Another words, when one door closes, another one will open. Which door will it be?
Door #1A job / Door#2 Your own business? If you open #2, here are some suggestions as they relate to checking out franchise ownership options...
There is a way to explore business ownership, safely. Maybe
you should spend part of your job search looking at investing in a franchise…..
A franchise is a business where you do not have to think of everything, of every little detail. It’s been pretty much done for you. And it may be already proven, which tends to lower your risk. And with your Military background, using someone else's "plan" could be a great fit, since that is what you have been doing!
There is more to franchising then burgers, mufflers, and
donuts. {Those types of franchises can do very well for the right person}.
Some franchising categories are:
Home Services
Business Services
Marketing
Sales
Technology
Consulting
Children’s Services
Retail/Auto
There are about 3,500 franchise and business opportunities
to choose from. Do you think it is possible that you can find ONE where you may do well in? Are you willing to look?
Here is what I suggest:
1. Do a self analysis of your strengths and weaknesses,
including what you like to do
2. Do a personal net worth statement. Make two columns on a
sheet of paper. One column should list all your assets.
The other column should list your liabilities. The
difference between the two is you “net worth”. We suggest a minimum of $175k
net worth with the ability to write a check for $40k-50k, if you want to
seriously look at some ideas.
3. When you find an opportunity that you like, request a
brochure AND a phone call with the franchise company. See if you like each
other, and if you may be a good fit for that type of business.
4. Research, research, research! Talk to franchise owners
from all over the country. See if they seem happy about their decision.
5. Use franchise attorneys, CPA’s familiar with small
businesses, and an aggressive lender if needed.
6. When you do some financial projections always remember to
leave room for personal living expenses! Most people forget about that in their
business plans.
7. Make your decision. Even if you decide that this is NOT
the right time to get into your own business, at least you will know that there
IS something out there that may make sense for you in the future.
When one door closes, the next door that opens may be a
totally different door than you expected to walk through.
Best of luck!
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