,

brandEXPANSION Hot Press

Franchise & Business Opportunity News

When Is It Time To Leave Your Full-Time Job For a Franchise?

Written on December 5th, 2007 by Ryan Lee in brandEXPANSION News.

There are two kinds of people who go for franchising. One group comes because they have prior experience in the field and the other because they want to become successful business owners. Most of the time, the second group is employed somewhere else and plans to leave the job to start their dream projects. In some cases, you have to leave the job, as the franchisor does not allow passive ownership. But in some cases, a job and franchise business can certainly go hand in hand for details regarding it)! Even in the second case, a time will come when you have to choose between your full-time job and franchising business. When such a situation arises, go through the following points to see whether the time is ripe or not.

• How much is your business earning? Many businesses do well in the first few months, because it is the “new kid in the block” and so, people flock to the place. Some take time to let the potential customers know the business better. So, start checking the revenue earned from your company after several quarters and if all of them are positive, then you can leave your job now!

• How much have you saved? When you leave your job, a steady income will be lost. Even if your business is making money, there is no guarantee that it will remain the same in future. So, you must have enough money to ride through the rough weather.

• Will a new hiring eat more into the profit? When your business is running well, the demand may make you think about hiring a new person. But before you go for that, see how much you can save, if you do the job yourself. If the difference is huge, then you should join your own business rather than hiring and training a new person.

• Can the earnings from your business support emergency? A salaried person has many covers like health insurance, life insurance, retirement provisions etc. You should leave your job only when your business can support all or at least, some of them. Otherwise, not only will you lose the business (worst case scenario) but struggle financially as well.

You should be the only person to decide whether now is the time to leave the fulltime job and become an “around the clock” businessman. There are many who have gone in this pathway and succeeded, then why shouldn’t you?

To get further guidance, you can contact the brandEXPANSION associates.