Your Right Franchise
Am I Buying a Job?I sometimes hear people say, “I don’t want to buy a franchise because I’m just buying a job”. My response is “I bet you already have”.
Did you go to college? Why? Did you go to grad school? Why? I know why I did both, because I was told I needed to, so I could get a job. How much did it cost you? Are you still paying off the debt you took on? Knowing what you know now would it have been better to have bought a job you own or continue to work for someone else.
It’s true that some franchise concepts do require you to be the owner-operator from the beginning. They want you to drive the business and to really understand how it works. You may also have to be the owner-operator because of your investment level. You cannot afford to hire the sales employee from the beginning and fortunately there are some franchise opportunities that allow for that lower investment level because you’ll provide most of the work in the franchise.
A friend of mine bought a painting franchise at 36 and was only able to because the model was setup to have him be the owner-operator. He didn’t do any painting, but he did all the sales and back office management. He essentially had a job, but he was able to take advantage of being a business owner and there was no restriction on him hiring someone to do his job in the future.
Can you hire a replacement and keep an income coming in? He also was able to put some expenses through the business that an employee can’t. You pay taxes before you pay expenses as an employee, as a business owner you pay expenses before you pay taxes. He also was able to hire his wife as an “employee” and contribute to two 401k accounts. So even if you did own a job as a business are you better off than being someone’s employee? That’s a question only you can answer.
The reason I would rather own a job than being an employee is because of what many people saw their fathers go through. At 58 or so, many were forced to take early retirement and weren’t able to get another job after. If those dads had owned their jobs they could determine when they’d retire and when to replace themselves. The options you have available by owning your job per-say are much better than being an employee for someone else.
Business ownership is not for everyone and there will be a need for employees, but if your argument against being a business owner or a franchise owner is because you feel like you’re just buying a job, then you aren’t truly looking at all the benefits of being a business owner and you’ve probably already bought a job.
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Gregor K Mohr
Franchise Maven