Today’s working professionals are strikingly different from those of yesterday. They are no longer staying at one company or working within a single field for an entire career. They seek second-career options that exhibit the entrepreneurial nature normally associated with starting a small business.
But, at what point in your working life is starting your own business a good idea – especially if you’re raising a family and trying to maintain a satisfying work-life balance?
Here emerges the New Entrepreneur, who seeks not to begin, build and sustain a business, but rather to balance chasing an entrepreneurial vision with obtaining a career that’s more accommodating of a healthier life.
The Rise Of The New Entrepreneur
The recession turned some businesses into downsized entities. The proposition of starting your own business may have seemed like the way out of an unstable, unfulfilling grind. But, the heavy lifting involved with starting a business hardly leaves room for work-life balance.
New Entrepreneurs are concerned with reevaluating the substance of life: passions, personal goals and beliefs. They’re entrepreneurially minded, and they desire a quality of life not found in jobs past. They want to be the driver behind their own professional success, set their own schedules and make high-level business decisions, all while being able to travel, spend more time with family and friends and give back to the local community.
So, what’s the second-career option these like-minded individuals are pursuing?
But, how does anyone make the transition from the corporate world to the life of owning a franchise?
Planning Your Corporate Escape
The right franchise opportunity enables you to control the direction of your business and have the freedom to live a more rewarding personal life. Usually, work-life balance is a natural part of the company culture.
Finding the perfect franchise opportunity to supplement this kind of lifestyle is challenging but achievable. There are a number of things to consider when researching an opportunity for the first time:
- Do I need experience within this field?
- What do market changes look like?
- Is there a real need for my franchise?
- Does my franchise offer corporate and new business owner support?
- Is my franchise business recession-proof?
Flying the protective nest of corporate stewardship still involves risk, which makes the research phase of franchise ownership an essential step.
Owning A Franchise Vs. Owning A Small Business
While there’s risk involved with running a franchise, it isn’t the same risk that’s associated with starting your own business. The individuals who started the franchise business assumed that risk in the beginning.
Your assumed risk, on the other hand, has more to do with whether or not the prospective franchise aligns with your passions, personal goals and beliefs. In buying a franchise, you accept the business model set forth by the franchisor. The role of the franchisee is to run the business successfully and profitably.
There’s a distinct difference between owning a franchise and owning a small business, so understanding the “why” behind any pursuit of franchise ownership is, initially, much more important than identifying the “how” of its execution.
Forging Your New Entrepreneurial Path
The New Entrepreneur transcends career plateaus and embraces franchise ownership in exchange for a better quality of life.
Operating a franchise, however, is not a fast track to small business or entrepreneurial financial success. Choosing any franchise opportunity requires an initial investment, capital requirements and a ramp-up period.
How do you steer your search toward a franchisor that offers an organized path to success?
Follow the nose of the New Entrepreneur.
To learn how these second-career seekers are transforming franchise ownership, download The New Entrepreneur: Changing The Name Of The Game below.