At some point in our professional career, we ponder the idea of working for ourselves.

The freedom that comes with being your own boss and working in an industry that you have passion for seems like the ideal way to make a living. That’s because it is.

But there are many hurdles that you will inevitably encounter when you start your own business, such as the costs involved in brand development and the time consumption of strategic planning can be phenomenal.

When you factor in the latter you also need to consider the risk that’s involved in investing into a brand new business. So the most important question then arises: will it work? 

While it’s always good business practice to have a positive mindset, there always remains the probability that your brand won’t kick off.

Or if your brand does kick off but your return on investment isn’t sustainable, it makes it extremely difficult to keep the business alive, pay the bills and see a viable future operating as a sole proprietor.

According to an article on Boundless.com, new independent businesses are known to have a failure rate of about 90 percent, which often leads to bankruptcy.

Enter the idea of joining a franchise. Now, the thing about joining a franchise is that you buy into an already established brand that has proven its services are in demand. If you were to start your own small business, that’s the part of the business that is make or break – if you’re idea is flimsy or under-researched you risk immediate irrelevance.

The benefits of joining a franchise business are aplenty: you’ll have professional, thought-out training provided for you, the time it takes to open the business is significantly shorter meaning you can get working sooner and you’ll have on-going support on how to innovate and grow with the brand.

Some hurdles and hardships faced by small business owners come from a lack of industry contacts – but this is a non-issue for franchisees, which makes the transition into an industry of unfamiliarity not so daunting. Essentially, there’s always assistance from experienced franchisors and a proven brand when required.

What makes the franchisee experience better?

Although you might think that just because you have a new found entrepreneurial vision for small business ownership doesn’t mean that as a franchisee you can wander off on your own venture.

By becoming a franchisee you’re not only signing legally binding documents, but also you’re signing and buying into a system, a set of values and a company vision.

So when you become part of a franchise business team, you need to ensure you’re completely bought in to its vision (not your own).

It’s highly recommended that you choose an industry you have a passion for or already have knowledge in – it just helps you get off the ground quicker, build contacts quicker and simply makes you feel like you never have to work another day in your life.

I’m interested in becoming a franchisee: what should I do next?

First thing’s first: do your research on what’s involved for franchisees in the franchising relationship by speaking to lawyers, accountants and current franchisees.

This is important so you can be proactive rather than reactive, because the last thing you need as you embark on your new adventure is to realise that your personal finances can’t actually sustain your dream.

Be smart, do your homework and understand the nuances in franchise business models.

Once you feel like you’re well educated and confident to go ahead with it, decide what industry it is that you’ll thrive in.

From that point on, you’re well on your way to fulfilling your dreams of working for yourself.