How to start a business, leaving a high paying job?

On our website, we have a question box where you can ask Jim’s Group CEO, Jim Penman any question about business that you like. One great question we received recently was from a person called ‘Beeza’ who asked for Jim’s advice on potentially leaving a high-paying corporate job in order to start a lifestyle business with Jim’s.

Question

Hi Guys, Jim, what is your advice to someone who has a well-paying job but the appeal of a franchise/ own business is pretty strong. The income is quite significant and would be higher than having your own business/ franchise but the lifestyle of running your own business is something that really interests you. – Beeza 

Jim’s Answer

It’s a good question, Beeza. I’d love to say that you’d make better money as a Franchisee than in your job, but the likelihood is that you’ll do about as well. We did a large scale survey a few years back on this exact subject, finding that the level of income was very similar from job to business. Those who had high incomes, such as in sales or high executive roles, tended to do similarly well. Those on more modest incomes, likewise. Some do spectacularly better, of course, and I could give a host of examples, but some also fail.

One of my regular jobs is to phone Franchisees reaching key anniversaries: ten, fifteen, twenty and twenty-five years. Apart from having universally good customer service records (typical rating 4.8 against the Jim’s average of 4.6 or so), the big difference they note is in terms of lifestyle. Some work very limited hours to achieve their former income, such as one guy in Queensland who worked four days a week and knocked off at 1 p.m. Very commonly what they talk about is flexibility, and in particular seeing their kids grow up by being around in the evenings and being able to take them to school.

What I’d suggest is that you let us direct you to a few high fliers such as yourself and see what they say. Most likely they’ll give the same answer

Jim

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