These People Are Essential For Your Successful Shift From Employee To Employer

🕒 Estimated Reading Time: ~4 minutes

Transitioning from employee to employer is a big deal. It’s not for the faint of heart.

But as you read this, people all over the country...heck, all over the world, are starting their own businesses. And you can too.

In this post, I’m going to tell you who the people are who can help you become your own boss successfully.

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From Getting Steady Paychecks To Issuing Them

If you have a decent net worth along with extra funds set aside for the startup period of your business, great. That means monetarily, you have some breathing room until you reach break-even. And break-even puts you within reach of collecting a paycheck. But it’s the psychological part that may be difficult to manage.

That’s because after years of being on the employee side of payroll, you’re used to getting that paycheck. You’re used to working hard and depositing it into your checking account. Then all of a sudden you’re not. When you open a new business, there’s no paycheck for you until your business can afford to pay you.

Now I’m not saying you can’t do it. And I’m certainly not trying to scare you, as owning a successful franchise is a great thing. In more ways than one.

It’s just that I want you to go into franchise business ownership with the long-term mindset needed for your success. Because quick income is not the norm.

That said, there’s another thing needed for success.

You Need Your People For Success

Having your people involved from the beginning will go a long way.

In this case, “the beginning” refers to the moment the idea of becoming your own boss shows itself.

In this case, it’s that magical moment you say “enough!”

As in, “I’ve had enough of working for others.”

And if you’re serious about it, which means you’re starting to think about owning a business, that’s when you need to get your people involved.

Your people, being your spouse or partner, along with the other family members (and possibly friends) you need to have on your side.

You Need Their Early Support

As I said, you need to get your people involved early in the franchise exploration process. One reason for that? You’re not going to want to make an announcement before they even know you’re not looking at another traditional job..

“Hey, I just found a great franchise business opportunity, and I think we should buy it!”

Experience tells me that making a surprise and potentially life-changing announcement like that produces one of two responses from your people.

1. “You are thinking of doing what???”
2. Shocked silence.

And I honestly don’t know which one is worse.

Especially if they had no idea you were even looking at franchises.

Bottom line: Tell them what you’re thinking of doing and then ask them for their support.

Get Your People Involved With The Money Part

It’s important to talk with your spouse or partner about the money aspect of buying a franchise. You need to figure they’ll be nervous. Here’s what you need to talk with them about, money-wise.

A budget to buy the franchise of your dreams.

That means determining (together) the upper limit of what you’re willing to put in a franchise business.

Specifically, how much of your own money (along with a small business loan) you’re willing to put into a business.

Once you have those figures, you can start looking for the right franchise to buy.

Note: as you search for franchises, you don’t need to involve your people with every little detail. Just tell them when you’ve found a franchise concept you like a lot and commit to updating them as needed. Finally, you may want to suggest they read a few informational articles on franchising, so they can get an understanding of how the franchise model works.

Why?

Because if you do end up finding a franchise you feel you can be successful with, you’re going to want to be supported in your decision by people who have at least some knowledge of how franchises work.

Does that make sense?

You’re Going To Want Their Support When You’re A Franchisee

The support you need from your people can’t end when you have the grand opening of your franchise business.

One reason you’re going to want (and need) their support is because of the long hours you’ll be putting into your business. Especially at first. So don’t avoid talking about the hours needed to own and operate a successful, profitable franchise before you become an owner.

The second reason you’ll want their support has to do with your mindset. Your head needs to be in the right place. What place is that?

A positive, strong, “I can do this” place.

And that can, usually, only happen if you have the full support of your people.

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.