I hate my job! How quickly can I buy a franchise?

So you hate your job and you need a way out. It's time to be your own boss and let your entrepreneurial spirit run free! 
When the going gets tough at work, buying a franchise may seem like the ideal way out. But like every major decision, its worth taking a deep breath and asking a few questions. Here are a few things you should consider before you dive into your new business venture:
Are you really ready to leave behind the benefits of being an employee?
Before you get swept up in the excitement of buying your own franchise business, you need to get real. Whilst full-time employment has its drawbacks, it also has many benefits - especially if you are not a risk taker. Leaving your job means you will no longer have the certainty of a regular paycheck and your set routine. It may be months before the business begins to make a profit. Can you survive that period?
You may be putting in extra hours and working weekends whilst the business ramps up – and possibly well beyond that. There will be no one to tell you what to do. You will have to be focused and motivated and productive day after day.
If you are prepared to leave your safety blanket behind, keep reading. If not, perhaps start liking your job more…
BE PREPARED TO INVEST SOME TIME
Investing in a franchise is an important decision and you should allow sufficient time to do your due diligence. Remember too, that each franchisor will have its own recruitment and screening process as well as training programs for you to complete.
There are also Franchising Code of Conduct rules around time frames between steps. You should probably allow two to three months from initial enquiry to executing your franchise documents. You may then have to wait for a site to be located and built if it’s a new location or for vehicles to be fitted out. In some cases it could be many months from signing your docs to actually getting started.
YOU NEED TO CHOOSE THE RIGHT SECTOR FOR YOU
If you’re looking at emerging sectors with big opportunities – pat yourself on the back. But if the business you’re considering buying doesn’t ignite your passion and really fire you up, then you shouldn’t buy it!
There’s no point being in the right market if you don’t love the brand, the products and the customers. You’ll end up hating your ‘job’ again except this time, you can’t just leave your investment behind and walk out the door.
KNOW YOUR NUMBERS
Make sure you are clear on the investment levels. Not just the initial franchise fees but legal fees, fees for commercial advice and working capital.  You should also be clear on the ongoing fees and cost structures so you understand what you will actually be earning.
IS THE FRANCHISE SYSTEM PROVEN AND PROFITABLE?
Before you spend your life savings to buy your freedom, be sure you are investing in something worthwhile. Is the business established; can it demonstrate a track record of profitability; does it have growth potential? Are the current stores operating profitably and providing franchisees with a good return on their capital and time?
ARE THE CURRENT FRANCHISEES HAPPY?
Talk to current and past franchisees. Find out whether the franchisor provided initial training and support in the early stages of operation. Is the franchisor providing ongoing support to help make the franchisees’ business more profitable and improve performance? Is there a good working relationship and open communication? Get as much real feedback as you can.
HAS THE FRANCHISOR INVESTED IN BRAND AND MARKETING ACTIVITIES?
A strong brand is one of the keys to your success. More than just the name and logo, the brand is the customers’ experience and how the franchise is perceived by the world. If the franchisor has invested in building a brand that consumers know, understand and are engaged with, it will be easier for you to create a profitable business within that.
LOOK FOR SYSTEMS AND PROCESSES
Underpinning a strong brand in any good franchise are well-defined systems and procedures, a solid support infrastructure and a standardised approach. Look for systems that create efficiencies and make it easier for you to focus on doing more business with your customers.
These are just a few of the important areas you should include in your due diligence process when assessing a franchise system. It’s great to be ambitious and even quit your job for bigger and better things, but be sure to look at each franchise opportunity with a critical eye, get the right advice and make a fully informed decision.
John Di Natale is managing director of Axis Advisory, a boutique consulting firm working closely with entrepreneurs and business owners to help grow a more rewarding, more exciting and more profitable business.