Advisory Jun, 01 2012

Debuting franchise success

No doubt business generates more profits as compared to fixed amount of monthly salaries. Still it is not that easy. Initiating a business needs efforts, scarifies and hard work. Prior experience as an employee paves the way for success in a business vent

By Abha Garyali
Sub Editor
Debuting franchise success

Dreaming to become a successful businessman is easier than actually initiating a business venture. However, it is bit difficult to start a business independently without any prior experience. In that case the best way out is to take up a franchise business. But before that it is always preferred to gain some experience as an employee before jumping into franchise bandwagon.

From employee to owner

Majority of the youth today aspires to become rich and successful business tycoons. This dream is not impossible to achieve, rather it requires careful planning and execution. Well experienced employees tend to become successful entrepreneurs as compared to novice entrepreneurs who are sure to make mistakes and blunders. Here are few guidelines about shifting career to become a business owner after successfully working as an employee.

Do not leave your job: It is important to start the groundwork for becoming a business owner before leaving the current job. Franchise opportunities are perfect for this. Even after agreements are signed, one can use vacation time to attend franchise ownership training. Selecting a site for the outlet can also be accomplished while maintaining the current work position. Moreover franchisors always help with site selection and construction.

Run part time business: Any business does not initially start well. It needs a lot of time and hard work, even a franchise opportunity. Therefore leaving a well-paying job for a business can be disturbing for family life. Therefore one easy way to run a business part time is by owning a franchise. A lot of franchise opportunities offer part-time business models.

Interact with successful business owners: Business owners like franchisors who have gained experience and success can be the perfect mentors for a struggling entrepreneur. Talking to people who are successful and who failed, and find out what they did wrong can make one self double sure to not repeat their mistakes. Business professionals love to offer advice and give guidance. So always go for it.

Apply for bank loans: Having a job makes up to provide a happy and satisfied life to family members but investing in a franchise requires heavy amount, which is not possible by saving monthly salaries. Therefore best option is to apply for bank loans. Moreover, considering the popularity of franchising, banks have made it easier to get loans for taking a franchise.

Taking support from friends and family: Getting lesser amount of loan from banks or not having enough savings to invest in a franchise is a challenging situation. The only way to emerge out of it is by support of other family members and friends. It is the last option but can be helpful sometimes. Moreover, friends and family can also help with chores or other life situations, giving the entrepreneur more free time to work on the business.

Start off small: An employee who has been very successful in his career does not necessarily mean that he would do the same in his venture. Therefore it is always better to start small. If an individual does not have lot of cash, it is advisable to go for a low-cost venture rather than a big franchise, taking heavy loans.

Reading this article is sure to give an insight to aspirants who are presently working but dream to transit to a business owner soon. Taking care of the above mentioned guidelines is essential, but do not forget the mantra of hard work, determination and passion, for success.

Related: How to make your franchisees perform better

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