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See Your Industry Changing? Don't Panic. Take Charge. What you need to do is to find a franchise that fits your values and budget.
Since March, many industries have been hit exceptionally hard by COVID-19. Sadly, air travel has dropped by more than 95 percent, 1.9 million retail workers have been unemployed or furloughed, and the hospitality industry has lost more than 640,000 jobs. The teaching profession is undergoing tremendous stress as well. If you see your industry changing, this is the time to take charge and work for yourself.
Never run a business before? Don't worry; virtually every franchise will give you the training and support you need to run your business. What you need to do is to find a franchise that fits your values and budget.
Determine the right fit for your values.
If you've been working for someone else, you may not have been able to spend time doing something you love. Think about what you do that gives you a sense of pride. What gives you the satisfaction of contributing to something bigger than yourself? It might be within your job, while volunteering, or possibly something you've never done that you think will give you that satisfaction.
If you can't think of anything, look around and see, "what problem would I like to help with?" Right now, COVID-19 is creating opportunities in health care and education. Home health care is a growing industry. Or, with no teaching experience needed, you can join Kumon and help fight the disruption in education. Right now, parents need solutions to help their kids reach their full potential—and with Kumon, you'll make a lifelong difference in kids' lives.
Determine what you can afford.
The investment ranges of franchises vary tremendously, and the terms might be unfamiliar to you. Here's how to understand some terms that will help you determine if you can afford a particular franchise.
- Total investment necessary: this is the range of the total investment you'll make to get the franchise opened.
- Liquid capital: this is the money you can access quickly through savings, insurance, household items, or jewelry you can sell, etc. Look around, and you may find you have more liquid capital accessible than you thought!
- Net worth: this is the value of your assets, such as your home and 401K, minus your debt. For example, if you have a home, the net worth is the property's current value less the remaining amount of your mortgage. Same with your car.
- Franchise fee: this is the fee the franchise requires as part of purchasing the franchise.
For some franchises, affordability is a key factor that helps them grow even during tough times. Kumon, for example, keeps their Franchise Fee at just $1,000 and helps cover up to $36,000 in expenses to ensure franchisees have the most comfortable start possible.
See if you're a good match.
Some franchises, like Kumon, will require that you have a bachelor's degree, but you'll find that many of the skills you've gained in your current industry—hospitality, retail, public service, etc. —will help you thrive as a franchisee. Most successful small-business owners care about others and are passionate about what they do because their business aligns with their values. Find that combination, and you'll be on track to take charge of your future!
Investment with Kumon starts at less than $75,000, and Kumon provides up to $36,000 in incentives—actual money you'll save! Veterans can even qualify for an extra credit of $10,000.
Take a moment now to learn more about Kumon. Visit KumonFranchise.com, attend a webinar, or call us at 844-731-1075.