What's Your Next?

Is Replacing Your Employment Income Possible in Year One of Owning A Franchise?

April 24, 2023 Stacey Riska Episode 36
What's Your Next?
Is Replacing Your Employment Income Possible in Year One of Owning A Franchise?
Show Notes


We’re on a little bit of a rant and here's what happened. We were talking to a franchisee candidate who was really interested in owning a business. They were currently in a job that they hated and a common mantra that we hear all the time. All the typical reasons. I hate my boss, I hate my company. I know I'm next on the chopping block for layoffs, and if I'm gonna work this hard why should I do it building somebody else's wealth instead of mine? The person that I was talking to was very open to exploring franchises because they knew that since they had never owned a business before franchising made a lot of sense. A proven system where you can ramp up quickly. So far, the candidate that I talked to really fit into one of what we call the eight Fs … it was the fallacy of job security.

So as I continue the conversation with this candidate, and I asked them if they're looking at business ownership, what is the most important criterion to you in having a successful business? The answer was, well, Stacey, if I'm gonna own a business I must make my full salary on day one in this business. So the question … is this realistic?

It’s a good statement and generally people coming out of the corporate world they're coming out having had a salary for a very long time. They're very used to that money coming in on a regular basis. For that type of expectation, for them, it's not un-unrealistic only in that they've never really been in business before, so mostly they really don't know what to expect. 

I want to start off with a good piece of information regarding this statement, and that is when you're evaluating franchises and you feel like this is you need to replace your income one of the things about buying a franchise that's really nice …

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