Is Buying a Franchise Like Buying a Job? (Spoiler Alert: Nope!)
Once upon a time there was stability in careers. You started a job, and you had that job for life. Times have changed. The notion that a corporate career is the way you achieve stability is no longer true. Society is demanding more from the future, and many are turning to franchising to help bring dreams to life. The entrepreneurs who are signing on the dotted line of a franchise agreement aren’t doing it so that they can work another job. Despite what you may have heard, they are making the leap because buying a franchise is nothing like buying a job.
1) You can’t scale your job
No matter how good you are, there is a cap on your title and pay in a job working for someone else. More effort and higher-quality work does not always equal forward advancement. In franchising, you are self-employed, and are the one who can directly have an impact on your business performance, and in turn, your paycheck.
2) You can’t control your job
In a job, you are most likely beholden to the employer’s rules and standards. You’re likely working Monday through Friday 9:00-5:00 with little room for flexibility. You are held to set vacation hours, sick days, and deadlines. When you own a franchise, you own your rules. Want to hit the golf course at noon on a Wednesday? It’s your call. On top of that, what better job security is there than to be the controller of your job security?
3) You can’t work 2 full-time jobs
When you have capped out on advancement at your job, you can’t pick up a second full-time job to double your money. When you’re working for someone, the only way you can make more money is to find another job, or to ask for a raise. In franchising, if your first location is doing well, you can opt to open a second location. You can either find efficiencies to manage both, or consider hiring someone to help.
4) You can’t sell your job
Those late nights at the office don’t yield a lump-sum payout at the end. You don’t get to turn over every business proposal, budget plan, and marketing campaign that you have worked on to someone else who is writing you a check in return. However, when you build a business, you are building value that people take interest in. You have built an asset that you can choose to sell for a profit.
5) You can’t guarantee support at a job
Let’s be honest. If you are working a job, there may be people there who are hoping for your failure. There definitely aren’t people in your cheerleader section providing you resources for everything that’s on your plate. In a franchise, you have people behind you whose sole job is to ensure that you are successful. You aren’t alone in figuring out how to grow your business, and you have a system of franchisees and franchisor employees cheering you on.
6) You can’t leave a legacy with your job
Your next of kin can’t take on your role when you’re ready to step away at a job. On top of that, you can’t guarantee that your role will not be handed to someone who will burn your hard work to the ground after you leave. In a franchise, you choose who takes over when you are ready to be done. You can build something amazing for your family to carry forward.
Buying a franchise isn’t about buying a job. It is about investing in your happiness.
Read the full article here: https://www.franchising.com/articles/is_buying_a_franchise_like_buying_a_job_spoiler_alert_nope.html