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It may seem obvious but if you’re considering to buy a franchise, it’s critical that you have a clear understanding of what a franchise is. The term “franchise” is not easily defined in simple terms.
Next to owning your own home, owning your own business has got to be the one thing most people aspire to. Both are underpinned by that sense of freedom, of not being controlled by others, that is at the heart of our very own identity.
Being in control of your time, your effort, and hopefully, your income are very powerful driving forces. There is something about being self-employed that appeals to the vast majority of us, even though to most, it will sadly remain a dream.
Let’s explore the notion of being self-employed. What does it actually mean and what, if any, are the characteristics of the self-employed? This is usually the first jump on the entrepreneurial ladder and for most, it’s the only jump. In fact, most entrepreneurs never seem to get past this level of growth in their business.
The truth is you really can’t call it a business; you’ve really got to call it a job. What’s more, this job is most probably one of the worst jobs in the world. You might just be replacing one dufus boss with another…you!
Most people who start their own businesses don’t seem to know what they’re getting themselves into. In fact, most look at it as something glamorous, exciting, and with such a sense of newfound freedom they’re fooled into believing wealth is just a few days, weeks, or months away.
It’s one of the biggest steps you’ll ever take and it could be one of the most rewarding choices you ever make. But most self-employed people’s relationships with money need to be examined.
As you may or may not know, the way you relate to money will determine your financial future. And, given you’ve only got one shot at this thing called life; let’s make sure you give it the best shot you can.
A self-employed persona has a very similar relationship to money as that of an employee. And we all know that as an employee you earn money. Earn is an active word. You earn by doing. With the self-employed, the word changes but the active participation usually does not. Most self-employed are still trading time for money but now they make money instead of earning money.
And anyone who is employed works for money. It doesn’t matter if you’re employed by someone else or self-employed. So if you are buying a franchise because you want to be self-employed, you might want to reconsider. After all, do you really want to be both the employer and the employee?
The real point is, to buy a franchise means you’ll own a business the produced passive residual income for you. That means letting others do the work while the franchise business makes enough money to pay the employees and still have enough profit left over to run the business and for you to live a comfortable life.
You’ll probably have to manage the business in the beginning but you might even want to hire a business manager down the road. At that point, you’ve taken yourself completely out of the business and it produces income for you while you sleep. And that’s the dream of most people. It’s not to be self-employed as many think. That’s a huge difference in mindset an attitude about money. Can you see it? If you can’t, you shouldn’t buy a franchise. You can get a job and not have to worry about meeting payroll.
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