5 Things to Do Before Leaving a Corporate Job to Start a Franchise Business

“You miss 100% of the shots you don’t take.”

Whether you give credit to hockey legend Wayne Gretzky, or the iconic Michael Scott character from The Office, it’s hard to argue the logic.

Taking a leap from a stable job with a big company to start your own business can be scary, but it just might be the best thing you ever do.

There is a long list of symptoms of corporate fatigue, including:

• Burnout from office stress
• Frustration with hierarchy
• Displeasure with the increasingly transactional nature of employee-employer relationships
• Boredom with the monotony of performing the same tasks
• Simply not wanting to work for someone else anymore

Many corporate lifers will suck it up and continue the slow pace of the hamster wheel, but if you’re one of the aspirational go-getters willing to take a shot at owning a franchise business and celebrating yourself on Boss’s Day, here are five steps you should take to get started:

1. Choose Your Priorities

Before going down the path of entrepreneurship, you need to decide that you want to be in charge of your own destiny, and not subject to the whims of a corporation.

Whatever your reasons for considering leaving corporate life behind, choose your priorities and make sure the pros of entrepreneurship outweigh the cons for you personally. Why do you want to leave the corporate world? If it’s to avoid long hours and shifting work-life balance, owning your own business probably isn’t the best choice. Entrepreneurship can be liberating, but it requires hard work, long hours, and perseverance. If you’re the type of person who is excited for a new challenge and willing to put in the work, franchise entrepreurship could be a great route out of the office for good.

2. Speak with your Family

If you have a spouse or significant other, then you aren’t in this alone. This is also true if you have children, and especially true if you and your partner are starting your business together. Transitioning from corporate life to entrepreneur life has its challenges. Your hours will be longer, and your schedule more variable. Your beginning salary may be lower than what you’re used to, since most of your business capital will be tied up in startup costs and operations. You may have new stress as you adapt to unfamiliar tasks and learn how to do new things. You and your family need to be on the same page about these lifestyle adjustments. Having their support is key.

3. Take Inventory of your Strengths and Weaknesses

Nobody is good at everything, especially when it comes to owning and running a business. That’s why it’s crucial to pinpoint what you’re good at, what you’re not so good at, and learn how to address any areas of weakness. There’s a good chance that your corporate experience has given you a head start on this step!

Maybe you don’t have the personality for the sales floor. Maybe you aren’t the best at math or accounting. Maybe you don’t feel comfortable managing social media accounts. These don’t need to be barriers when they can be learning opportunities.

This step will also be helpful further down the road, when you’re making hiring decisions. Finding the right people whose strengths account for your weaknesses will help you position your new business for success.

4. Research and Explore Opportunities

Franchising mitigates many of entrepreneurship’s biggest risks. When you own a franchise unit, you are working within a proven system, with your franchisor’s support network and resources. You are in business for yourself, but not by yourself. When executed properly, it truly is the best of both worlds.

Franchises exist in virtually every business sector, with many different price points. Do you have any hobbies or experiences that would translate well to a particular industry? That might be a great place to start. Or perhaps your research will lead you to an entirely new opportunity. Many people work with a franchise consultant to help them find the best fit.

5. Consider Funding Options and Partner with an Expert

Regardless of what type of business you’re starting, funding should always be a top priority. You’ll need a solution that makes the most sense for you, that is custom-tailored to the needs of your business. Startup costs can add up quickly, and it’s important to be prepared. Working with a trusted partner simplifies the funding process, which lets you focus on what really matters: growing your business.

If entrepreneurship were easy, then everyone would do it. For hard-working, ambitious businesspeople, it can be a profitable and rewarding alternative to corporate life, providing freedom, flexibility, and the satisfaction of not working for someone else.

FranFund has helped thousands of people leave the cubicle behind, and realize their dreams of entrepreneurship. Our clients have made this transition for many reasons, but one consistent result is the freedom that comes with business ownership. In the words of Ecomaids franchise owner and former HR executive Christina Lincicum, “I now have more flexibility and personal fulfillment. I love building a team and growing a culture that I’m proud of, and where people love to work.”

If you’ve ever considered leaving corporate life for entrepreneur life, we’d love to connect with you. Our educational funding webinar allows current and potential entrepreneurs to learn about business funding strategies in a casual, no-pressure setting.

To register for our complimentary webinar, sign up here. If you’re unable to attend, feel free to register and we’ll send you the on-demand video afterward. We look forward to meeting you!