Is Franchising For You
Why specifically do you want to own a franchise?
Are you money motivated?
Do you feel that you're at a dead end where you are now?
Being money motivated is important. This characteristic will tend to hold you in good stead when you have to work long and hard in the first two years of owning a franchise.
Is Corporate Life For You?
Do you like working for someone? Have you ever been called a misfit, a maverick, or a malcontent? If you are very comfortable working for someone else, then owning your own franchise might not be for you.
Do you really enjoy working hard, even if there is no immediate reward?
How self reliant are you? Do you wait for others to take the initiative? Do you need the approval of others and considerable support before you make a decision, start a task, or move in a new direction?
Are you a risk taker?
Are you willing to place your time, energy, and money into a venture that has the possibility of failing?
Any way you cut it, you have to take a chance. There are failures in franchising. Less than 10% but the risk is still there. Can you handle it?
How self reliant are you?
Do you wait for others to take the initiative? Do you need the approval of others and considerable support before you make a decision, start a task, or move in a new direction? You do have to be relatively self-reliant because you do have to manage the business day to day. However, one of the most significant benefits of owning a franchise is the support given by the franchisor. The phrase "You are in the business for yourself but not by yourself" is very true.
Do you take real pleasure in being the boss, or having the authority and responsibility for the success or failure of a new venture?
If you are the kind of person who enjoys being in charge, then having the authority and responsibility for the success of the venture will not be a problem.
Are you a positive person?
Being a negative person is a luxury you can ill afford in business. Negative thinking begets failure. You simply have to be a positive person in order to succeed in business.
Do you have good people skills?
Can you interact with people effectively? Do you like people?
In nearly all franchises, good people skills are critical. If you don't have good people skills, you must be willing to develop them.
Can you stick to the franchisor's system, or do you have to do everything your way?
The primary reason that franchising is so successful is because the learning curve is transferred from the franchisor to the franchisee. The franchisor has developed a successful system. If you are going to be a franchisee, you must be willing to stick to the system. You have to do things the franchisor's way. Not your way.
Do you like to teach?
Do you enjoy training people in new tasks?
The nature of franchising necessitates almost constant training for employees. It certainly makes it a great deal easier if you like to teach.
Can you handle multitasking?
Can you cope with the multiple demands of operating a business?
Operating a business requires wearing many hats. You have to be willing to do everything from mopping the floors to dealing with irate customers.
Are you willing to accept the help of others?
You simply must be willing to accept the help offered by the franchisor. It is valuable and it will help you succeed. Also, help is often forth-coming from employees. It's prudent to accept all help offered.
Do you have the determination to get what you want and go for it 100% ?
Achieving success does require a certain degree of inner strength. If you feel strong enough to make your franchise successful, then go for it.
What is your educational background?
What is your work experience? What do you really know how to do well?
This seems obvious but it deserves some thought. The closer your experience is to the type of business you are considering, the better are your chances of succeeding.
What do you absolutely love doing? What are your hobbies?
A fundamental of human nature is that we always do well that which we love. If the franchise involves doing what you love, then you are way ahead. Or, which is more realistic, if you can fall in love with the franchise concept, that's the ideal.
Do you really like people? Do you have good people skills?
Most franchises, certainly all retail franchises involve a great amount of people contact. Even if you really like people, it can sometimes be overwhelming. If you are not a "people person," lean towards the franchise concepts with less people contact.
Are you introverted or extroverted?
Are you introverted or extroverted? Some franchises involve you to be outgoing, others not. Don't put yourself into a situation where you must do things totally against your nature.
Are you the hands on or hands off type?
To be successful, most franchises require a hands on approach. However, there are some which are suitable for absentee ownership or a hands-off approach.
Are you willing to work long hours, six to seven days a week?
Most new franchises demand a great deal of energy and time in the beginning, especially anything food related. Look very closely at what is going to be demanded of you personally and make sure you are willing to give it.
Are you a risk taker?
Are you willing to bet on a new unproven concept or would you be more comfortable with a well-established, proven, franchise concept?
Do you like to sell?
Many franchises demand a lot of selling by the owner.
Does the idea of really becoming part of a community appeal to you?
A very effective way to insure success is to become a giver to the community where your franchise is located. The more you can give, the better are your chances of succeeding.
If a particular type of franchise looks attractive, can you see yourself spending your days for the next 5-10 years in that specific type of business?
Imagine yourself in the franchise business, doing whatever the business demands for years on end. It it a pretty picture?