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If your conundrum isn’t what type of franchise to buy but rather when to pull the trigger, realize that some moments are better than others when it comes to buying a franchise. Here are three to consider.
1. When You Get Laid Off
One morning you come into work and are dismayed to find out you've been laid off. You’re politely asked to leave the premises. All of a sudden, your world changes and you’re wondering what you're going to do next. Before you go into panic mode and start looking for the next dead-end job, think about the possibility of being your own boss.
Maybe getting laid off isn't so bad after all. It could allow you the opportunity to start a business that you will enjoy running and have more control over your life.
2. You're Frustrated With Your Existing Job
There can be a variety of reasons to be frustrated with your existing job. Maybe you hate your demanding boss who has no idea how to lead people. Your coworkers may encourage you stick with it because they don’t want to be left alone with the Worst Boss Ever, but you know deep down that working for such a horrible person isn't what you want to do with your life.
Or, maybe you’ve been doing the same work for the last 10 years and when you think about the next 10 years, you don’t want more of it.
The good news is that there is a better alternative to being a miserable employee: you can be your own boss and run your own franchise.
3. You Have the Funds to Buy a Franchise
Whether you've been laid off from your job or you're just frustrated with your existing job, having the funds to make a calculated move can be an exhilarating and liberating experience.
Start-up costs for franchises can vary from as little as $10,000 on the low side to over $1 million. Find a franchise that fits your budget and needs.
And if you don’t have quite enough for the franchise you want: getting funding for an established franchise with a proven track record can be much easier than trying to get funding for an unknown entity.
Owning a franchise allows you to be a small business owner and work for yourself while having a support staff and processes to provide help along the way. Unlike starting a brand-new business on your own, owning a franchise provides support so that even if you don't have a lot of experience in a given area, you can still get the help you need.
Susan Guillory is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.