Is Self-Employment Right for You?

What To Do When One Door Closes

You are being "let go”. “You have just been replaced”. “You are being downsized”.

Several ways to say it, but all have the same meaning…you are unemployed!

Being unemployed is pretty scary. In my opinion, you have two choices. You can stay home, scanning want ads and the internet for jobs and then get depressed after about two weeks of that, or you can start getting more creative in your “career” search. Who told you that you had to be “employed” somewhere? Where is that written?

Have you thought about the “other” door? The other door is a pretty big door. Almost too scary for some people to approach, let alone try to “open”.

The other door (drum roll please), is self employment. Would you consider investing in yourself, “crazy?” “Insane”? Why? Could it be fear of the unknown? Fear of losing your investment? Just plain fear?

There is a way to explore business ownership, safely. Maybe you should spend part of your job search looking at investing in a franchise…..

A franchise is a business where you do not have to think of everything, of every little detail. It’s been pretty much done for you. And it may be already proven, which tends to lower your risk.

There is more to franchising then burgers, mufflers, and donuts. (Those types of franchises can do very well for the right person).

Some franchising categories are:

• Home Services
• Business Services
• Marketing
• Sales
• Technology
• Consulting
• Children’s Services
• Retail/Auto

There are about 3,500 franchise and business opportunities to choose from. Do you think it is possible that you can find one where you may do well in? Are you willing to look?

Here are my suggestions:

1. Do a self analysis of your strengths and weaknesses, including what you like to do.
2. Do a personal net worth statement. Make two columns on a sheet of paper. One column should list all your assets.The other column should list your liabilities. The difference between the two is you “net worth”. We suggest a minimum of $200k net worth with the ability to write a check for $40k, and borrow more in the form of a bank loan if you want to seriously look at some ideas. Legitimate franchise opportunities do not cost only $20k!
3. When you find an opportunity that you like, request a brochure and a phone call with the franchise company sales representative/franchise director. See if you like each other, and if you may be a good fit for that type of business.
4. Research, research, research! Talk to franchise owners from all over the country. See if they seem happy about their decision.
5. Use franchise attorneys, CPA’s familiar with small businesses, and an aggressive lender if needed. (I have a great local network of resources!)
6. When you do some financial projections always remember to leave room for personal living expenses! Most people forget about that in their business plans.
7. Make your decision. Even if you decide that this is not the right time to get into your own business, at least you will know that there IS something out there that may make sense for you in the future.

When one door closes, the next door that opens may be a totally different door than you expected to walk through.

Franpro