Step One - Assess Your Own Position

What skills do you have – not just work skills but hobby and social skills? Are they transferable to a new career? Are you good with your hands? Good with people? Good with numbers? You want to look for a business where your skills will become real strengths. However, that doesn’t mean you have to have experience in the same industry – some 80% of franchises say ‘no experience required’ because they provide full training. It’s more important that you have the right aptitude and the right attitude.

Are you prepared for what self-employment means? Running your own business involves working harder than you have ever worked in your life, especially during the start-up phase. Are you willing to work long hours and weekends? Give up sporting commitments? Reduce your social life? In addition to actually doing the work itself, you’ll also need to handle admin, paperwork, maintenance, compliance and all sorts of other tasks. Does your family really understand this and have you got their total support? Without it, you’ll be putting yourself under constant stress and both the family and the business will suffer.

Do you prefer working by yourself or leading a team? Are you a ‘hands-on’ person or a ‘hands-off’ person? Are you a night owl or an early bird? If you’re an early riser, a late night pizza business isn’t for you. If you like a lie-in, you won’t enjoy being a baker.

Will you feel comfortable without a regular source of income? That salary won’t be automatically appearing in your bank account any more. Is it OK to put your house or savings on the line? Do you think positive without being over-optimistic? Do you respond to goals and deadlines?

Essential reading
It’s all about you
Shopper’s guide to franchises