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Posted on Mon, 10/31/2011 - 10:10 PM by
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Running a business is hard work. Being a business owner is, too.
Are you up to the task? Are your finances in good enough shape? Find out here.
What about your energy-level? Have you thought about that? I hope so.
Is your family on board? Are you thinking of becoming the owner of a small business because you can’t find a good job?
Lots of things to think about. Obviously, the decision to own what you do is a biggie.
If you’ve been out of work for more than a few months, the idea of investing in a franchise business could be starting to sound attractive. I would wager that you would kind of like the idea of not ever working for someone else, again. (Especially since it was a “someone” who let you go!) But, is it a realistic thought in your current situation?
Here are a couple of scenarios in which franchise business ownership may make sense;
1. You’re a former high-level executive with a pretty substantial net worth. ($1 million+) and you were recently downsized.
2. You were in middle management, made $150,00o+ annually, and have what it takes to run a business. You have a net worth of around $500k, with a working spouse.
3. You were in a six-figure sales position, and lost your job, You love B2B sales….you’re a real tiger. Your net worth is around $350k, but your spouse works, and you have very little debt.
4. You’re currently working in a high-paying middle management or executive position, and have a net worth of $750k+. You want to be proactive, and get into a business of your own now, so that you can have something that’s up and running when and if you do lose your job. Here’s a franchise for this situation.
If one of the 4 scenarios above describe your situation, you’re a good candidate for business ownership. Notice that I didn’t say “franchise” ownership. That’s because you may not be cut out for franchising. It’s like no other business.
If one of the scenarios above doesn’t describe your current situation, don’t give up. See if you can figure out a way to come up with more money. Maybe partnering with someone else is the way to go. You could also look into starting a low-cost, part-time business. Could your spouse/partner go back to work full-time, while you start a business? Have you asked Uncle Mort, yet?
You’re the only one that can decide if the time is right for you to Become a Franchise Owner!
Would you like to talk with me for a few minutes to see if you should be doing this now? Check out my Free Service!
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