You drank the franchise Kool-Aid, deciding it’s the best vehicle for you to earn financial freedom.
Now comes the next big decision: transitioning from your W2 job to owning a business.
I’ve helped dozens of people over the last 2 years.
Here are the three strategies:
Burn The Boats
Quit your job to go all-in on the franchise from day 1.
It takes a lot of work to get the plane off the ground and nobody will work as hard as you.
You’ve got the track record, drive, and motivation to make this a success. Failure is not an option. Many others have done it before you. If they can do it, you can do it.
Align your 2-week notice period with the in-person training, which happens right before you launch.
This lets you keep the W2 income flowing while knocking out the pre-work. You wrap up everything at work, transfer your projects, and have a clean slate going into training.
You need to be 100% focused to hit the ground running and launch the next phase of your life.
Timeline from Start to Finish
- October – Book a call with my team
- November – we connect you to multiple brands + line up financing
- December – narrowing down options & due diligence
- January – select your perfect franchise, finalize funding, sign the agreement!
For a mobile service business (3 months):
- February – onboarding + online training
- March – give notice + in-person training
- April – Launch the business!! Officially an entrepreneur!
For a retail business (6 to 9 months):
- February – onboarding + online training
- March to May – search for real estate, sign the lease, start construction
- June – give notice, finish construction, attend in-person training
- July – Launch the business!! Officially an entrepreneur!
Strategize With Others Just Like You
There is a lot of power in joining a community of like-minded people going down the same path.
You can share ideas, challenges, and perspectives.
Every week in my FREE franchise buying community people just like you (engineers, software developers, commercial real estate investors, enterprise sales reps, executives, and more) discuss which franchises they are looking at, why they like it, funding, and their transition plan.
| Click here to learn more |
Burn The Cash
If you aren’t ready to burn the boats, you have two options: burn cash or midnight oil.
“Burning the cash” means you’re pouring money into your business before it becomes profitable. You’ll need to hire a team to manage the daily operations if you can’t commit full-time to the business.
Budget a salary of $100,000+ per year for the General Manager who will run the business in place of you.
To make this strategy work you need to be well-capitalized for two reasons:
1) Larger investment: A single franchise unit can only make so much money. For this to work, you need multiple units to generate enough cash flow to cover the additional overhead costs.
2) Payroll higher, growth slower: Budget higher payroll costs and slower growth than if you were directly involved. No one will care about the business’s success as much as you do, and a team of employees will not have the same drive.
“Just hire a manager—it’s so easy” is one of the biggest lies in franchising. I just released an entire YouTube video on this. Don’t fall for this scam.
Burn the Midnight Oil
The final option is to burn the midnight oil.
Operate the franchise while keeping your job. This strategy works best when your job AND the franchise business have flexible hours.
Software engineer: you can work early in the mornings & late into the evenings, freeing your daytime hours to work on the business.
Commissioned sales rep: you land a few big accounts then dial it back. Instead of grinding it out to sell more you grind to build a business for yourself.
While you still are technically “full-time” employed, the business (not your W2) becomes your full-time focus. You constantly think about the business, ways to improve it, new marketing, referrals, and seeing opportunities everywhere.
The goal should be to quit your job ASAP to go full-time into the business.
The business is the vehicle that will earn you the income and freedom you’ve dreamed of. The sooner you can go all in, the better.
Ready to Take the Leap?
Whether you’re burning boats, cash, or midnight oil, the key is taking action.
Every step you take brings you closer to financial freedom, a life on your terms, and the legacy you want to build for your family.
If you’re ready to stop dreaming and start doing, let my team help you find the perfect franchise to make that happen.
Book a call with my team today to get started
Cheers!
