Changing careers is inherently risky, and the transition from a stable position to an entrepreneurial venture is especially hazardous. For those determined to ditch the 9 to 5 and start a business in a field they’re passionate about, there are ways to make the move more of a calculated risk than a blind leap. It is really important to find a business opportunity that gives you joy and one that you are passionate about. Many people at this stage take a look at franchise opportunities. Check out the mission statements of those franchise opportunities you think you might be interested in.
“All of us have the psychological attitudes and behaviors and capacity to set goals and attain them,” says Stephen Goldbart, clinical psychologist and co-author of Affluence Intelligence: Earn More, Worry Less, and Live a Happy and Balanced Life. However, he says, most people “don’t have a really good method to implement their plan.” A franchise is the perfect opportunity for people who may not have a firm plan. A franchise provides a road map to success. It allows you to be in business for yourself, but not by yourself. The franchisor should provide you with a game plan. The plan will include a business plan and marketing plan. These easy to follow steps will turn even the most scattered people into an organized, focused entrepreneur.
Pattie Rydlun, a Boston-based career-transition expert, stresses crunching the numbers before embarking on your new path. “Passion doesn’t make money,” she says. “[You need to determine] if it is something you can monetize.” In other words, ask yourself if this idea can make money? Ask yourself if you have the qualifications to make this idea come to fruition?
Once you have a goal in mind, research the market and potential competition and, most importantly, conduct a thorough break-even analysis. “The break-even analysis, if it’s done right, will be very clear about when you can expect to make a profit,” Rydlun says. “I would make that my determining factor [for when to leave my current job] and certainly not give any notice until I can see the realization of that break-even analysis.”
A solid business plan, vetted by at least two people with industry experience, is key. It should be “one that anyone can understand and that looks at the opportunities and the risks,” Goldbart says. He adds that another important step is an honest appraisal of your skills, determining “what are your strengths, what are your vulnerabilities and how [you can] leverage your strengths and either delegate your vulnerabilities or find ways to increase those areas so you will be stronger in them.”
A knowledge of the industry you are passionate about, and a clear pathway to achieve these goals by the franchisor is very important.
To learn more about franchise opportunities with High Touch High Tech, visit us online at ScienceMadeFunFranchise.net.
High Touch High Tech is the leader in innovative hands-on science and nature experiences for children, serving over 4 million children annually with 27 franchise locations across the United States, Canada, Turkey, Singapore and South Korea.