Sometimes the view from the top of the corporate ladder isn’t as great as you expected.
In recent years, the corporate grind has lost some of its luster. In a recent Future Forum report, 40% of executives said they are dissatisfied at work, and 25% said they experience more stress at work now than they did a year ago. Both of these figures are up from 2021, during the peak of the COVID-19 pandemic and all the associated business disruptions.
In exchange for the stress and diminishing rewards many people find in the executive suite, more and more Americans are hopping off the corporate treadmill to start their own businesses. Whether it’s an innovative technology startup or they want to turn their personal passion into a paycheck, they’re prioritizing their dreams and taking a gamble to reach their goals.
One increasingly popular and proven path out of the corporate maze is franchising. Franchise opportunities offer rewards and benefits that can be hard to find in a corporate job, even if you’re in the corner office. They’re also uniquely suited for mid-career executives who are looking for a new, more flexible and individualized business approach.
Freedom and flexibility
Franchising lets owners be their own boss, in many cases giving them the opportunity to set their own schedules and make important decisions about their business, like whether to open a storefront or stay home-based, how many team members to hire (if any), or hours of operation.
Franchisors provide critical resources and systems specifically designed to support franchise owners’ success. For many people, franchising helps them fulfill their dream of business ownership while potentially mitigating the risk of opening a small independent company from scratch.
Franchising is one of the most versatile business opportunities available. As long as you’re properly funded and do your due diligence – research, read the documents, talk to current franchise owners – there are multiple options to suit almost anyone’s personality and goals. You’re in charge of your goals. If you simply want to be the best in your industry in your market, you can focus on a single territory. But you also have the option to be an “empire builder” and grow a multi-territory business, add new services or expand into different industries. It’s up to you.
Training and support
Franchising is based on a mutually beneficial model. It’s in the franchisor’s interest for franchise owners to do well. It’s in the owners’ interest for the franchisor to grow and thrive. Each party plays an essential role.
The support, training and proven systems that franchisors provide differentiate franchising from independent small business ownership. Franchisors have already done the research and identified the tools franchise owners need and the products and services customers need. You get marketing and operational assistance that allows you to focus on sales and growth.
What to know
Leaving a corporate leadership position to pursue a franchise opportunity can seem like a big adjustment. But, management and leadership are essential skills for franchise owners. It doesn’t take experience in the industry you invest in. When you find the right franchise system for you, you’ll see that the skills that helped you find success in the corporate world will work for you in franchising, too.
In order to maximize the freedom and flexibility inherent in the franchise model – as well as the financial and growth opportunities, if those are your goals – you’ll find delegation is a critical task. Applying your vision and leadership as your business grows, requires identifying a trusted capable team to handle day-to-day operations.
Making the leap from corporate leadership to franchise owner is a significant step. Take the time to find the right opportunity and talk the decision over with family and close friends. Take serious stock of your goals and your finances and do your due diligence – closely examine any and all disclosure documents and talk to as many current franchise owners as possible.
While you’re doing all that, remember that franchising can multiply the rewards you’re looking for in your current corporate job.
Andrew Mengason is Chief Growth Officer for Five Star Franchising, an innovative, growing platform of home service brands, including Five Star Bath Solutions, Gotcha Covered, Bio-One, 1-800-Packouts, 1-800-Textiles, and Mosquito Shield. He has more than 30 years of experience in franchising and brand acquisition.