Investing in a franchise can be a transformative step for your career and financial future—but it’s not a decision to take lightly. Here’s what corporate professionals and aspiring entrepreneurs need to watch out for:
1. Underestimating Financial Requirements
Franchises demand significant upfront capital and ongoing fees, including royalties and marketing costs. Without proper financial and cash flow planning, even the best business model can lead to unnecessary stress—or worse, failure.
Executive Insight: Ensure your financial foundation is rock-solid. Work with a franchise funding consultant. There are a handful of companies I can point you to that are exceptional in this area.
2. Overlooking Spouse/Partner Support
A franchise impacts more than just your career—it can redefine your personal life. If your spouse or partner isn’t aligned with the time and energy required, you could face tension both at work and home.
Executive Insight: Have an open conversation with your partner about expectations, long-term goals, and how this decision fits into your shared vision. Even better, include your spouse in the franchise selection and discovery process. As a former colleague, Scott, says, “A franchise is something you do with your spouse, not to your spouse.”
3. Misjudging the Level of Commitment
Many professionals underestimate the dedication needed to make a business, including a franchise, successful. It will require more time upfront to launch and learn the business—even when it is a “semi-absentee,” “manage the manager,” or “part-time” franchise.
Executive Insight: Treat this decision as you would any significant personal investment—evaluate the risks, prepare for challenges, and ensure you’re ready to commit to what it takes to be successful. Your time involvement may be the one factor that determines its success or failure.
Why Franchising Could Be Your Best Career Move
When done right, a franchise offers the chance to own a proven business model while leveraging your corporate expertise and skills. But preparation is key. Take the time to strategize, set realistic goals, and most of all, select the franchise that is the right fit for you.
I have a free franchise advisory service to help you quickly focus on franchises that make sense for you. Reach out to me to learn more.
Your next big career opportunity starts with informed decisions. Are you ready to learn and see what a franchise can do for you?
