Is Franchising Right for Me?

 As we’ve established, there are both advantages and disadvantages to the franchise system, and not everyone is cut out to become a franchisee. If you are considering purchasing a franchise, it’s worth taking the time to take stock of yourself: your likes, your dislikes, your energy levels, your financial security, and a host of other things.

 Before you decide if franchising is right for you, consider these questions:

 1. What is my background?

 Am I qualified to manage my own business? Can I find the help I need if necessary? Do I have any experience in the field of the franchise I’m considering?

 2. What do I find enjoyable?

 Will running this franchise be an enjoyable, if challenging, process for me? Or will I find myself under constant stress?

 3. Do I have the skills I need?

 Can I interact with employees? Can I work with people who are meant to tell me what to do, and can I also manage my staff?

 4. Am I willing to put in a lot of work at first?

Do I realize how much effort the franchise will require? How do I plan to go about marketing? What are my hopes for the franchise, and what am I willing to do to meet those goals?

5. Will my family support me?

If applicable, is my family in agreement with my decision? Are they aware that I will have to put in long hours at first to get my business off the ground? Do they have realistic expectations?

6. Why do I want to purchase a franchise?

Is it for financial independence? To turn a quick profit? For the challenge?

The Franchisee Checklist

 If, after considering the above questions, you still feel you’d make a good franchisee, go through this checklist:

·  I am highly organized

·  I always plan ahead

·  I have good people skills and work well with others

·  I am capable of delegating responsibility

·  I enjoy a challenge

·  I have some available capital to see me through my startup period

·  I communicate well and don’t mind asking for help when necessary

·  I am in good health

·  I have previous management or business experience

·  I like to be independent

·  I thrive under pressure 

·  I am creative and always thinking of new ways to look at business 

Could you put a check beside most, if not all, of these statements? If not, franchising may not be right for you. Although it is a potentially rewarding experience, you must be prepared for the very real work required to make your business a success -- franchise or otherwise. You must also be prepared to continue working after you’ve found that initial success. Otherwise, your business may slip right between your fingers. 

Starting any business is hard work, and a franchise is no exception. If, however, you’ve checked off most of the above statements, you’ve considered the questions above and not found yourself wanting, and you’re still feeling enthusiastic about the thought of franchising, then congratulations! You are likely an excellent candidate for a franchisee. 

Assuming that you’ve decided to go ahead and learn more about franchising, you’re about to learn how to start and maintain your own franchise like a pro. There’s a lot of information, and a lot of work required, but don’t get nervous: the important thing is to keep on trying and never give up!