How to know you’re ready to be a franchisee

Jumping in and going into business for yourself can be nerve-wracking, to say the least. Some people think, wish, and dream, but never build up that courage to make a move. Years later, they wonder, “what-if…?” Others appear to dive right in on a wing and a prayer with total faith. Many find themselves somewhere in between these two personas. Where are you? How do you know you’re ready to seize a franchise opportunity? Let’s explore some signs to assure yourself that 2020 is your year to be a franchisee.

You have the drive

When it comes to starting any business, having the drive to succeed with a franchise opportunity and push through any boundary that comes your way is a contributing factor to your future success. Your only safety net is the franchise plan and ongoing support of the franchisor organization. Your drive will push you and keep you inspired through adversity and everything that comes between you and your goal.

You are prepared for a transition

While I can’t put the finger on that perfect formula for preparedness. For most, it involves many steps of preparing yourself, your household, and your family for this life transition. Some initial goals may be satisfying outlying obligations, such as debts, to put yourself in the best financial position to be ready for any curveballs. Others may be looking for that perfect “timing.” Is the community prepared for a new business? Are the kids more independent? Am I more independent? Is my partner prepared to dive in with me?

For others, being ready is more about the perfect alignment of lifetime events, like they felt the need for change and saw a path to make it happen. While it’s perfectly normal to be a little nervous about any significant life change, your drive and preparedness are two primary ingredients that will help you see your transition through. While some preparations are evident to you, your financial consultant can help you identify any other opportunities to increase your level of preparedness.

You have access to capital

Becoming a franchisee does require some money to get started. How much money is highly dependent on the franchise you choose, so give yourself ample time to explore your options. Some franchises offer assistance and financing opportunities, while others expect you to carry that risk yourself. Some require specialized equipment and supplies. Others don’t need nearly as much.

Your financial consultant can advise you through exploration and the different options available to you. They also know whom to talk to for small business loans and can identify more ideas and suggestions for raising capital.

You have a guide for the experience

While becoming a franchisee provides you a blueprint for a successful business, the path to choosing and acquiring a franchise isn’t nearly as clear. Don’t feel like it’s you against the world. Your financial consultant is there to guide you through the many steps and hoops to jump through on the path of becoming a franchisee. They are on your side the entire way. Hundred Acre Consulting is one such franchise consultant and operates at no cost to the franchisee. We know what you need and we know what it takes to get you there. Contact us, and let’s see what 2020 has in store for you!