From time to time, you may wonder what it might be like to run your own business.
Related:Start Your Own Business And Cut Your Risk!
You would be in charge of your own time. You could pocket all the profit that results from your labor. You could tap your natural ingenuity and try out your great ideas. Best of all, you would be master of your own destiny.
While you get all the upside, you also bear all the responsibility when trouble hits. Knowing this causes potential owners to feel fear and trepidation – so that often they abandom their dream of ownership and continue in their stultifying day job.
But what if there was a way to minimize your risk and get all the benefits of owning your own business? The answer is actually within easy reach.
With a franchise, before you even invest a dime, you know everything you need to know to succeed. You get a proven system, upfront and continuing training, support for everything from setting up your office to buying equipment and supplies, and you know from the get-go exactly how much your startup costs will be.
10 Questions To Answer Before Purchasing A Franchise
The most important issue becomes your research, how well you make a match with your interest, skills, and expertise to a franchise whose system and support stands up to scrutiny.
First About Yourself
1. How much money do I want to invest?
A good rule of thumb: You will need enough to pay startup costs as well as your living expenses until the business becomes profitable.
2. Do I have the ability to put in long hours during the startup phase?
If you have significant responsibility caring for a sick relative, you might want to review your timing.
3. What types of skills do I bring to my new business?
Perhaps you're great at sales, managing people or accounting. Whatever your strengths, you want to choose a franchise that capitalizes on them.
4. Do you enjoy working with people or prefer working alone?
You can find a franchise that matches your preference. For example, you could choose a business support service or a retail store.
5. Will your business be your primary source of income or a secondary career?
Called semi-absentee, there is a whole category of franchises for those who wish to work part-time.
About The Franchisor
6. How much are the initial startup costs?
You can find everything you need to know in the Franchise Disclosure Document, which every franchisor is required to disclose to potential franchisees. Look at Items 5-7.
7. How long has the franchisor been in business? Any glaring litigation history?
You're looking for proof this is a company in good standing. Check Items 1-4 in the FDD. You will also want to learn how many franchisees have gone out of business.
8. Do I have a good rapport with the franchisor's executives?
Through multiple interviews and meetings, you will need to determine if you want to work closely with these people. Do you trust them? Are they likable?
9. What obligations does the franchisor place on franchisees?
All franchisors will be highly specific on how the business is run. After all, they have a brand to protect. Check for restrictions on territory, resale, and royalties. Decide if any of these are too onerous for you. It's always a good idea to consult a franchise attorney.
10. Is the support and training everything the franchisor advertises? Would a large number of franchisees buy this franchise again?
As the most important question in the bunch, you should plan to invest a significant amount of time calling and interviewing franchisees — whose phone numbers you can find in the FDD.
Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you've always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (484) 278-5489.
Disclosure: This post is sponsored by a CAREEREALISM-approved expert.
Is your job search turning into a grind with no end in sight? It may be time to take a step back and reevaluate your entire approach.
In cold weather climates, the beginning of spring is a time to clean the house and get organized—a practice known as spring cleaning. Through the years, spring cleaning has taken on a larger meaning with people using the time to organize and declutter things in their lives.
For professionals on the job hunt, a little spring cleaning (metaphorically speaking) could be a great way to reinvigorate your job search. Here are a few strategies your job search spring cleaning should include.
Reevaluate Your Job Search Approach
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Make a list of the last handful of jobs you applied for and see if you can identify any positive or negative trends. Consider things like:
How did I learn about this job?
How did I apply for the job?
Did I earn an interview?
What was the ultimate result?
A lot can be learned about your job search approach just by answering these questions and identifying patterns. For example:
Negative Trends
You discovered five jobs through job boards, applied to all of them via the job boards, and never heard back from any of them.
The common pattern here is applying through job boards. This isn't to say that job boards don't serve a purpose in the job search process, but they have their limitations, and you can't run your job search entirely off of them. When you apply through a job board, there's a good chance that your materials will never get past the applicant tracking system (ATS) and never be seen by an actual person.
