Something I am hearing more and more from the candidates I work with is that they are seeking a way to diversify their income.
What do I mean by this?
Many of the candidates I work with are not ready to cut the cord on their corporate job. Some even enjoy their work in the corporate setting.
They are, however, interested in creating a vehicle to take them down the road of financial freedom. They want the flexibility to decide the right time to leave the corporate world behind on their own terms. And it makes sense. No one wants to pour years or even decades into a job, only to be told, “Thank you for your service, but we need to part ways.”
Diversifying your income is a great way to balance how much time and energy you allow the corporate machine to take from you. It’s an investment of your time, energy, and money, and it has the power to take you to the next level of freedom and flexibility.
I recently spoke with my friend Brett, a fellow franchise owner, about his experience with franchising, and how the diversification of income streams he found through franchising gave him the liberty he was looking for.
Why Diversification Is Important
Often in a corporate job, you pour plenty of energy and time into your work. The problem is that you only get a small portion of the profits.
The major difference when you open a franchise? You have the power to pull a lot more out of your work. When speaking with Brett, he noticed the same thing. For the amount of time and effort that goes into a corporate job, there isn’t a great deal of payoff like there often is with a franchise.
Brett reflected on how he came to this realization. One summer day, he was on the golf course with his friends, and they were all discussing their summer plans and their financials. Then the reality of the situation hit Brett.
Compared to all of his friends, Brett was working more and getting paid less. His friends were working less, earning more, and ultimately spending far more time on the golf course than he was, and the common denominator was that they were business owners. Many had stepped into family businesses, but all were business owners in one capacity or another. That’s when it dawned on Brett: He, too, wanted to own his own business.
As he shared, “I want to be the leader of something. I want to call the shots.” He wanted to be the one making his own decisions.
His solution? Franchising.
Here’s why: Franchising gives you all of the opportunities associated with owning your own business, but the added risk that comes with starting your own business from scratch isn’t there in the same way. There’s a safety net in place.
How Franchising Is a Great Option to Diversify Your Income Stream
Here’s what you need to know about why franchising might be a great option for those looking to diversify their income streams. Why buy a franchise?
There’s a support mechanism in place.
With a franchise brand, the company name itself helps lift you off the ground. You get all kinds of assistance, including things like marketing, operations, customer acquisition strategies, and brand recognition.
Should you buy a franchise? There’s certainly a security blanket when it comes to franchising. When you invest in a franchise, there are experts there to give you advice and walk you through the startup process for your new business. This can be crucial, especially if you’ve never started a business before. Whereas many (20 percent) small businesses fail, franchising can be the secret sauce, with marketing and operational tools to help keep you going.
For franchise owners like my friend Brett, this makes all the difference. Brett has a long-term goal of diversifying his income even more than it currently is. He wants to open more locations and own multiple businesses. And the best way he’s found to make that dream a reality? It’s through franchising.
I’d love to help you select the smartest option; to help you diversify your income. Leveraging my years of industry experience, I’ll help you find the best questions to ask to find a franchise that’s a good fit for you and support you through the process of sifting through brands, evaluating revenue franchising disclosure documents, and more.
To discover how I can help you diversify your income streams through franchising, schedule a call today.
David Weaver is the Founder of Franchise Your Freedom and a senior consultant with FranChoice, the premier national network of franchise consultants. David helps people all over the country find the right franchise fit by sharing his personal experience and philosophy on how to select the right brand. He shares proven strategies and over a decade of experience growing franchise companies for himself with those that are doing it for the first time. You can learn more about David at FranchiseYourFreedom.