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Depending on your circumstances, choosing whether to become the owner of a business or getting a new job can be quite the dilemma.
On one hand, landing a well-paying new job can be quite invigorating. It’s a pleasant ego-boost. And there’s a sense of security that goes along with it.
On the other hand, it can be extremely exciting to start a business. You’ll feel powerful because you “own” something. Also, you’ll feel a larger sense of control because you don’t have a boss.
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But you may not feel a sense of security. At least not in the beginning. It takes time to break-even on your investment and start making money.
So what should you do if you’ve been put in the position of having to look for another employment opportunity: Find a new, more traditional job or buy a franchise?
Going The Job Route
Let’s first examine why you’re in this position. There are a few different reasons why people decide to search for a new job. Let’s see if you can identify with them.
- Your current job has reached the point where it’s unsatisfying.
- You feel like you’ve gone as far as you can in your place of employment.
- You’ve been job-hopping*.
*I was a serious job-hopper before I became an entrepreneur.
In the late 90’s, every place I worked quickly became an unpleasant experience for me. So I’d quit and find another new job. Within weeks, I’d be extremely unhappy, and leave. I did it again and again. It was pretty dysfunctional to say the least. Then, in 2000, everything changed.
I was fired.
And it was the last time I was an employee.
If you’re someone who’s lost a job and the idea of embarking on a new job search isn’t quite doing it for you, keep reading.
Going The Franchise Route
Let me start by saying that buying a franchise business-or any type of business, is not like accepting a new job.
The most important difference? The money. In particular, franchise business ownership requires an upfront investment. Usually a small business loan, too.
But don't underestimate another investment you have when you go the franchise route. An investment of time.
That’s because choosing and researching franchise opportunities can take 2-3 months or more, depending on how analytical you are.
And if you do decide to buy one of the franchises you’ve been investigating, depending on the type of business you choose, it could take several more months to find a suitable location, build your store out and actually open.
In contrast, when you accept a new job, while it’s true that you've probably invested a fair amount of time doing research on the company, and interviewing etc., you don’t have to wait to get started. You’re hired and you show up.
You Can Do Both
Some of the people I work with are looking for a new job and exploring franchise ownership ideas at the same time. It can be a difficult thing to do, but not for the reasons you think.
Simply put, engaging in a serious job search while investigating franchise opportunities can play with your mind.
On one hand, you’ll find that it’s exciting to look at franchises, especially if you’ve just about had it with Corporate America or employment in general. Imagining yourself as the owner of a thriving, profitable business of your own is a powerful visual.
On the other hand, the thought of investing some of your hard-earned money on something you’ve never done before, that has no guarantees, can be unnerving. After all, you’re used to having a steady paycheck and along with it, fairly predicable hours. But you’re still interested in looking at franchises.
Another scenario that sometimes happens is you find a franchise or two you like and start getting more serious about, and then out of nowhere you receive a generous job offer from a company you interviewed with months ago. Now what do you do?
It's important to know that even if you do end up finding a franchise that makes sense and you’ve done a good job researching the business, you don’t have to move forward with it. Same goes with a job offer. You don’t have to accept it. It’s your choice.
Finally, I don’t know if you should search for a new job or search for a franchise to buy. As you can see, there are pros and cons to both. It’s a lot to think about.
It’s nice to have choices, though.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.