8 Questions to Ask Yourself When Choosing a Business Model
Franchising is very much a customizable process. Though each location comes with its own brand, its own name, and its own set up (along with a few others), how day-to-day operations are ran – all are absolutely up to you. That is, after all, what makes your franchise a locally owned and operated business. It’s also what has brought so many to the idea of franchising to date, with any brand. The hard part, however, comes with how and why you want to adjust your own business model. Between what’s allowed to be changed, and what stays the same for each and every location of that brand, you can find your happy medium. You can also switch up your own operations, such as what areas you take care of on your own vs. outsourcing, the type of office hours you keep for additional work customization.
The important aspects, however, are those that affect how business runs as an everyday operation. And how you’re able to change them with each brand. From your very first starting point to the end of every business day, there are multiple decisions to be made. Each of which can change, depending on the model at hand.
To find your respective model, be sure to ask:
What is your passion?
What makes you tick? What type of work do you like to do? By finding out your skills, especially ones that you enjoy, you can narrow down your future franchise to one that works in your favor, not just as a successful business model.
What’s your dream job?
No really. It might just be a questions you ask kids or soon-to-be college grads, but it’s really something you should be asking yourself, even as you’re on the verge of a second career.
Can you live with yourself?
You should be supporting a product or service you believe in, not just one that makes money. So be sure whatever franchise you choose to support is one that you fully and wholeheartedly can stand behind.
What’s your (realistic) dream paycheck?
And compare that to how many hours you want to be working. Franchising isn’t necessarily a get-rich quick game (it’s a career, not a winning lottery ticket), but it is a way to set yourself up for the long term. So long as you do it correctly, it can act as a serious lifetime raise.
What are the perks?
If you’re looking at a few different companies, compare the pros and cons of each. Point out what makes them different, and decide if that’s something you’re for or against. While these changes might seem slight in the status quo, once signing on, they’ll be your every day and much more of a presence in your career.
Who else is doing it?
If the answer is every Joe and Harry in your town, it’s not the right fit for you. Or Joe and Harry for that matter. It’s important to look to a brand that’s unique and can tap into a growing and unearthed market.
Will you get tired of it?
This company will be your career for the long haul, so it’s important to choose something with longevity. Successful franchises
have ensured a timeline for themselves, and you need to do the same before signing on.
Is there someone better suited?
Can someone do this job better than you? And if so, why aren’t they already doing it? Or what can you do to make yourself better? This isn’t a quick fix, but rather a long term plan to keep yourself ahead of the competition for years to come.
Keep these questions in mind when choosing your potential franchise brand, and stay tuned for even more tips.