How to Become a Franchise Owner (Now That You’ve Fired Your Boss)

Daniel Hayes

The decision to leave traditional employment and venture into entrepreneurship is a significant and exhilarating milestone. It’s a choice that symbolizes freedom, independence, and the pursuit of one's dreams. However, it also brings with it a set of challenges and risks that can be daunting for many.

This is where the franchise industry steps in, offering a perfect transition from the W-2 world into the life of entrepreneurship without the overwhelming risks typically associated with starting a business from scratch.

Read on to learn why trying out franchise ownership is a logical next step when you leave the corporate world—plus, view our step-by-step guide for starting a franchise.

Leaving Corporate to Buy a Franchise: Why Is Franchising a Smart Next Step?

Franchising is an established and highly honed model that provides a structured path to business ownership. Unlike starting a new venture independently, franchising leverages proven business models, brand recognition, and the support of an experienced franchisor.

Two business women shaking hands and building wealth through franchising.

This significantly reduces the risk involved and offers a smoother transition for those new to entrepreneurship. This is additionally true for those who have transferable corporate skills such as management, budgeting, and customer service, ensuring good franchise opportunities for former executives.

Here are the key reasons franchising can fulfill your entrepreneurial drive while meeting employment needs and offering the desired lifestyle benefits.

1: You Choose the Type of Franchise Best for Your Lifestyle

Franchising offers two popular models that cater to different levels of involvement and commitment: owner-operator and semi-absentee ownership. Both models have their unique advantages and can be tailored to suit individual preferences and lifestyles.

Owner-Operator Model: This model is ideal for individuals who wish to be actively involved in the day-to-day operations of their business. As an owner-operator, you will have full control over the business, allowing you to directly influence its success through your efforts and decisions. This hands-on approach can be incredibly fulfilling for those who enjoy being engaged and leading their team. These make great franchise opportunities for former executives who are used to high-level leadership positions.

Semi-Absentee Model: For those who prefer to maintain a balance between business ownership and other pursuits or commitments, the semi-absentee model is a perfect fit. This model allows you to oversee the business while delegating daily operations to a manager or team. It offers the flexibility to pursue other interests, whether personal or professional, while still reaping the benefits of business ownership.

2: You Receive Comprehensive Training and Support

One of the most significant advantages of franchising is the extensive training and support provided by the franchisor. This ensures that franchisees are well-equipped with the knowledge and skills necessary to run their business effectively. Here’s a breakdown of the support you can expect:

Initial Training: Before the business opens, franchisors typically provide comprehensive training programs covering various aspects of the business, including operations, marketing, customer service, and management.
Ongoing Support: Franchisors offer continuous support through regular updates, training sessions, and assistance with any challenges that may arise.
Mentoring: Experienced franchisees or franchisor representatives often provide mentorship, offering valuable insights and guidance based on their experience in the industry.
Research and Development (R&D): Franchisors invest in R&D to innovate and improve the business model, ensuring that franchisees remain competitive and up to date with industry trends.

This high level of training and ongoing support alleviates the challenges associated with starting a business from scratch.

3: You Receive Assistance With Secure Site and Lease Negotiation

Selecting the right location for your franchise is critical to its success. Franchisors assist with site selection and lease negotiations, leveraging their expertise to secure the best possible locations and favorable lease terms. This guidance can save franchisees considerable time and effort, allowing them to focus on other aspects of their business.

4: You’ll Enter a Supportive Network

Franchisees benefit from belonging to a larger network of business owners who share the same brand and business model. This community provides a platform for sharing experiences, advice, and best practices, fostering a supportive environment that can be invaluable for new entrepreneurs.

5: You’re Granted Instant Access to Marketing and Brand Recognition

Franchising allows you to capitalize on established brand recognition and marketing efforts coordinated by the franchisor. This can significantly enhance the visibility and reputation of your business, attracting customers and driving sales from the outset. The franchisor’s marketing strategies, including national and regional campaigns, digital marketing, and promotional materials, contribute to the overall success of the franchise.

6: You Gain the Financial Advantages of Building Wealth Through Franchising

Financing a new business can be a challenging endeavor. However, franchising often presents financial advantages that ease the process.

A couple of franchisees getting a loan from a bank to buy a franchise.

Many lenders are more willing to provide funding for franchises due to their proven business models and lower risk profiles. Additionally, franchisors may offer financing options or partnerships with financial institutions, making it easier for franchisees to secure the necessary capital.

7: You Can Invest in Personal and Professional Growth

Becoming a franchisee is not just about owning a business; it’s also an opportunity for personal and professional growth. The skills and experiences gained through franchise ownership can enhance your leadership, management, and entrepreneurial abilities. Moreover, the sense of accomplishment and independence that comes with successfully running your own business can be gratifying, along with building wealth through franchising.

8: You Have the Opportunity to Achieve Your Desired Lifestyle

One of the most appealing aspects of franchising is the potential to create a lifestyle that aligns with your personal goals and preferences. Whether you seek financial stability, the flexibility to spend more time with family, or the satisfaction of building and leading a successful business, franchising can provide the means to achieve your desired lifestyle.

How to Start a Franchise Business: Your Step-By-Step Guide

Now that you have a good understanding of the many benefits that come with owning franchises, you’re probably wondering how to become a franchise owner.

Consider these eight steps as a starting point to learn how to start a franchise business. For a more in-depth look at these points, be sure to read our full article on how to prepare to own a franchise.