One simple fix is to research who the hiring manager or recruiter is that posted the position and email your materials to them directly.
The more efficient fix would be to take a proactive approach by putting together a bucket list of companies that you want to work for and start making connections on LinkedIn with people who work at those companies. You may already know some people who work there or have connections that can refer you to some individuals.
This is a great way to network your way onto a company's radar.
Positive Trends
You applied to three jobs via referral, were invited to two job interviews, and made it through multiple rounds of interviews for one of the jobs before being passed over for someone with a little more experience.
The pattern here is that getting referred to a job by a professional acquaintance is a great way to land a job interview. This indicates that you're leveraging your network well and you should continue to focus on your networking efforts.
The next step is to review the interview process and determine what went well and what needs to be improved. Sometimes the interviewer will provide feedback, and that feedback can be valuable. However, not everyone is comfortable with giving feedback.
Chances are you probably have a good idea about areas of improvement and the skills you need to gain. Put together a plan for addressing those shortfalls.
The good news in making it deep into any interview process is that it indicates that the company likes you as a potential employee (even if the timing just wasn't right) and the experience could be a roadmap to a job with that company at a later date, or another similar opportunity elsewhere.
Give Your Resume & Cover Letter Some Much-Needed Attention
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Are you continuously sending similar resumes and cover letters to each job opening with only minor adjustments? If so, your strategy needs some serious spring cleaning.
The reason why it's so important to tailor your resume is that throughout your career, you acquire numerous skills, but the job you're applying for may only be focusing on 6-8 of those skills. In that case, those skills must rise to the top of the resume with quantifiable examples of how you successfully used those skills at previous jobs.
Remember, recruiters go through hundreds of resumes. They need to be able to tell from a quick glance whether or not you're a potential candidate for the position.
While updating your resume, you could also spruce up your LinkedIn profile by highlighting the skill sets that you want to be noticed for by recruiters.
As for writing a good cover letter, the key to success is writing a disruptive cover letter. When you write a disruptive cover letter, you're basically telling a story. The story should focus on how you connect with the particular company and job position. The story could also focus on your personal journey, and how you got to where you currently are in your career.
If your resumes and cover letters aren't unique, now is the time to clean things up and get on track.
Build Your Personal Brand
Just because you're looking for work doesn't mean that you don't have anything to offer. Use previous career experiences and passions to build your personal brand.
Ask yourself, "How do I want other professionals to view me?"
Pick an area of expertise and start sharing your knowledge and experience with your professional network by pushing out content on your LinkedIn and social media accounts. Good content can include blogs, social media posts, and videos.
By sharing content about your experiences and passions, you slowly build your personal brand, and others will start to notice. The content could lead to good discussions with others in your network. It could also lead to reconnecting with connections that you haven't spoken to in years, or making new connections.
You never know when one of these connections could turn into a job lead or referral. The trick is to get on people's radars. So, when you're cleaning up your job search, be sure to build a plan for personal branding.
Maintain Healthy Habits During Your Job Search
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Your job search is important, but it's even more important to know when to pull back and focus on personal health and spending time with family and friends.
There are actually things that you can do for your own enjoyment that could help your job search in the long run, such as:
Grab coffee with a friend - It's good to engage in light conversation with friends during challenging times. And if your job search does come up, remember that most people have been through it themselves and you never know when a friend may provide you with a good idea or lead on a job.
Volunteer - Volunteering is a great way to get involved in the community and help others. In addition, if you develop a little bit of a career gap while looking for a job, you can always talk about how you filled that time volunteering, if you're asked about it during a job interview.
Continue to focus on other passions - Are you a fitness nut? Blogger? Crafter? Continue to do the things that bring you happiness. And if you're in a position to profit from your passion through a freelance job or side hustle, even better!
Spring is the perfect time to clean up and improve your job search so you can land the job you want. If you're struggling to find a job, follow the tips above to reinvigorate your job search—and watch your career blossom!
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This article was originally published at an earlier date.
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