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Tired of the 9-to-5 grind?

That has become a quaint expression in today’s economy since most people work far more than 40 hours, and some people are veritably chained to their employers seven days a week via email and text message.

No wonder so many people want to change jobs. More than half of all U.S. workers are not satisfied with their jobs, according to the most recent survey by The Conference Board. Moreover, upwards of 70 percent of them are thinking about changing jobs, according to monster.com.

A better option might be to take complete charge of your career by going into business for yourself.

A great way to lower your risk is to buy a franchise, which offers a multitude of advantages for the new business owner.

Three Key Ways a Franchise Lowers Your Risk

First and Foremost is the Financial Disclosure Document

With no other type of new business do you get as much information upfront as with a franchise, thanks to the federally mandated Financial Disclosure Document. Most new businesses begin with a vision, but their operations must be invented every step of the way. By contrast, a franchise will teach you exactly how to run the business to maximize success. They have done it many times before, and they know what works.

And you can learn just how well all this has been working by reading the FDD, in which franchisors disclose a history of the business, including when it was established and any other names under which it has operated. You can also learn if its executives have faced any litigation or ever failed in a business.

You can ascertain exactly how much money you need for your initial investment, including fees, estimated wages and costs to purchase supplies, inventory, set up an office, as well as for insurance and rent.

And since being fully capitalized is one of the keys to ensuring your business makes it for the long run, this information can make the critical difference between success and failure.

The FDD also has a list of franchisees currently in business, as well as those no longer in operation. This list becomes one of your most important resources. We recommend you call as many franchisees as possible to learn how they’re doing, and whether they are happy with the franchise company.

Second, a franchise comes with a proven system

While not all franchises are created equal, the good franchises have developed an operating system meant to create the conditions necessary for success. They have a group of franchisees continually testing new ideas and improving the system. These folks, as well as support staff, can offer lots of helpful advice along the way.

Third is the training and support to help you learn the system

When you buy a franchise, you have a whole team of support behind you. A good franchisor is invested in your success. The franchise company has a built-in incentive to help you succeed since the more money you make, the more they make, too.

Before you even make a purchase, you will have lots of phone conversations, as well as in-person meetings about the franchisor’s system, their training and support and even what type of profits you might expect.

Still, a franchise is not for everyone. If for some reason you don’t like the franchise system or you don’t plan to follow the system as laid out by the franchisor, don’t buy the franchise. If you prefer to invent your own business model with ideas hatched in your own creative imagination, a franchise is not for you.

Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (484) 278-4589.

© Dan Citrenbaum 2024

This guest post is by Dan Citrenbaum, a Franchise Coach and Entrepreneurial Consultant who helps people achieve their dreams as small business owners.  Find Dan at www.EnterpreneurOption.com.

Going into business for yourself can seem like a daunting option, but people do it successfully every day. So how can you transition from working for a boss to being the boss? Get good advice from lots of people and learn, learn, learn!

Demystifying the process is what I do for people every day. Over the past several years, I’ve successfully counseled hundreds of people on how to get started safely. They had to learn how to choose the type of business that would work for them and how to become a successful owner. They know better than anyone what it takes to succeed. Most have selected franchises as the surest way to achieve success as an entrepreneur. Since most people enter the business with no experience as a business owner, a franchise offers years of expertise and back room support to help you get started. Over time, I’ve collected some of their best advice for people who want to follow in their footsteps. So if you want to go into business for yourself, I suggest you read on and heed their wise counsel.

8 Tips For Succeeding With A Franchise

Look before leaping

Every year I hear lots of stories about people buying franchises because they always loved that particular business or always wanted to start a bakery because they loved to bake. Then with nary an iota of research, they sign a contract. Maybe they realize the franchisor is new to the business, or doesn’t really know how to help them get going, and they start to feel like they’re drowning in debt with no earnings in sight. Plan to spend two to three months researching businesses.

Cast a wide net

Once they start their research, invariably people learn the business they thought they always wanted isn’t really the right one for them. Either because the franchisor isn’t well run or because there are no nearby territories available. The truth is you should look for businesses with an open mind because you never know who’s behind the operation until you pull back the curtain.

Consult a franchise coach

Talk to one or more to help give you a feel for the franchise environment, what should be expected and what is a no-no. Their services are generally free, and they can help you avoid wrong turns along the way.

Look for a great back office

One of the most important considerations is how well the operation is run. The best way to find this out is to have pointed conversations with executives from the franchise, as well as franchisees all around the country. In addition, you will need to read the Franchise Disclosure Document, which will provide information on everything, from the backgrounds of the executives, whether they face ongoing litigation to a complete list of upfront costs. Are you comfortable in your gut with how they run their business?

The first year is the most important for support

You need to learn from franchisees whether the franchisor’s support system is sufficient to help you learn the business, particularly at the beginning. Are they available whenever you call with questions? Is their software sufficient for managing the system? Do they help with accounting, advertising, leasing space? Know all upfront before signing any contracts.