Self Assessment and Goal-Setting. Consider your “why” as you explore the possibilities of franchise ownership. What are you hoping to accomplish in this new endeavor?
Research Franchise Opportunities. Conduct thorough research on the various franchise opportunities available to you. What types of businesses interest you? What are your passions? Chances are, there's a franchise model that's ideally suited for you.
Connect With Franchisors. Go right to the source with your specific inquiries and gather information before taking the next significant steps.
Review the Franchise Disclosure Document. Any corporate executive is familiar with the phrase, “Make sure you read the fine print.” Make sure to do your due diligence and review the disclosure documentation details. Ask questions!
Speak With Existing Franchisees. The best intel you can gather is from those who have already been there. Real-world insights are invaluable—experience speaks volumes.
Secure Financing. As previously mentioned, franchisees have several advantages in obtaining financing. Explore options to see what type of lender may work for you.
Sign the Franchise Agreement. It’s the big moment. You are now committed to the start of your journey in business ownership!
Train and Launch. Take advantage of every training opportunity available to you as you learn the ins and outs of your business just before you hit “go.”

This franchise due diligence process is a crucial step that helps you investigate and evaluate a franchise opportunity before committing to signing the paperwork.

What’s Next, You Ask? Taking Control of Your Future

Transitioning from traditional employment to entrepreneurship is a bold and exciting move. The franchise industry offers a robust and reliable pathway to this transition, minimizing risks and maximizing opportunities for success.

A man researching how to become a business owner after his corporate career ended.

With its structured models, extensive support, and proven business strategies, franchising empowers individuals to pursue their entrepreneurial dreams while fulfilling their employment needs and lifestyle aspirations.

So, now that you’ve fired your boss, consider stepping into the world of franchising. It might just be the perfect next step for you.

Guidance Matters: Do I Need a Franchise Consultant?

The best way to receive quality guidance without making a big commitment is by hiring a franchise consultant.

The franchise landscape can be complex, and it’s easy to make mistakes as a new franchisee. The benefits of a franchise consultant rest in the comfort of having an expert at your disposal. This can certainly save you time, money, and the stress that may come with navigating these unfamiliar waters.

Consider the benefits of a franchise consultant as you prepare for the next significant chapter in your life. Franchise advisor services are essential to keep you on track for business success. Check out how we helped one client go from laid off to a first-time franchisee!

And if you’re ready to get more questions answered, set up a call with us—we’re ready when you are.

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What is a Franchise Exit Strategy? (and Why You Should Have One)

By Daniel Hayes • April 7, 2021

Sometimes when entrepreneurs start on the path to franchise ownership, they focus too much on profit-building and not the big picture. The big picture, in this case, is having a franchise exit strategy. Yes! Before you can consider the beginning of your career in franchising, you must consider the end. A franchise exit strategy enables a business owner to minimize or liquidate their interest in their franchise location(s) while still making a significant profit.

A stack of coins next to a stack of coins with the words cost and value written on them.

Should You Invest in a Low-Cost Franchise?

By Daniel Hayes • March 31, 2021

Imagine you are an entrepreneur looking for the ideal franchise opportunity to invest in when you come across a low-cost franchise. The appeal of the cost buy attracts you most, but the question that pops up in your head is whether it is a good idea to invest in a low-cost franchise. We say yes.

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Top 5 Franchise Myths Debunked

By Daniel Hayes • March 17, 2021

Every industry has its myths, including franchising. So, as you consider buying a franchise, a question you may have is how do you know what franchise myth to believe and which ones you should ignore? Our team at Hundred Acre Consulting can help. Below, we debunk the top five franchise myths.

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Franchising 101: 5 Challenges of Owning a Franchise

By Daniel Hayes • March 11, 2021

Franchising is a business agreement in which one entity licenses another to use its trademark or individual business systems and processes. This enables the party to manufacture and sell a product or service that meets specific criteria. The franchisor is the person who grants these rights, while the franchisee is the person who buys them. However, you must consider the challenges of owning a franchise.

A woman is holding an open sign in front of a store.

5 Tips for Finding Success Year-Round with a Seasonal Franchise

By Daniel Hayes • March 3, 2021

Customers rely on goods and services throughout the year, and sometimes these needs are seasonal. As the owner of a seasonal franchise, this poses a big challenge. It is up to you to navigate a seasonal franchise’s unique struggles and find a way to keep your business thriving when customers aren’t as regular. However, having a seasonal business doesn’t mean you won’t have cash flow during the off-season. In reality, it’s all about strategic preparation and devising a strategy to keep you afloat long after peak season ends.

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What It’s Like to Work with a Franchise Consultant

By Daniel Hayes • February 22, 2021

Deciding to invest in a franchise can be an exciting moment in any entrepreneur’s life. There is the undeniable thrill of building an empire with the help of an established brand. However, like most business owners, there is the question of where to start. The answer is to work with a franchise consultant. A resource to be used often, these knowledgeable individuals are vital to your entrepreneurial success. Together, let’s take a look at what it’s like to work with a franchise consultant.

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How to Find the Right Franchise Opportunity for You

By Daniel Hayes • February 15, 2021

Buying a franchise is a significant moment in your entrepreneurial career. It can be the launching pad for a successful business that may one day grow into a multi-unit franchise empire. The question is, how do you find the right franchise opportunity for you? There are thousands of franchises to choose from, which can be overwhelming for anyone looking to own a business of their own. If you are wondering where to start your search, check out these five first steps to franchise ownership. And if you still have questions, feel free to reach out to our team at Hundred Acre Consulting.