Answer # 1This is possibly the most important question you can ask yourself before entering into the world of franchising. While you probably won’t get rich (at least not immediately), and you will probably have to work long hours, the end result is a sense of self-satisfaction and long-term results are typically well worth the wait.
Buying a franchise is probably not a good idea, if you are just seeking relief from your current career or just looking to “get rich quick”. Successful business owners typically put in many years of solid focus and hard work before they start reaping the full financial benefits of owning their own franchise. It is always a good idea to talk to several different current franchisees about their experience, work demands, and lifestyle. By doing this, you have a true feel of what it is like to own your own business.
Answer # 2Your self-motivation will be the characteristic that holds you steady when the going gets tough. Keep this in mind as you decide to go into the franchise industry – if you lack motivation, franchising is not for you. Money is certainly a good motivator, but be cautious here. Buying a franchise is not a guarantee for financial success. It requires a tremendous amount of discipline, hard work, and patience. As with any new business venture, it will take time to establish your business, your customer base, and fine-tune your operations. While increasing your earning potential is a great motivator, you should also enjoy working hard, building your franchise business, and being a proud business owner.
Answer # 3Go for it if you enjoy being your own boss. Those who are content with others in authoritative positions probably won’t fare too well as a franchisee. When you own a business or franchise, you call the shots – you are the captain of the ship. If you work well independently and are self-motivated, then owning a franchise could be a good fit for you. On the flip side, if you don’t enjoy having to manage people and be “the person in charge” with all that responsibility, then owning your own franchise may not be a great fit for you.
Answer # 4If you have a strong work ethic, and you don’t need the benefit of immediate payoffs, then franchising might be the place for you. Not to say that it is slave work, but remember, this is your investment so it will require you to put in extra hours and it is common not to make a lot of money in the first two years of your franchise. You will have to be patient.
Answer # 5Self-reliance is a necessary trait in the world of franchising, since it is imperative that you’re capable of handling the day-to-day business affairs. However, there is solace in the fact that when you own a franchise, you receive a lot of support and training from the franchisor – which is a significant benefit of being a franchisee.
Answer # 6Regardless of the angle, franchising is considered a risk. While there are fewer risks involved in the world of franchising, there is still a risk involved. You can mitigate some of the risk by carefully assessing your franchise options before buying. Be sure to have candid conversations with the franchisor about their business model, challenges, opportunities, etc. Talk to many different franchise owners to get their perspectives. Do those owners have similar personality traits as you do? Do you relate to them? Can you see yourself in their shoes? Ask the franchisor for their honest assessment of you – do they think you have what it takes to be successful as a franchise owner? Don’t let your excitement and enthusiasm trump a real honest assessment of whether a particular franchise is a good fit for you.
Answer # 7Having a negative outlook is not an affordable luxury in this business. It needs to be a priority of yours, should you go into the franchise world, to maintain a positive attitude – it is a precursor to success.
Answer # 8Just as it is imperative to have a positive outlook, it is also important to have and utilize good people skills. If you don’t believe that your communication and people skills are up to par, then you must be willing to devote ample time and energy toward the development of these said skills. Also, as a business owner, you will no doubt be managing people. It is very helpful to have management experience, and more importantly, successful management experience!
Answer # 9The foremost reason for the success of franchising as an industry is because the learning curve is shifted from franchisor to the franchisee. It is important to remember that there is a successful system already in place – in order for you to be successful, you must be willing to abide by the system. If you can put “your way” on hold on . . . you will find success!
Answer # 10The mere nature of franchising calls for the ongoing support and training of employees. It will only make your days easier if you enjoy teaching and have the ability to be patient and supportive.