Do you find yourself often thinking about running your own business?

Here are six signs it’s time to quit your job and invest in a franchise:

1. You’re ready to work for yourself, but not by yourself

If you’re finding yourself coming into work day in day out, daydreaming about working for yourself, it may be time to invest in a franchise system. You’ve lost that feel-good feeling in your role and are ready to move on from pleasing the shareholder.

Buying a franchise could be for you, especially if you want to play a part in a business’ decision making process and have a say in future plans. With that said, you don’t want to start from scratch, and the support and experience of a franchisor is a major plus.

2. You’ve got the finance

You’re not new to the concept, you know that buying a franchise costs money and is an ongoing investment. You know which industry you’re looking to get into and have your eye on a few franchisors. To top it all off, you’ve done your homework and have a plan for meeting those financial requirements, initially and throughout a term.

3. You’re getting good advice

You may not have picked THE franchise system yet, but you have done your research.

You’ve read through key issues in the sector, studied the franchise relationship, and managed to get an overview of brands.

You follow leading publications like Inside Franchise Business, the sector’s peak body; Franchise Council of Australia, and are planning to or have attended the franchising expos in the past.

Griffith University’s Asia-Pacific Centre for Franchising Excellence is also no stranger to you, and you’re ready to get some specific advice from legal and financial experts in franchising.

4. You’ve got a business plan ready

You have some detailed ideas about how you would structure your business and how that model would function. You’ve thoroughly considered the ins and outs of how each cog would function, and are ready to present it to business advisor.

5. You’re family is on board

Buying a business a personal investment as much as a financial one. It’s beneficial if your family is behind your choice of industry and model, okay with being part of the business as a partner or employee, and more importantly ready to work out disagreements that may occur. It’s also a good idea if family members with a significant involvement in the franchise are aware of and ready for the exit strategies you have in mind.

6. You’ve got the right mindset

As a franchisee there will be ups and downs. You will face setbacks, challenges and tough times. Decisions might be made by the franchisor that is not beneficial for your business, a competitor might open up close by, or even a key staff member moves on. What will get you through is a positive mindset.