do i quit my job

[andy26]

im currently planning on joining a franchise with a friend,he would like me to quit my job a go straight into the deep end,he says we will both have to work in there,but i would like to take a few weeks holliday and work in there if it takes off then i will leave my job,i have a good job and dont want to loose everything,i would like somthing to fall back on,im alot more cautious than he is and he can be a bit reckless at times,i would like to employ staff over me and will not take any money out untill i work full time.so do i quit my job and face loosing a stable job,please help?

[crackah]

What franchise is it?

[ramy]

It is always good to have the stability of a job as you start off on a new venture... If things go as expected; you start seeing good growth you may decide it is a better time to work fulltime towards your new business.

[Terra Andersen]

I would keep your job, even if it's just part-time... this way you can always go back if it falls through. Franchises are just as risky as most businesses. Remember to stay focused, and you should be okay~!

[andy26]

its the subway chain, so its a good franchise i hope

[SendBlast]

you hope? andy stick with your job until 'hope' becomes 'know'

[BioSpherical]

If you're franchise is in a good location, where you know you will get business, maybe its worth giving up your job. However only do this once you've evaluated both your options in depth.

[tsbales]

We have owners asking the same question. Two thoughts:

1) You need to be properly capitalized to go into any type of business. It appears from your reluctance (well founded) not to give up your job that perhaps this isn't the case. Most have enough to get by while the business is getting up and running. The alternative to not having full capitalization is to invest sweat equity into the business to cover the difference between what you have and what you need.

2) A large donut chain on the East Coast requires that their franchisees spend one year in a store prior to being allowed to open up additional locations. While this is not our model, it does have much wisdom as the owner on-site gets a chance to really know ever aspect of the business. In my book, this first year is invaluable so that in the future you control your own business the way you want it run...as opposed to having your employees tell you how it should be.

Bottom line...if you intend to be in the sandwich business and you have the capital to do it with your partner, get into the sandwich business with both feet and become the captain of your ship! Being lukewarm doesn't help as you start a new business.

Hope that helps!

[Nigami Enterprise]

It won't work if you keep your job. If your desperate enough to make it work it will work but knowing you have something to fall back on will only be a hindrance.

[jesterx]

i posted this before but you need to think about the following.

make sure you can supoprt yourself and your family before you do this.

its exciting taking your business from a hobby part time to full time but a mans gotta put food on the table and pay off a mortgage so think about it long and hard before you do. just my two cents.

[zoobie]

It is always good to have the stability of a job as you start off on a new venture... If things go as expected; you start seeing good growth you may decide it is a better time to work fulltime towards your new business.

Think of the pros and cons of your stable job and your new venture. Weigh things over and think of the consequences. It's fore you to decide. Best of luck!

[skyhopper]

id stay with your job for the mean time, hang back and see what happens you can always do the change over later when the ground is more solid.

[John Stafford]

Well,

Does your friend have any experience running
that franchise? Do you have any financial
interest in the project?

If the answer is no, tell your friend to hire
an employee and deal with his own business
himself.

Don't leave a job until you have serious income
to support yourself, that's how people end up
in debt and homeless...

Shoot me an e-mail at: john@thegurusedge.com

I'll give you my take on it if you need more
advice.


John

[Woodcs82]

It is good to be cautious and i personally do think you should have something to fall back on.

Hiring an employee or two to take your place while you have the other job is a good idea.

It might not be a good idea to do business with someone that is reckless.

At the end of the day it is YOUR decision!

i would like somthing to fall back on,im alot more cautious than he is and he can be a bit reckless at times,i would like to employ staff over me and will not take any money out untill i work full time.so do i quit my job and face loosing a stable job,please help?

[ZendURL]

It really depends a lot on your situation well. Are you single, are you married, do you have a family? Based on what you answered there I would give you a different response. If you are singled, then go for it. If you are married maybe take a vacation week, and if you have a family then pass.
Because although it could work out great, it can go the other way as well.