Expect a slow start for cash flow to get going

As you learn a new business, it takes a while to get all the systems up and running. Depending on the business, it might take months – or even a year or longer to reach profitability. Plan for this by having enough capital to keep you going past the start-up phase. Sometimes cash flow starts growing quickly, but sometimes it takes awhile. Be mentally and financially prepared!

Talk to existing franchisees

Nothing is more important in your search. Talk to franchisees who have left the business, as well. Interview as many as you can, and press for as much detailed information as possible.

Know upfront what it takes to be successful

Are your skills comparable to the skills the successful owners had when they got started? Can you learn this business in short order? Is the day-to-day life of the owner of this business something you can see yourself doing and enjoying?

Be comfortable with the upfront costs

As one franchisee I know told me, “When people say why not just do it on your own so you don’t have to pay royalties, ignore those people.” You should get what you’re paying for, and good franchises provide a good value. If you select a franchise because you decide it’s a great operation, by all means, follow their advice about running the business. Or don’t do it. 

About the author

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (484) 278-4589.

Remember those carefree college days when you declared your major and thought that what you really wanted was a job that would make you a good living and, if all went well, you would one day earn a million dollars?

A million dollars doesn’t seem like so much money anymore with the number of billionaires proliferating about as fast as the middle class is shrinking. And you’ve realized that tying your future to someone else’s trajectory has its risks.

The fact is you’re far more likely to become a millionaire by owning your own business than any other method. But, as we all learn sooner or later, it’s not really about the money. It’s about finding fulfillment in your work, feeling appreciated for what you do and controlling your own destiny.

About two-thirds of American millionaires are self-employed, according to the authors of “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas Stanley and William Danko. Three quarters of them consider themselves entrepreneurs, and most of the rest are self-employed professionals, such as doctors and accountants.

Many of these millionaires, write Stanley and Danko, got that way by focusing on the “delayed gratification” of building their business, rather than on simply getting a paycheck.

The same can be true of a creating a large, profitable business. Start slow and steady with a good idea, add hard work and realistic goals and build a flourishing business.

One way to make this happen, particularly for those who have no experience in the business they would like to get into, is to buy a franchise — which comes with all the backroom expertise, ready-made marketing and ongoing support and training. And you get to reap all the profits derived from your labor.

To fully explore your options, it’s a good idea to consult a franchise coach who can help connect you to a set of franchises that have a good track record, and you can start investigating.

In addition, you can find a whole lot of good information online, but there’s nothing like the information you can gain by working out some shoe leather. Go talk to franchisees, learn from people who are succeeding and find out what has worked for them or what mistakes they wish they hadn’t made.

In an age of consolidation and buyouts, act now to free yourself from dependence on a boss or a company that could change at any moment. There’s no point sitting on the sidelines a minute longer.

Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (484) 278-4589.

© Dan Citrenbaum 2015

This guest post is by Dan Citrenbaum, a Franchise Coach and Entrepreneurial Consultant who helps people achieve their dreams as small business owners.  Find Dan at www.EnterpreneurOption.com.

Hate your job? Worse yet, you fear your employer may cut your department at any time. Argh. What to do? Save your career by going out on your own! Maybe it’s time you start your own business. All you have to do is pick up the newspaper to see how many corporations regularly “downsize” their workforce” while generally asking ever more of their employees. You know the story too well. Corporate profits have reached new peaks, the highest since 1929. Workers are often asked to work more hours for the same pay, especially since the Great Recession. Your life may feel increasingly out of your control as your quality of life suffers. Does this lose-lose proposition sound familiar? If you’re in a job where the writing is on the wall, you have more options than you may have realized. You have great skills you have gained with experience. How can you put that great cache of skills to work for yourself?www.workitdaily.com RSS

A franchise can be your ticket to a new career

We believe a great way to take control of your career and get all the value from your work is to run your own business. And the best way to minimize your risk is with a franchise. A good franchise offers many advantages to help you be successful, especially if you’ve never run a business before. You get an operating system, time-tested by a network of franchisees, who offer ready support and guidance. The franchisor offers a set of tools and guidelines to help you set up your business, including how to find a good location and hire and retain employees. You get a list of suppliers, and marketing and advertising support, as well as a full rundown of your start-up costs. You will have all this information in hand before you sign any contracts. How does that work? As a result of Federal Trade Commission regulations that require franchisors to disclose all this information in a franchise disclosure document, all easily understandable as the requirements include it be written in standard English. All that training and support helps the franchisor, as well as the franchisee, succeed. That’s the beauty of the franchise business model. The better you succeed, the more the franchisor succeeds. You get all the benefits of a large operation with the advantage of running your own small business. The most important part of your transition comes in choosing the right franchise to suit your mix of talents, skills and interests. After all, you want to like as well as succeed in your new job as business owner. Key to this process is doing your research, and a consultation with a franchise coach is a free, no-strings-attached way to get you started. With some expert advice, you can focus your research on what’s most important, learn which franchisors have some of the best support and make a selection that works for you in the long term. So say good-bye to office politics and the unreasonable demands of your job and start exploring your options for a new career today. Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! 

