Becoming Self-Employed Post-Covid

Becoming self-employed post-Covid19

Have you lost your job?  Is your company struggling?  

No one wishes that upon you, your co-workers or your organization, but it is the reality at times, especially during this post-Covid time.  We talk to a lot of people about opening their own business and during times of uncertainty, the volume picks up.  For some, it is mis-directed, but for others, it is simply the right time to take control of their life.

Here are four key questions that we ask every prospective franchisee in order to see if they may be the right fit for being self-employed / becoming a franchisee with us.

1. Do you have the capital?
As an example, at the time of this blog publication, we estimate a cost of $45,000 to open a Driverseat franchise.  While there are many great people who want to work for themselves, being set up for success means that you need to have the financial ability to open and to have “working capital”.  This is several months worth of funding to support your personal and business expenses so you can focus on building your business.  Of course, this makes Driverseat incredibly cost effective to open.  It is one of the many reasons entrepreneurs are drawn to it. 

2. Do you have family support?
Becoming self-employed with a franchise means that you have franchise support.  But having family support is key.  Does your spouse / significant-other support the idea?  Have you had a family meeting to discuss this exciting change in your life so that you don’t invest your time and other’s time before you are confident you can move ahead?

3. Is this the right time?
The time in your life has to be right.  If you are doing this because you have lost your job, that is fine.  However, it is fine if it is something you have always wanted to do but this was just the push you needed.  If you are doing this because you have no alternative, that may not be right.  You have to be at the right time in your life to want to pursue this and from a timing perspective, you have to want to do this now.

4. Do you have the passion and energy?
Being self-employed is one of the most rewarding things you can do.  Successful entrepreneurs will do whatever it takes to make their business successful.  We only engage with this type of person.  This is fun work but don’t mistake this for the fact it is work.  You can be part of something fun and exciting but you are expected to come to the party with passion and energy.

If you believe that you are good with the four points above, you may want to consider opening a business, joining a franchise system and being your own boss.  There are other components of course (communication style / skillset) but overall, knowing you check the box on these four items will help you determine if investing some time now on finding the right business is for you.