You’ve been waiting for this moment. You’ve been dreaming about being your own boss for years. Congratulations!
You’re The Boss
Finally, you’re in charge of your own destiny. No more idiotic bosses to deal with. No more corporate games. Office politics; Gone!
You’ve made the conscious choice to become a franchise owner!
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And, you want to make some money. Of course, you did awesome franchise research, so you know that you won’t be getting a paycheck right away.
Right?
That’s because if you’re looking at becoming the owner of a start-up franchise, (not a franchise business that’s already up and running) here’s the deal;
You won’t have a salary coming in during the beginning stages of your new business.
Are you comfortable with that?
New Franchise Owner Salaries
Think about it; where would your salary come from? You’ve just invested some of your own money into a brand-new business, got a small business loan to cover the balance of the total franchise costs, and until you open for business, you have no customers. Knowing that up-front, you’ve set aside some money to live on.
Can you afford to not have a salary coming in for a while?
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Here’s another thing to think about, and hardly anyone I’ve worked with does:
Are you prepared psychologically? Will you be able to handle working 60-hour weeks making no money? (For a while)
Please read that sentence again; it’s an important one.
It’s easy to “say” you can do this…work really, really, hard with not much to show for it. It’s another thing to live it. To do it.
Before you jump into a non-traditional career, you need to know things like what I’ve just mentioned. That’s if you really want to lower your risk, make money, and own what you do.
Here are a few more thing that you need to know, (before you take that checkbook out) that I shared in this post at SBA.gov.
I’m focused on creating a new breed of super-successful franchisees.
It always takes longer… and costs more. I think one of the biggest mistakes an owner can make is undercapitalization (not enough money). There is more than just the start up costs, there’s working capital for the business… and of course… money needed to be set aside to pay yourself. Well said Joel.
Thanks for popping by, Todd.
I’m excited to know about your plans for 2012.
A new franchise?
JL
Thanks Joel. I am opening up an Ellipse Fitness in Neenah, WI. We are scheduled to open in two weeks. Very exciting. Now I am a franchise broker, franchisor and franchisee! TW
But, Todd…
Where are you going to live?
PS- I feel a guest post coming up for you…
Joel
New York. I have a partner. Looking forward to the guest post. Give me six months. So far it’s been a very fun and educational experience as I now know exactly what a franchise candidate and owner goes through. TW