Are you considering taking the “big leap” into the world of franchising, but you’re more than a little bit concerned about how long will it be before you start to make money? It’s a common concern for anyone whose looking into buying a franchise business. Because of this uncertainty, a lot of new franchisees keep their current job for awhile. It’s a good way to maintain a stable income as they transition from employee to business owner.
Not all franchisors will allow a new franchisee to keep an outside job, but at Great Clips, it’s not only allowed, it’s encouraged, at least for the first few years. (Find our more on our Common-Questions page.)
This is clearly a hot topic because I’ve come across several articles that address this topic. Here are just a few.
How do you know when the time is right to make the leap? These 10 questions range from gauging how miserable you are in your current job (in my opinion, an unwise reason to quit before you’ve developed a real plan for your new business) to considering your personal skills.
Read this, if only because of the publication’s name: Young, Fabulous & Self-Employed.
There are several differing opinions offered in this article: A business coach advises holding on to your current job until your new business generates about two-thirds of your full-time income. But a couple of business consultants disagree, saying that entrepreneurship requires going “all in.”