Is Owning A Franchise A Good Second Career?

Being a Business owner has probably never stopped you thinking about another career. Most people tend to dream about something different, something exciting. There are so many different options.

Where do you start?

Finding something to do once you have reached your full capacity is a nightmare. Dependant upon the type of business you own, you may have worked your entire career within the company. There are few opportunities to explore something else.

What do you do?

You go through the job boards, you apply with different companies, you interview, you land a job and you start to work. The first few days and weeks you think to yourself, “I can do this, This is nothing new to me”. However, as the weeks pass, the months go by and you realize, this isn’t what you wanted.

The Solution

This is where franchising comes in. A franchise is a company that has built a brand and a name on a specific service or product. The brand has a good reputation and people who buy the product know and like the brand and the product.

The Franchise

A franchise is a piece or a part of the brand. The franchise is a company that has been set up to carry out a certain service or product. The franchise is owned, by the franchisee, who sells the brand and the product. The franchisee does not own the product, the franchisee sells the product under the brand name.

The Franchisee

A franchisee is a person who buys into the franchise. A franchisee buys a share in the brand, a percentage of the franchise. The franchisee then uses the brand name and the services from the franchisor to carry out a certain service or product. The franchisee then sells the product.

The Benefits

The benefits of the franchising are great.

• The franchisor already has an established brand name.
• The franchisor has set up the business, the business model, the systems and the processes.
• The franchisor has dealt with many of the problems which a new franchise would face.
• The franchisor has set up training and support for the franchisee.
• The franchisee is able to use the brand name and the processes which the franchisor has developed.

The Risks

There are also risks with franchising.  The point of entry may be too expensive, while the day to day operations may be more complicated then what you are looking for.  That's why it's important to find a franchise model that is affordable, with a proven track record and the simplicity you are looking for.

The Rewards

The rewards of the franchising model can be very lucrative as well as fit perfecting with your lifestyle.  If the franchise has a successful track record, a successful business model, and  has set up training and support for the franchisee, then the franchisee has the opportunity to own their own business and to generate their own income.

The Verdict

The franchising model is the perfect opportunity for a second career on your terms.  It's an opportunity to own your own business doing something you love without having to figure it all out.  A good franchise concept will have the right price and the right training for you with the added benefit of being an established brand!