Hi all, need some advice - My spouse and I work in tech, both experiencing major burnout. We’re tired of the 9-5 grind and want to switch over to a business. Since neither of us has any prior business experience we are considering opening up a franchise. We’re still exploring the options but some of them include a local gym or a daycare facility (both of which align with our personal passions).
Does anyone here have experiences with profitable franchises? Anything you recommend to avoid? Are there any recommendations for franchises? Thanks so much!
People who own small businesses work more than 9-5, if that is too much, you’re not going to enjoy how long you have to work when running your own business. There is no clocking out.
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I used to be a 2nd tier franchisor and a franchisee.
The disclosure document is the most important thing you’ll ever read when you commit to a multi year large dollar obligation.
That document will list all of the other franchisees. Past and present. You will want to use that to go ahead and find those it failed and those have succeeded. explore that list in depth. Know what their experience is so that you can see if their experience will meet your goals.
In many franchises, owning one means, you just bought yourself a job opening to or even three will still mean the same thing. But opening for five or more could mean that you actually have succeeded in a career with flexible hours and financial success.
Feel free to DM me if you want to chat further
I work for a management company that owns multiple franchises of a variety of services. The amount of work it takes is nonstop especially when it comes to operations and marketing. Plus, the people that work them are usually in the same mindset that you are in at your current job, it can feel easy for them to question why they work there, which makes the most important part of your job engaging your people and hoping that they will in return do the same to your customers and the people under them. It’s a grind grind grind however you are the top boss so that’s pretty sweet, you can say you have a “big important thing to get to”, give them a pep talk, and then just go watch Star Wars at home and come back a few hours later and hope they didn’t burn it down