The vast majority of my franchise candidates are facing professional transition. For some of them, the transition is voluntary: they have enjoyed their careers in the corporate world but are at a life stage where they want more independence and flexibility, or perhaps an option for staying mentally engaged during their planned retirement. For others, the transition is not by choice: they’ve already been laid off, or they’re in a failing industry and expect to get a pink slip any day.
Active or Passive: It’s Your Choice
Regardless of why they’re contacting me, however, these candidates are all facing the same question. How active should they be in managing the transition? I’m sure you can guess what I recommend: being as proactive as you can is much better than just letting the chips fall where they may.
But taking an active role can be easier said than done. If things aren’t feeling quite right at work, if you’re hungry for more freedom, or if you know that professional transition is coming your way, exactly what should you do about it? It can be a daunting choice, one that triggers all kinds of strong emotions. Fear is the most common reaction I see. Paralysis is often an issue, too. When you’re faced with major change, those are both very human–but also very passive–reactions.
With some intentionality, you can move past both to actively create a better future for yourself and your family.
Step 1: Educate Yourself
I never expect franchise candidates to “just trust me.” When I was facing professional transition, I read books and talked to friends and colleagues who’d successfully navigated similar circumstances. I also watched videos and researched options online.
I encourage you to do the same. Learn everything you can–not just about the franchise industry, but also about other paths people often take in your situation. I always want my franchise candidates to feel confident that they’re taking the right step for themselves and their families, and research is a key way to build that confidence. In addition, learning more about your options will go a long way toward both reducing fear and opening your eyes to next steps.
If you’re not sure where to get started, check out the Learning Center here on my website. I have my own blog, videos, and podcast to offer, but I also recommend books by other people that have helped me in my own journey.
Step 2: Be Hopeful, but Not Entitled
Especially if you’re going through an involuntary professional transition, you may be feeling hopeless. Layoffs often bring on feelings of disappointment, uncertainty, and even depression and anxiety. They can cause you to question your competence or ability to provide for your family.
On the flip side, a hope-centered attitude is good for your physical and mental health–both of which you want to maintain as you navigate professional transition. I recommend these tactics to boost positivity:
- Give yourself positive mental scripts to recite, such as “Each day brings me closer to a new opportunity,” or “I have the ability to make positive change for myself and my family.”
- Practice gratitude: every day, take some time to write down or recite to yourself some things you are thankful for
- Exercise regularly, eat healthy meals, and get good sleep–all three are proven mood-boosters
- Do a skills or career inventory to remind yourself of the talents and experience you bring to the table
- See a therapist if you need to; professional mental health support is a great tool for dealing with life’s challenges
In all this, remember that positivity is not the same as entitlement. Tell yourself, “I can make progress toward success,” not “I deserve to be successful.” Instead, be humble and kind toward others. Ask for help because you need it and will benefit from it, not because you think the world owes it to you. Entitlement is passive, but you want to be active. Remember that it’s up to you to take hold of new opportunities–and that you’re more than capable of doing so!
Step 3: Set Realistic Expectations for Yourself
Positivity is one thing, but overconfidence is another. As you choose your new path, set realistic expectations to help you make smart decisions.
If this was a layoff or other involuntary transition, start by remembering that stressful situations can be hard on the body and mind. Be realistic about your physical and mental energy levels, and give yourself grace to manage the change at a healthy pace. Even if you’re choosing to take a new path, new situations always create some stress. Recognize that you’ll need to actively maintain your health and your relationships during this time.
If you’ve decided that you want to become a franchise owner on the other side of this transition, be realistic about the timeline, responsibilities, and financial steps involved. This is where educating yourself (see Step 1) can be very helpful. I’ve also written blog posts about these topics, including:
- A realistic franchise launch timeline (and how to shorten it if needed),
- What to expect when trying to fund your franchise or pay your bills, and
- The steps involved in launching a franchise (including how to weigh whether a turnkey franchise is better for your situation)
Also remember that no franchise is profitable overnight, and your performance in the first few months is not a reliable indicator of long-term success. Depending on whether you’re launching as a single-unit or multi-unit owner, you may have to work for anywhere from one to five years to reach profitability in your business. And I agree with Rick Bisio’s recommendation (from The Educated Franchisee) to give yourself 1-2 years in your business before deciding whether to continue long-term.
Step 4: Plan to Succeed
If you fail to plan, you plan to fail. You can’t anticipate every eventuality, and entrepreneurship always carries some risk (though I remain a firm believer that franchising is lower-risk than traditional entrepreneurship). But you will have a much better chance of success if you go into your new venture with the following types of plans in place:
- A financial plan. What are the economics of your business, and how do you plan to harness them to reach profitability? How will you pay your bills, both personally and in your business, until you reach profitability?
- A business plan. With franchising, this is essentially provided for you in the form of the franchise business system. But make sure you understand it and are prepared to follow it.
- A marketing and sales plan. Franchisors typically provide some marketing support to franchisees, but you will likely also need to do some marketing on your own. Do you know who your target customers are, how to reach them, and how to move them through the funnel to conversion?
- A hiring plan. Some franchisors provide hiring assistance, especially in the startup phase or for businesses that require credentialed employees. However, you still need to know how to recruit and select good employees. You also need to know your personal tipping points for hiring help (whether individual contributors, managers, or freelancers) and how to conduct a hiring process that complies with applicable laws.
By this point, hopefully you’ve decided to take an active role in managing your professional transition. If you think that franchising might be how you want to fill that role, let’s talk. I’m here to provide personalized support through the entire process, from learning about the franchise industry, to identifying the right franchise for you, to building a thriving business. Best of all, my services are completely free. Take the first step today by booking a 20-minute “Get to know you” call with me!
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