How to Persuade your Family that Leaving your Job to Buy a Franchise is a Good Idea
Going out on your own and taking a risk on a franchise can be a daunting proposition. You know that you want the chance to run your own business and it seems like a great path to follow. If you’re single and independent, it’s a matter of making the decision and taking the plunge.
But if you are part of a family, then you’re not the only one who needs to be involved in the decision making process. There may well be some convincing to do if you are leaving a relatively secure job and heading out on your own, especially if you have a mortgage to pay and kids to support.
You are going to have to pitch the idea to your nearest and dearest and that means being prepared, confident and able to sell the concept in the best possible light. It’s actually a great process to go through because it can not only clarify things for your partner but also for yourself.
First of all, make sure you do all your research so that you can back things up with credible answers. That also involves tackling all the pros and cons and coming up with solutions that work for areas where your argument is weak or your partner may have concerns.
Secondly, and most importantly, you need to come up with good reasons why you want to give up your comfortable day job and start a franchise. Here are just a few you might like to include:
You Want More Control
One of the main reasons that people opt for a franchise is that they want more control of their lives. They don’t want the worry of potentially being unemployed or having their progress stalled by lack of opportunity at work. Running a franchise means a lot of hard work but it can also mean you are more flexible with your time – you can take the day off and go to your kid’s sports day or have time out when you need to do family things.
A Franchise is a Good Place to Start
If you pick the right franchise you are buying into a business model that has already been proven to work. There’s less risk than starting your own company from scratch. You’re not looking to take a leap into the dark but simply be your own boss within a fairly controlled environment. The good news is that you don’t have to produce your own business plan but can show how the franchise works and all the issues that go with undertaking it.
Speed to Market is Important
Giving up your monthly pay package to essentially go solo can be one of the stumbling points for family members. The good news is that the speed to market and the time when those wages start coming in is much shorter when you go for a franchise.
Building Valuable Equity
Taking on a franchise is a good way to build equity. You certainly have to invest but there is the chance to make good gains and create a business that can later been sold on. It could benefit the family a lot in the future compared to just working in a 9 to 5 job for someone else.
The key to convincing family members to go along with your franchise plan is to make sure that you are prepared, give enough time to going over the details and listen and respond to their concerns. Pitch it right, and you should be able to bring them along with you and get the support you need to succeed.