What is Your Exit Strategy?
When it comes to starting your business, there are many hurdles to overcome. Financing, marketing, creating a product/service, hiring help, getting used to working with no guidance, etc, just to name a few. However, there’s one problem that seems to put a huge amount of people off the idea every single year; Leave your job.
When people assess this issue, they come to one of two conclusions; 1) It’s not possible OR 2) I’m going to have to quit my job. For these reasons, they either put the idea of their own business to bed or they leave their job entirely. Although you’ll certainly find examples of when this worked, this is typically the biggest mistake you can make because you’re putting too much pressure on an idea. If you have little money saved up, you essentially have a few months to make it work or else give up start groveling. When you start a business, ideally you want it to grow naturally and build over time rather than being desperate. Of course this shouldn’t suggest you could be lazy, it is merely a solid method to minimize unnecessary pressure.
In order to make the transition a smooth and successful one, you need to develop an exit strategy. In truth, you don’t need to leave your job at all until your new venture sees success and this is because there are numerous opportunities that don’t require an owner to be working full-time. If you want the security of your salary while starting a new business, why not look into those franchising ideas?
How Does It Work?
For starters, you could start a franchise with the full intention of hiring a manager to do the majority of the work you would be doing if you were running it alone. Instead of being 100% physically invested, you can manage the manager. This frees your time to focus on the more important aspects of the business. Now, during your off hours and perhaps some weekend time, you can nurture the business without having to worry about all the small tasks because your manager will cover these.
Ultimately, there are several benefits to starting your business in this way aside from the obvious one of not having to waste time with mundane tasks. When you hire a manager with the correct experience and is properly incentivized, your franchise will be in better hands. If you lack the necessary expertise, a manager gives you the time to train at a speed that is most comfortable for you. It can be a great partnership, but you are still the boss.
As your business seasons and is making enough money to cover the salary of your manager and yourself, your decision to make your business a full-time profession should be an easier one. As mentioned, there are plenty of opportunities to open a franchise in this way so why start inquiring today? When it comes to hedging your bets, you won’t find many better methods!