Many people are attracted to the idea of leaving a 9-5 job in the corporate world and becoming their own boss, often by acquiring an ownership stake in a franchise business. The switch offers the potential for greater independence, as well as a range of exciting personal challenges.
However, such a change also requires some advance planning and preparation to make sure it goes smoothly and delivers the results the individual is seeking.
Most good franchise businesses provide all the necessary training new owners require to handle day-to-day operations at their new enterprise. However, that training is just part of the transition from a corporate role to ownership of a franchise business opportunity. It’s also important to do some self-reflection and goal setting, identify a franchise opportunity that fits your needs, make sure your financial situation is solid, and build out a support network to support your shift.
If you’re considering making the move from the corporate world to franchise ownership, here’s a look at how to handle the transition process.
Understand what’s motivating your move
Before you jump, it’s helpful to take some time to consider your reasons for leaving the corporate world and understand what you want to gain from the switch. Do you want greater control of your professional environment, or more flexibility in your schedule? Perhaps you’re driven to work in a field that inspires you or has a personal meaning your other position can’t offer.
Whatever the reasons, give yourself some space to digest your emotions and determine what’s driving your desire for change. Ideally, there’s something about the idea of running a franchise that appeals to your passions – you don’t want to make this kind of change just because you can’t stand your boss or think franchise ownership will be an easy way to make money.
Assess what you know, and what you don’t
What sort of specialized skills and abilities are you bringing from the corporate world, and how can they be leveraged in your new role as franchise owner? Secondly, what skills don’t you have, and where are you likely to be out of your depth?
When you identify potential gaps in your skills and knowledge, be honest about the need to find experienced people to help and support you. There’s often too much work to do for any one person to take on all the responsibilities of franchise ownership alone.
Understand the financials
Franchise ownership is much different than a corporate role, especially when it comes to finances. Being your own boss means you likely won’t have the health benefits a corporate role often offers. You’ll also need to ensure you qualify for franchise ownership, and be fully versed in franchising costs, from royalty fees to potential lesser known costs like construction and supplies.
Set up a support system
As mentioned above, you likely won’t take on running a franchise business all by yourself. To succeed, you’ll need a strong support system that includes not just your franchisor, family and friends, but also professional mentors and advisors, experts and specialists (such as lawyers and accountants, and skilled tradespeople). Identifying the people you can turn to before you need them will make things significantly easier to manage once the demands and responsibilities of franchise ownership start piling up.
Franchise with The UPS Store
With extensive training and world-class brand recognition, you can feel confident franchising with The UPS Store. Visit our FAQ page or fill out our online inquiry form for more information.
