consider these factors:
- Financial Objectives – We work with several budding entrepreneurs from various professional backgrounds. Financial issues are often the primary concern for our clients. Do you hold lots of personal debt? What is your risk tolerance for endeavors like this? All prospective franchisees should take a close inventory of their finances before getting too deep into the search process. In the next section, we’ll briefly touch on financial requirements for starting a franchise business.
- Lifestyle Objectives – One thing we always notice is that mid-career professionals may answer these questions much differently than folks who are approaching retirement. Someone in the latter category may wish to find a franchise business they can manage part-time, whereas a younger individual may wish to pursue something fast-paced like a busy restaurant franchise.
- Industry Preferences – Do you have a work background or skill set that inclines you toward a particular business sector? Chances are you do. Perhaps you have lots of experience cleaning homes or businesses, and would excel at running a franchised service company, capitalizing on that background. While some new franchisees wish to enter a totally new industry, many feel more at home if they can leverage some of their previous skills working/managing as employees.
Can You Shoulder the Financial Commitment?
As you may already know, entering a franchise agreement isn’t a free ride. There will be a substantial startup investment, which varies depending upon your selected industry, and the complexity of the particular franchisor’s operations. Therefore, you’ll have to generate capital to match whichever franchise endeavor you’re considering.
Fortunately, there are several ways to finance this effort, which go beyond simply having enough cash on hand to cover the costs.
- Small Business Administration (SBA) Loans
- Various Credit Lines
- Collateralizing Retirement Funds
- . . .and more.
Need Help Finding the Best Franchises to Buy
Finally, you don’t have to navigate the hunt for lucrative franchise opportunities all alone. There are professional franchise brokers, like us, who can help you accomplish this faster, avoid stumbling blocks, and begin owning a business with dependable franchise partners.
The team at Franocity is here to help you make this happen. So, whether you’re looking to buy into a proven franchise system, or want consulting services for franchising an existing business, we’re the ones you need.
Contact us anytime to find out how all this works by calling 561-609-6200.