Feeling stuck and looking to escape middle management? Unfortunately in some cases the glass ceiling still exists. In others there may be a “gray ceiling” because people don’t retire as early as they used to, and those in upper management may not be leaving any time soon. In any case, you may be tired of toiling for long hours only to line the pockets of others.
When you buy a franchise, you own a business. You get all the profit and glory of your hard work. And you minimize your risk of failure (compared to starting your own independent business) because an enormous amount of the work has been done for you.
Is franchising the right way for you to escape middle management? Take a look at what it entails:
Use the skills you already have
As a manager, you have experience with mentoring, coaching, organizing, negotiating, communicating, planning, and time management. These are precisely the skills you’ll need to find, hire, schedule, and motivate your employees. And your proficiency at sales, marketing, and networking will be essential to the success of your business.
Benefit from expert training and support
Franchising is a great way to learn a new business while making use of the skills and talents you already have. If you find a franchise that seems to suit you perfectly in many ways but it’s in an industry where you have no experience, never fear. The franchisor will provide expert instruction and training on everything you need to know.
Choose the type of business, size of the company, and hours you work
There are thousands of franchise companies in the U.S. and they’re not all fast food! You’ll have a very large selection of businesses from which to choose. To begin, look at your goals and preferences. How much money do you want to invest? How hands-on do you want to be? Which skills do you most enjoy using? What type of hours do you want to work?
For example, if you are a “people person,” you may want to find a business that will put you in direct contact with your customers. If you prefer to be behind the scenes, a business where you can manage a manager would be better. Don’t forget that you will be taking your income from the business, so consider how big you want to go and how hard you want to work.
Reap the rewards of your own work
Whatever business you choose, prepare to work long hours, particularly as the business ramps up. You may have to be in business months or even years before it turns a profit. But once you do make a profit, it’s yours (minus the franchise royalty you’ll pay to the franchisor). In exchange for the use of the brand and the system, comprehensive ongoing training and support, research and development, and numerous other benefits of a franchise system, you’ll pay a royalty that is usually based on a percentage of gross sales. The average royalty is between 5% and 8%. These fees help the franchise system as a whole remain healthy and growing.
Is there money to be made in franchising? The answer is a resounding YES. As a franchise owner, you can not only take control of your career goals, you can master your financial goals as well. If you choose wisely and and follow your franchisor’s directions, you’ll reap the rewards of your hard work.