Should You Buy a Franchise if You Can’t Find a Job?

Absolutely!

Not.

You’ll have enough pressure on you when you start a franchise business. You don’t need the added pressure of immediate income replacement. Read what I wrote concerning the reality of making money early on as a franchise owner.

Let’s say that you’ve been out of work for 8-9 months, and haven’t had one solid job offer. If you’ve been lucky enough to get unemployment checks mailed to you, all the better at this low time in your life. And, it is a low time.  I don’t care how many upbeat local networking events you go to; being unemployed sucks. I know. I’ve been there, myself. Plus, I’m so sick of That Word. You know…..Downsized.

What doesn’t suck about being unemployed is this;

Being able to take some time to look at career alternatives. yep; like franchise ownership.

Now, just because I wrote a book geared towards those that are thinking of becoming franchise owners, doesn’t mean that I drink Franchise Industry Flavored Kool-Aid. Franchising is not perfect. And, it’s not really right for most people.

The Kool Aid.

Here’s how I feel about opportunities in franchise ownership;

  If enough things line up in your favor, including having the right personality for the franchise business model, having sufficient financial resources, living in a location that can support the franchise concept, plus several other things that you’ll learn about in my franchise book, then becoming a franchise owner can be a home run.

As my friend, supporter, and true small business advocate, Jim Blasingame says; you can write that on a rock.

Becoming a franchise owner is an option that’s worth exploring, if you feel that the franchise business model, in all it’s rigidity, is something you can deal with for about 10 years. (That’s the length of an average franchise agreement.)

I started off by asking if you should buy a franchise because you can’t find a job. It’s a really important question, especially now. Unemployment (as of this writing) remains incredibly high. Home values are not what they used to be, so you may not have as much equity to use for leverage-for part of your up-front franchise business investment. Banks have been on the uncooperative side. (Don’t let that deter you, though.) There are some great companies that have been successful in helping find franchise loans.

Apply for a Franchise Loan Here

I don’t think that you should invest your money in a franchise just because you can’t find a good job.

You should become a franchise owner because you want to “own what you do.” In other words, you feel that you’re ready to transfer control; from them back to you. (By ”them,” I mean your bosses.)

Would you like to gain some of that control back? Contact me. I’ll show you how.

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