80% Of You Won’t Do This
It’s not about courage. It’s about reality. Check this out.
Jeff’s making $150,000 a year. $12,500 a month. That’s good money. He’s also thinking about becoming the owner of a franchise business.
But like 80% of the people who I’ve consulted with over the years, he probably won’t buy one. Why?
Because he’s making $150,000 a year.
Jeff HATES His Job
Like a lot of workers these days, Jeff hates his job. Three reasons:
- He can’t stand his verbally abusive, manipulative boss.
- He doesn’t feel confident about his employer’s direction as a company.
- He’s sick of not having enough family time, because he’s working 12–14 hours a day.
That’s why he’s thinking about leaving his job for greener, better pastures.
And one of his potential pastures…one of his ideas, is to become the owner of a franchise. Sounds like a plan.
I’ve Worked With Dozens Of Jeff’s
Lots of people contact me to learn how I can help them buy a franchise in the smartest way possible. And a good number of them are just like Jeff.
They hate their jobs, or are right on the cusp. And they want something else. Two things actually.
They want freedom and control.
Both of which are hard to come by when you work for someone else.
But should they buy a franchise?
Maybe. Read this next sentence twice.
It depends on their level of pain.
Here’s what I mean.
Serious Pain Usually Forces Serious Change
It’s one thing to “hate your job.”
It’s quite another to do something about it.
Because doing something about it means you’ll need to take a risk.
For instance, you can get a new job, which may or may not work out.
Or in this case, you could go into business for yourself. Quite a lot of risk there.
So what do you do?
It depends on your level of pain.
If it’s a “10,” you will make a change. Probably.
If it’s a “4” or a “5,” experience tells me you won’t. Especially if you’re in Jeff’s position. A $150k a year one. Make sense? There’s something else.
“10's” Don’t Always Pull The Trigger
Lots of people in serious (career) pain won’t make a big change.
Translation?
They won’t invest their money in a franchise business.
Instead, they’ll go out and get another job. Why?
Because it’s risky to buy a franchise or any other type of business. Another thing?
Income replacement.
Replacing a $150k annual income with a new franchise business isn’t going to happen for awhile. And depending on your franchise choice, it may not happen at all.
Good thing there’s a way to find out how much you should be able to make as a franchise owner. This:
All you need to do is talk to existing franchisees of the brand you’re interested in. Lots of them.
By “talking,” I mean asking them questions.
Questions I’ve included in my Franchise Research Guide.
The 80%
Let’s go back to the topic at hand for a moment.
Would you like to know why 80% of the people I talk to (who make good money and are in a lot of career pain) don’t buy franchises?
Because they’re making $150,000 or more, and can’t see giving it up for something that may or may not work out.
In the case of a new job, they could end up hating it. If that happens, it’s back to square one.
In the case of buying a franchise, not only is there the question of income replacement, there’s also the question of making it.
As in will their new business even make it?
Because if it doesn’t, not only are they out the upfront money they invested, they’re out months or years of probably not making the money they’re used to making.
The fact is, that’s how prospective franchise buyers think. Is it the reality?
Sometimes. But here’s the thing.
You don’t need to “guess” about franchisee income, break-even times and the like.
All you need to do is talk to a lot of franchisees and ask them great questions. Here are 15 great questions to ask franchisees.
Of course you need to ask your questions the right way and at the right time.
Finally, what would it take for you to walk away from a $150,000 a year job?
