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Tips for Transition from Employee to Franchise Owner

Are you ready to be your own boss? Have you outlined your definite purpose, figured out exactly what you want out of your career and found a franchise that corresponds? If so, you have probably considered that fact that this process doesn’t happen overnight. Before you leap into your new role, you will need to be prepared to ensure your transition goes as smooth as possible.

Here are a few tips to help you transition from an employee to a franchise owner:

Learn your market – Take the time to learn everything you can about all the aspects of the business. The worst way to start off as a business owner is entering into a market you don’t know like an expert. Familiarize yourself with the business, but take it even further and learn the technologies, the trends in the market and where there is room for expansion.

Develop a financial plan – Determine how much it will cost to startup and operate the franchise and create a budget. If you are still working, save up for initial startup expenses. Find out if your franchise offers a paycheck withdrawal program. Some programs allow for the franchise to match what is being withheld from your paycheck. If you are not working, try to cut back on spending and learn about funding options.

Part-time employment – In order to keep a steady income while designating time for your new business, find out if you could cut down on your hours. Remember that you should not expect to earn a paycheck right away, so you will hopefully have the opportunity to overlap. If you do not have this option, figure out what it will take to ensure you will not be in a bad financial position.

Prepare your family – Communicate your plans and make sure your loved ones are comfortable with the idea you will be spending personal time, evening hours and weekends, on the new business. Keep in mind that you will need as much support as you can get during this time ensure that everyone is fully onboard.

Start building your team – If you have a mentor or have relationships with other business owners, ask them to serve as someone you can go to for advice or help. In addition, if you don’t have enough capital, aren’t sure you have enough experience to run a business alone, or just simply don’t have enough time to devote early on, consider going into business with someone else.

If you would like to get more advice on how to smoothly transition into business ownership, contact one of our franchise consultants today.

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