I’m happiest as an employee. In some ways, I’m entrepreneurial. For instance, I’m very innovative. I can conceive and realize an idea. I want there to be some net though. Even if it’s so far beneath me that it looks like a spot on the horizon, I like that it’s there.
So, I’m really not one to start a small business. But, I know enough to know that financial independence comes quickest when you’re working for yourself instead of for somebody else. Don’t get me wrong. I do OK. I’m accumulating assets on schedule for retirement (assuming the economy doesn’t collapse). It would just be good to have more control over that pace. Plus, it’s nice to know you’re building something that’s yours.
So, I got to thinking that a franchise might offer the best of both worlds. There are drawbacks too. I hate having a home owners association. I can only assume that the rules that get handed down with franchises are at least as onerous. Plus, you seem to pay a huge premium for being able to cash in on somebody’s instant business network/brand name/consumer good will.
It might be worth it. I’m not sure though. I have time to decide. Based on some very basic research I still have several years before I’m likely to have enough liquid assets to make a go of it. Most franchises seem to want their owners to have a fairly large net worth with a disturbingly large portion of that needing to be liquid. I guess they want to make sure you have the resources to keep it going for a few years so their brand isn’t dotting the landscape on one closed storefront after another.
Anyway, I’ll probably want to take another look at 10 things to know before buying a franchise a bit later.