About the author

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (484) 278-4589.

Buying a franchise should not be a spur-of-the-moment purchase — for either the franchise company or the prospective franchisee. Each party has a stake in knowing as much as possible about the other before going into business together. Are you ready to buy a franchise? Let’s find out…

Related: Ready For A Career Switch? Consider A Franchise

When you buy a franchise, you get a business partner. You want them to add as much value as you. And it’s up to both parties to thoroughly check each other out before signing a contract that binds you together. Typically in a franchise agreement, the franchisee agrees to pay an upfront fee, as well as continuing fees that include royalties and costs for advertising and marketing. What the franchisee should get in return is a tried-and-true system for running a profitable business, as well as training and ongoing support to help you learn your new business and become an expert at operating it. Your responsibility includes reading as much about the franchise company as possible, consulting many experts along the way, including a franchise coach, and, as you get closer to a purchase, a franchise attorney. In turn, the franchise company executives will be getting to know you. After conducting several interviews, they will arrange for you to visit their company headquarters for a “Discovery Day.” During these early conversations, it is up to the franchisee, to interview the executives right back. Find out what you need to know about their track record and their system to see if it’s right for you. Many franchise companies contract with outside vendors to use specialized online questionnaires meant to assess the skills and suitability of the prospective franchisee for this particular franchise. Franchise companies typically pay a fee for the service, and they get a substantive way to test the skills and experience of prospective franchisees to see if they are a good match to their company. For Greenville, S.C.-based ARCpoint Labs, if prospective franchisees don’t score high enough on the test they use by Franchise Navigator, they generally do not move forward in the process, said Randy Loeb, vice president of franchise development for the company, which offers drug, alcohol, DNA and forensic and wellness programming. Not all companies use these programs as elimination rounds, but prospective franchisees should view these vetting exercises as best for everyone involved since no one wants to put their hard-earned savings into a franchise business for which they are not suited. The mutually beneficial investigations help ensure new franchisees can thrive, so that by the time they purchase a quality franchise, they’ve optimized their odds of success.

One of the great benefits of going into business for yourself with a franchise is that the franchise is ready to roll on a well-traveled road to profitability. But how many franchise companies actually pay you through your ramp-up phase? Are you ready to start a franchise? All franchisors tell you upfront exactly what their system will cost, from the franchise fee to the costs to set-up shop, royalties, advertising, and so on, which is part of the attraction of a franchise. You know exactly how much money you need to get going. No surprises to throw you off course down the line. You also need enough money to cover your living expenses for up to a year or more until your business starts to earn a profit. The executives of Money Mailer, a direct marketing franchise company, believe so strongly that their concept is a winner, they have started a new program that actually offers financial rewards for coming on board their system. Under Money Mailer’s seven-month-old GPS program — Goals + Processes + Systems — new franchisees pay no royalties for the first two years plus the company pays them a $2,500 bonus for completing their expense-paid field training and pays a performance fee of $2,500 each month for the first year, which means new franchisees take in $32,500 at a minimum just for meeting their goals in year one, said Dennis Jenkins, vice president of licensing for Money Mailer, which has 175 franchisees plus 51 company units, now available for licensing, in 38 states. “We make our money on the production side of the business after the ads are sold,” he said. As a result, Money Mailer has “every financial incentive to help the new franchisees become successful as quickly as possible.” “GPS allows franchisees to focus exclusively on building repeat monthly business,” he explained. To make this program work, selecting quality franchisees is paramount. What’s most important is a good work ethic, he said, noting one-third of their franchisees have no sales experience. “Our challenge is not finding candidates that can write a check for the $75,000 franchise fee – that would be easy – but to find top quality talent that merit the six-figure investment we make in each new GPS franchisee,” Jenkins said. Money Mailer’s intensive training includes:

• Money Mailer University (MMU) – five days at corporate headquarters in Orange County, Calif.
• Three-week training camp, beginning the Monday following MMU, at a company operation, working with a team of trainers. The schedule permits the new franchisee to go home on the weekends, and the cost is covered by Money Mailer.
• Field training: When they return to their sales territory, they work “hand in glove” for two weeks with their regional sales manager, a full-time employee of the company.

In addition to their field support, Money Mailer has a dedicated customer care “concierge,” handling advertising creation, production, distribution and all digital placements, including smart phone applications and social media. Since the company instituted GPS, not only has lead flow dramatically increased, but the company also attracted the interest of a large venture capital firm. Chicago-based venture capital firm, PSP Capital Partners, founded by Penny Pritzker, currently U.S. Secretary of Commerce, purchased a majority interest in Money Mailer last April. “We are very excited about the future,” Jenkins said. “PSP has asked us for a very aggressive growth plan that takes the company to the next level, including the addition of 150 new franchisees over the next two years.