The United States has approximately 150 million workers—and more than 10% of them are self-employed (source: Pew Research Center). These 16 million small business owners form the nation’s entrepreneurial backbone, creating jobs for another 30 million Americans or so while providing a clear blueprint for career independence.
The COVID-19 pandemic accelerated these trends, with millions of people leaving corporate America behind over the last two years in search of career independence and more meaningful work. Many wanted to take control of their own destiny and be their own boss. Many got sick of climbing the corporate ladder. Many simply wanted to claim more autonomy over their schedules or spend more time with their families.
No matter the motivation, franchising offers a clear path toward career independence. At CMIT Solutions, our independently owned and operated technology support franchises give entrepreneurs the chance to build the business they want while pursuing their own desires and goals. No more middle management, no more grinding commutes, and no more being a cog in a massive corporate wheel.
Here are the five steps we recommend to assess your situation and make the right move.
1. Evaluate your financial health. Before learning about franchising, many people think you have to spend millions to make millions. But starting an IT business doesn’t require a significant up-front investment in real estate, equipment, or hiring. Instead, required costs and sufficient capital are far lower than other franchise options.
Typically, CMIT’s franchise fee ranges from $49,950 to $54,950. The total investment range, including the franchise fee and at least six months of working capital, ranges from $102,570 to $168,200. We do recommend a minimum net worth of $350,000 and liquid capital between $100,000 to $150,000, but external financing is possible—and all military veterans receive a significant 20% discount on the franchise fee.
2. Research your options. Fast food, the service industry, and retail businesses are popular franchising options because of built-in brand recognition. Revenue can also start coming in the door on day one. But food and retail require long hours, regular weekends, and even holiday work.
On the other hand, Managed Services Provider (MSP) franchises such as technology and IT support franchises, offer a much better work-life balance. You get to work normal business hours, allowing you to spend time with your friends, family, or enjoy the extra time to relax. An IT franchise also offers low start-up costs with no need for expensive retail space or extensive hiring to get your business off the ground.
The IT and cybersecurity industries are booming right now. IT spending worldwide is forecasted to top $4.4 trillion in 2022 (source: Gartner) while the cybersecurity market is expected to generate $345 billion in economic activity by 2026 (source: MarketsandMarkets). The continuing shift to remote work and virtual collaboration—and the corresponding increase in digital threats—will only solidify these trends.
As impressive as the IT industry is currently, it’s up to you to decide which field works best for you to start your own franchise business. Whether that be fast food, retail, or the service industry, do your research and evaluate which suits you most.
3. Schedule discovery calls with franchise development experts. Once you’ve established which industry and franchises you want to learn more about, set up discovery calls with those companies’ franchise directors.
At CMIT Solutions, we’re ready to talk about your goals for starting a business, the benefits of franchising, and how the IT world can offer you career independence. Our franchise system is a good fit for those who have executive, management, or business ownership experience. Appreciating technology and understanding its critical role in running a business is a big plus, too.
Lisa Montanio, our Franchise Development Manager, loves to discuss options and objectives with potential entrepreneurs. Entering a business relationship is a big decision, and we want to find out if you are a good fit for our franchising model. Just as important, we want to help you figure out if our company culture and income potential are a good fit for you. Contact us today to start the conversation.
4. Narrow down your options. It’s important to weigh the pros and cons of each franchise company you are assessing. Make sure to go through the validation process – speak with established franchisees in the brand you are considering – and keep an ongoing pros and cons list.
We’ll help you go through your pros and cons list for CMIT Solutions—and even answer questions about other franchising options. Over the last 24 years, we’ve developed a step-by-step plan for working with potential franchise owners. We provide the information you need so you can do your due diligence on us. That helps you compare pricing models and understand the difference between working “on” your business instead of “in” your business. (Hint: IT franchises allow you to focus on big-picture strategy, taking a hands-off approach to the day-to-day frontlines familiar to anyone in food or retail).
We’ll also talk about whether CMIT’s values align with yours, explore the two-week training that helps launch your independent career, and discuss our specialized coaching program. This support gives new franchisees the framework they need to succeed in their first days, weeks, and months as a business owner.
5. Make your decision. Once you’ve performed this due diligence and discussed your options with CMIT Solutions, your family and friends, and your franchise broker (if you choose to work with one), the big day will finally arrive. It’s time to select the franchise system that best aligns with your vision for the future so you can finally achieve career independence.
We hope that choice will be with CMIT Solutions, as we love nothing more than helping new entrepreneurs make their business ownership dreams come true. Contact us today to find out more.