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A lot of people measure success by getting a job – something virtually everyone needs. But a job means an employer-employee relationship that not everyone enjoys. For many people, being one’s own boss can shed the burden of working for someone else. Those who shift from employee to entrepreneur are in for some significant changes.
Whether you pursue business ownership through a start-up or buy into a franchise model, your life is going to change.
With it, your attitude will shift from earning your paycheck to building self-sustainability. Your mindset and daily activities will shift to support your new working lifestyle. Let’s look at the changes you will be making as you pursue self-employment.
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- You’ll learn new skills. Most employees are qualified to perform a narrow set of skills. As a franchise owner, you will have support from the franchisor. Still, you will be responsible for legal transactions, wage and labor issues, and customer service—all while managing a fledgling business. Your greatest new skill will be juggling all that a new business demands of you.
- You’ll start connecting dots. The more you learn new skills, the more you will see how each part of your franchise is interconnected. If tax strategies or human resources are unfamiliar, it won’t be long before you comprehend the way employees impact your tax position, for example. When you comprehend and anticipate cause and effect on all parts of your franchise, you will make better business decisions.
- You’ll fly solo a lot. If you are leaving a larger company, you were surrounded by a team of experts on many subjects. As a franchisee, you will also have the franchisor and trailblazing franchisees to assist you. Even with their support, though, most day-to-day decisions will rest on your shoulders. If you have a co-pilot or partner, it can be helpful. But regardless of your ownership structure, you will be the one soaring through a new venture’s hourly decisions.
- You’ll become comfortable with a measure of financial uncertainty. A new business does not guarantee income, at least not right away. Just the thought of not having the same amount drop into a bank account is a deal-breaker for many. But ask any owner, and they will tell you how they have developed faith in their abilities over time. Finances may be up and down for a while, but the upside is so much greater. A few uncomfortable months or occasional slow times will not deter you. In time, it will feel normal.
- You’ll work long hours. Perhaps this is not new to you, but long hours are required—even for “part-time” franchises. You must build a strong foundation and smooth operation before you can relax. Build good, healthy routines to optimize your physical and mental effectiveness.
It takes a certain type of person to seek an entrepreneurial life.
The lifestyle can be exhilarating to embark on something new, and it also can be filled with trepidation until you become accustomed to the changes in your working life. If you are willing to be flexible and occasionally uncomfortable, you are ready to pursue the shift from employee to franchise entrepreneur.
Anne Daniells is a co-owner of Enterprising Solutions, a professional services firm specializing in corporate communication and financial improvement for businesses where she shares decades of corporate and entrepreneurial experience—including franchise ownership—in her writings on business culture. She has authored hundreds of articles for publications including AllBusiness.com, TweakYourBiz.com, and MSN.com. Reach out via her website for more on where corporate culture, communication, and human architecture collide.