Most people should not venture into their own business, even if that is their dream. Very few people have the courage to do it and the stomach to withstand the daily stresses and sustained work for more than twelve hours a day.
Many people fight a daily battle with their corporate job, whatever the rung of the corporate pyramid they are in, or the position they occupy in an SME. However, they are there because they prefer that link to having to face business risk.
The fantasy of his/her own company can be an outlet for the anguish of having to endure hierarchical mistreatment, injustice and corporate whims. Or worse still, the alienation that one feels when knowing oneself part of a system of gears that is not well known for what they are for, but that society recognizes as "the system" indisputable and accepted.
But in return, many people who leave their corporate jobs to set up their own business or to buy a franchise, find themselves in a terrifying world, in which they have to pay salaries and bonuses, pay taxes, pay electricity and gas, pay very high interest to the banks, pay commissions to credit and debit cards that few wise men from distant shires could explain their meaning, look for better suppliers, forget about collecting a fixed salary at the end of the month and about fringe benefits to which the corporation was used to, getting up very early in the morning and going to bed very late at night because every day something new arises in the business or in the franchise, in short, the business world.
(In fact, how to get money out of the franchise business for personal use is one of the most difficult questions to learn and interpret for former executives used to rigorous monthly payment of salaries with contributions and other benefits).
Entrepreneurship is a way of life. To be an entrepreneur is not the stereotype of the businessman with a cigar in a glazed office looking at the sea, or, in a more tangible way, the man or woman who is totally free and she does what she wants because he/she owns his/her business. To get to do what you want, you have to spend a lot of time until you reach the stage of brand, reputation and company building that gives you just some free time.
Then, the corporate employee would say, "What is the use of being independent?"
Precisely, it is not that it "serves" for something, it is nothing more than a lifestyle.
Which is not for everyone.
It is true that a franchise comes with the attachment of a lot of problems in a certain way "solved", but the franchisor does great harm to the potential franchisee and their system in general, telling him/her that the franchise system solves all of life's problems, because that's a blatant lie.
Franchising is a term that for some entrepreneurs is exciting and attractive and for others it is a cause of fear and hesitation. The truth is that franchising is one of the most stable and sustainable growth strategies ever invented in the history of business. But if not rigorously implemented, growth can backfire and cause a catastrophe.
This rigor must begin with the correct choice of a franchisee (see my post about it). This is a critical point for the franchisor.
But it is even more critical for the potential franchisee, who is generally a person who lives in a corporate job and "dreams" of the fascinating world of financial independence, an argument that many franchisors use to sell their franchises.
The person dissatisfied with his/her corporate job, who thinks that his/her lifestyle is to be an entrepreneur, and that his/her life will change for the better by buying a franchise, has to do before a good job of due diligence of the franchise he/she intends to buy. This work involves visiting several of the current franchisees, in order to understand what independent work consists of, and verify within themselves if he/she is up to the requirement.
When you buy a franchise, you will never be paid the same monthly salary twice again. Never again will a company, other than your franchise, pay for medical insurance, or vacations, or social security contributions, or Christmas bonuses, or vacations, nor will you be able to ask for a permission day, or a salary advance, or a voucher, because in any case, it is you who have to ask for that things yourself. Now all risk is yours.
Of course, the profit too. And everything you are going to tell your grandchildren when they ask you what was your job.
Thank you for reading!
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