There is at least one point in everyone's life when they start to have doubts about what they are really doing with their career. Maybe they are being transitioned out of their job. Maybe they are finally retiring but not ready to stop working. Maybe they are looking to leave corporate America and start their own business. Or maybe they want to invest in a business that allows them the flexibility in their life but provides an income. I best most people don't even think about owning a franchise at this point of their life.
But what do you do in these situations? You can try to start your own business, but according to the Small Business Association (SBA), 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10.
“Most of the people I work with tell me that they didn't even know what I do existed. But primarily the reason people come to me is because they don't know what to do next. They've had successful careers, they've managed teams, they've balanced budgets, they've been successful time and time again. But then they end up feeling frustrated, or angry or inspired about opportunities that they see they are not able to take advantage of. They get frustrated with a boss or a long commute or not spending enough time with their family or have done everything they can financially and they say, 'is there something I can do or are there businesses that I can run and put some of my own money in it and possibly see a better returns than I would leaving my money in traditional investments.' " - Loren Kutsko, career transition coach
In this episode of The Saver and The Spender, Michael interviews career transition coach Loren Kutsko. Loren helps people who feel all of those things identify and launch a franchise that fits their personality, lifestyle and goals.
Notes from the Episode:
- Starting a well researched and planned franchise may get you better returns than traditional investments.
- Do research in franchises first by searching the internet but also talking to owners of the franchises you are interested in.
- When considering owning a franchise, you shouldn't pick based on what product or service you like (like a bar) but should be based on your lifestyle goals, time needed for the job, investment goals and personality.
- Franchises are more than just chain restaurants. So if you are considering owning a franchise, do you due diligence by really evaluating your goals and how much time, effort and money you want to put into it.
- Franchises don't have to be sexy and visible. You want something that has a tried and true business model, little to no competition and repeat business.
Want to learn more about owning franchises? Here are a few resources to get you started:
- You can learn more about Loren and how he can help you find the right franchise for you here.
- Forbes' list of America's best and worst franchises to buy
- You can find out more about Fiscal Fitness Phoenix financial coaching at www.fiscalfitnessphx.com
- You can find out more about becoming a financial coach here.