Sluggish economy - corporate downsizing - job boredom. Any one of these can cause you to evaluate your situation and start thinking about buying a franchise and becoming your own boss. Before you make your move, however, you need to determine if franchise ownership is the right decision for you.
Franchising is a wonderful business model that can produce great personal success, but it is not right for everyone. The best place to start is by an objective and thoughtful evaluation of your own strengths, weaknesses and goals for entering a franchise. Ask yourself the following questions:
What do you enjoy doing in a work environment? What are your strongest skills? Make a list of your strengths and the things you like doing.
What tasks do you not enjoy? What frustrates you? Make another list of the tasks that, even if you are able to perform them, you don't want to or you would not be happy doing.
How do you feel about managing employees? Are you effective at creating and sustaining a work environment that people want to work in? Have you had experience recruiting and retaining employees in the past? This is a critical management talent necessary for success with most franchises.
How do you feel about risk? What's the most financially risky thing you've ever done? How much risk can you assume and still sleep comfortably at night?
Is status an important issue in picking a business? Does it matter to you what the product or service of the franchise is or just whether the business can meet your goals?
How much capital do you have to work with? How much can you reasonably invest into the startup of a new business without leaving yourself financially strapped?
What are your goals? Financial as well as lifestyle. How do you see you life changing in the next few years as a result of owning your own business?
How do you feel about executing someone else's system?
This last point is especially critical. A good franchise system is not looking for innovation in a new franchisee. They have a proven operating system and they are looking for people who have the capital and management talent to execute their system to produce predictable results. If that doesn't seem attractive to you, you might be better off doing something else.
After you have completed an assessment of yourself by answering the questions above, you will have the foundation of information you need to know if a franchise is right for you. The next step is to start looking at opportunities and evaluating them based on your answers. It may take some work but don't compromise. Sooner or later you'll find an opportunity that is the right match for your talents and goals.
