If you are thinking to buy a franchise, you probably still have a few doubts or questions about the idea, considering that it is such a big step. You might be debating whether it is a wise idea to sacrifice your current job to focus on the franchise. Some people will advise you to quit your current job and jump into your new occupation with both feet. Others will say it is wise to keep your day job as a precaution lest the franchise is unsuccessful. So what should one do? The answer differs depending on the individual and the circumstances. Before you make up your mind, you should consider both the advantages and the disadvantages of quitting your job.
Reasons why you should quit your job:
Prospective investors will believe you are committed.
If you quit your job and put all your focus and energy into your franchise, it will prove a great deal of dedication and commitment. This commitment will be noticed by others and suggests that the business is more likely to be successful. Therefore, this could encourage prospective investors to invest in your franchise.
You won’t have the time and energy to do both.
To be successful in business, you need to be extremely focused and hardworking. For some people, due to limitations regarding time and energy, it may be impossible to successfully run a franchise while still having work commitments in a second job. In this case, that person should sacrifice their current career to run a successful franchise.
You have the mindset of an entrepreneur.
You’ve always drawn to the idea of running a business. You dream of owning a successful business, being your boss, increasing your income and having a job that matters. If you are the right person to run a business, the more likely the company will be successful.
You feel financial security in your current job is holding you back from following your dreams.
If you feel that your dreams are being compromised by your current financial comfort you need to get your priorities in order. Although a stable income is extremely comforting and reduces worrying, there are more important things in life to value. After all, money can’t buy happiness.
You have been waiting for the right time for ages – you need to seize the day.
It is something you have been considering for ages, but the timing never seems to be right. You will never feel 100% ready to take a step this big as there are risks involved. Despite your doubts and fears, if it is something you want, you may as well go for it. Otherwise, you will always find an excuse and will keep putting it off.
You can’t live your life wondering what could have been
You don’t want to look back at your life with regrets. If buying a franchise is something you genuinely wish to do, you will always torment yourself, wonder, how your life would differ, had you taken that step.
You can always go back to corporate life if the business fails
Not all companies are thriving. Occasionally, enterprises will fail. But it is not the end of the world for the owner. If your franchise business proves to be a disaster, you can always go back to work in whatever field you worked in before you bought the franchise.
Reasons why you should not quit your job:
You are worried the business will not be successful.
In reality, going into business is always a risk irrespective of the circumstances. You can never guarantee a company will be successful. Even if you are well prepared and educated, there is still a chance your business could fail due to the events beyond your control. If you are not prepared to place all your faith in your franchise, perhaps you should keep your employment, as a measure of security.
You need a second source of income.
If you are struggling financially, or just not as comfortable as you would please, you may decide to keep your job. In this case, you will continue to receive income from your regular job and are not dependant on the success of your franchise.
You are not prepared or willing to give up your current lifestyle.
As your work takes up such a vast proportion of your life, you may have become content and comfortable there. You might be unwilling to make such a drastic change that will affect the life you used to.
You are still needed in your current job.
If you have substantial responsibilities and expertise in your current position, it may be unethical to give up entirely as there could be people depending on you. Perhaps you have a duty, and you owe it to your employer, or even society, to continue to carry out your essential roles.