The Covid -19 global pandemic has taught many employees not to rely entirely on a regular 9-5 job after massive retrenchments and job cuts in various sectors.
According to the latest stats, workers globally are mulling over the prospects of changing careers as the year progresses. The good news is that 2022/23 promises to be a good years for business, as the economy shows signs of recovery.
If you want to be your own boss, starting your own franchise is one of the most exciting prospects you should consider in 2022. Bearing in mind as a Franchisee, you are not an Entrepreneur in the true sense but merely “Buying your Job”.
It offers you the chance to grow and advance your career as you learn how to manage financial risks and run a business. Franchising also gives you more control as you follow your passion and do what you truly enjoy.
With that said, here are some tips on how to prepare yourself to switch careers in the future:
1. What Is Your Preferred Career Choice?
The first step to becoming your own boss is identifying your passion and deciding how to turn it into a profitable venture. You can choose to offer solutions to various problems, use your skills to help others, or pursue any business that interests you and learn how it can work to your benefit.
E.g. Cooking, Welding, Design, Agriculture, Baking, Mechanical repairs, VA, etc.
2. Have You Done Your Homework?
The next step is to validate your idea by conducting a feasibility study and doing market research for what franchise opportunities are out there. Research your target market and analyse potential competitors to determine whether your idea is viable. You can also carry out a simple survey by issuing questionnaires and holding interviews to determine the size of your market and identify your ideal customer. Consider attending franchise expos to connect with franchisors and understand the franchise model.
3. What Is Your Current Skillset?
Before venturing into any business, you need to know about your strengths and weaknesses. After all, your skills and knowledge will determine whether you can be a successful boss. Self-analysis is vital since it will help you evaluate your abilities, level of discipline, resilience, self-determination, and time-management skills.
4. Have You Planned Your Exit Strategy?
Now that you know what you want to do and have an idea about your target market, it’s time to make your big move. If you are working for someone, you may decide on a slow transition by venturing into your new business part-time before planning your complete exit. The benefit of this is that it will give you time to evaluate your new venture, assess your expenses and decide what training you need to improve your skills.
5. How Do You Stack Up Financially?
Your start-up capital will depend on the type of business you intend to run. Know how much you need for basic expenses like marketing capital, rent, business permits, and utility bills. If you are investing in a franchise, find out more about the royalty fee and other requirements. You may also need money for branding, advertising, business stationery, and a website.
6. Have You Educated Yourself Sufficiently?
You may have the right skills and expertise to offer services, but you need some form of training to know how to run a business. This is where short certifications and training courses come in handy. You can also get vital information by reading lots of books on business management, accounting, and other related subjects. If you’re looking into a franchise it’s very likely the franchisor will provide initial training for the launch of your business. For example, some franchisees go through interactive e-learning courses to equip themselves with the foundational knowledge of the business, a two week live virtual training with subject matter experts and are provided with on-going development opportunities post-launch.
7. Have You Registered Your Entity?
Investing in a franchise does not usually require any registration apart from a franchise disclosure document from the franchisor. If starting a new business, you may need to obtain a permit and other relevant documents from your local authority.
Bottom-Line
You have the option to start a business and build it from scratch or invest in a franchise that are readily available and enjoy the benefits of an established brand.