Questions to Ask Yourself About Franchising
When getting into any career, it's important to get a feel your surroundings. Before jumping in, you want to know what you're getting yourself into, what might arise, and virtually any type of scenario that might take place. It's simply a step for good business practices – ensuring you are as prepared as possible.
The same can be said for franchising. That, before signing on with a company – any company – you need to make sure you'll fully informed, and have prepped yourself for anything that might go wrong. Rather than going for the general "what's going to happen" questions, however, it's far more helpful to dive deep into the details that take the big picture into account. To find out the general outcomes with each potential franchising company, as well as details that pertain to your unique situation. Especially when those details might change initial franchising opportunities.
Ask Yourself Questions Like:
What's the worst that could happen?
It might sound gruesome, but the well-prepared business owner knows what's available for them at all times. The highest of the highs and the lowest of the lows. That also means taking worst-case scenarios into account so you're well prepared, no matter what might take place.
There are several advantages to working with an established company, but what are the advantages for you? And are they facts that will change over time? For a greater good? Or will the perks diminish as you grow? Have this readily in mind when you're considering each of your franchising efforts.
What are the pros?
Anything worth doing has its positive points. So take a moment and point them out to yourself. Remember why you're considering franchising and what it has to offer. In terms of a career, in terms of what it can provide for your personal life, and so on.
What can I do better?
Are you great at marketing? Training employees? Customer service? Find what area is your strong point and brainstorm to see how you can expand on that even further. In a similar light, it's also important to look at what you're bad at (or rather what has the biggest amount of room for improvement) and start working to increase productivity in those areas.
Ok, so you've decided you're ready to franchise, what's after that? Do you franchise another location? With a different brand? What's your end-goal and how do you plan on getting there?
What are your steps for success?
Do you plan to follow the company instructions to a T? Incorporate your own business knowledge and experience? Talk to others and account for their advice? Whatever it is you're planning for, get the details hashed out and move forward full-force.
What's your new reality?
Once switching to your franchise, how is your lifestyle going to be adjusted? Do you need to cut back on spending until business picks up? Are you in the market for a reliable sitter for long working days? It's likely that you're going to take on a number of changes, and understanding what they are before you're forced to adjust can make the transition one that's smooth.
Are your ducks in a row?
There will be legalities, financial documents to sign, leases to read over, franchise paperwork, and so on. Ensure all of this is taken care of (and that it's understood) before deadlines come and pass rather than after.
What are you missing?
With such a big project, chances are it feels as though something is missing … even if it's not. Keep track of anything and everything so you're sure to keep tabs on every single basket. Whether they contain one egg or multiple working efforts.