Is Franchising Right For You?
Is Franchising Right For You?
There are many reasons why talented people are attracted to franchising. Some have always wanted to run their own business but don't have their own original idea, while others feel more comfortable investing in a proven system. Whatever your motivation though, franchising is not suitable for everyone. Investing in a franchise is often the biggest financial and emotional investment you'll ever make, second only to marriage. And what can be a vehicle for helping one person to realise their dreams can result in years of regret for another.
So before you begin researching the plethora of different franchise opportunities available it pays to seriously consider if franchising is right for you. By answering some key questions you can quickly establish whether or not you're cut out for business ownership. If you think you are, the next step is to determine if franchising, rather than independent business ownership, is the best vehicle for realising your goals.
Do You Have What It Takes To Be The Boss?
Let's not underestimate it; running your own business is tough. Those people coming out of the corporate world are often a little spoiled: when they needed to recruit a new employee they called Human Resources to provide suitable CVs; when their computer crashed, the IT department fixed it; and when they received an invoice they passed it to Accounts to handle. In contrast, as a small business owner you have to become an expert generalist someone who can be the Marketing Director one minute and the Financial Director the next. Otherwise you won't recruit that great employee, your computer won't get fixed and your suppliers won't get paid.
Do You Thrive On Achieving Results?
When you run your own enterprise, there aren't any buffers between you and the harsh realities of business: if you aren't selling enough you soon won't have a business, let alone a decent personal income.
Think back: do you have a strong record of actively setting, working towards and hitting your goals? When you experience setbacks do you readily give up or do they galvanise you to work even harder and overcome the challenges, whatever it takes?
Are You Decisive?
Being the CEO of your own business sounds glamorous, but brings many pressures with it, too. As the leader of your business the buck stops with you and you'll often need to make important decisions.
Reflecting on your experience, do you have a strong track record of making the right decisions? Consider the processes you went through to make important decisions, how you communicated them to your colleagues and what the results were.
Do You Have A High Level of Self Confidence?
Most of your success will depend on your ability to sell not only your business, but also yourself. Do you have a strong self-image, one that exudes confidence and will persuade others to invest their time and money with you?
Are You in Good Health?
Running a business is not a 9am to 5pm job. As well as the hard work and potentially long hours, you will sacrifice job security, too. Will you be able to cope with the pressures and that lack of security?
Do You Have the Support of Your Family?
The decision to start your own business and the sacrifices you'll have to make will affect your family as you divert time and attention to your business.With every business there will be challenging times during which you'll need their full support. Can you count on this?
Do You Have What It Takes To Be A Successful Franchisee?
So you've established whether or not you have what it takes to run your own business. The next stage is to determine if franchising, rather than setting up an independent business, is the best vehicle for achieving the success you deserve.
What Are Your Goals?
Goal setting is a powerful exercise for thinking about your ideal future, and for motivating yourself to realise this vision. Where do you see yourself in five years time? What are you willing to sacrifice for turning this vision into reality?
Franchising is a vehicle for financial independence and some franchisors claim a third of their franchisees are classed as millionaires. However, will this level of success be enough for you? If your entrepreneurial hunger will only be satisfied when you create the next Google, expanding into international markets and acquiring other businesses, franchising is probably not for you.
Are You Committed to a Long Term Partnership?
Franchising is often described as a business marriage because of the long term, interdependent nature of the relationship. Just as you would think carefully about your long term future with your spouse before tying the knot, investing in a franchise requires the same thought process. Are you ready to commit to signing a ten year Franchise Agreement? Unless you're looking for a long term commitment, franchising is not for you.
Are You Capable and Willing to Make a Financial Investment in Your Future?
According to the 2010 NatWest / British Franchise Association Survey, the average initial investment for setting up a franchise in the UK is 63,900. So while cheaper franchises are available, for many, becoming a franchisee requires the investment of life savings; for others, High Street banks view franchising as a comparatively low risk enterprise and are willing to lend up to 70% of the total investment. Either way, the decision to invest requires serious consideration. Are you able and willing to back yourself financially?
Are You Service Oriented?
As a franchisee, you and/or your teams will be the face of the brand and set the tone for the customer experience. Successful franchisees put the customer at the heart of their business and have an unwavering commitment to exceeding their expectations each and every time.
Take a look at your past experiences. What actions did you take to put your customers first? How did you coach others to deliver an exceptional service on time and with a great attitude?
Are You Willing to Follow A System?
Many people choose to invest in a franchise because there is a proven system which if followed will ensure they are successful. While the system is a major attraction for many, this can leave others feeling stifled and even suffocated. If you choose to invest in a franchise, there's very little you can change: so if you have a burning entrepreneurial spirit and are constantly looking to put your own mark on things you will probably be much happier and more successful on your own.
Are you capable of and willing to follow someone else's system? Would you be comfortable relinquishing control over the products you sell, the branding and working procedures?
Are You Coachable?
As a franchisee, you'll benefit from the continued support and training of your franchisor. Will you make the most of this or will you dismiss advice and direction from the franchisor's field staff? Is ongoing support and training something you'd welcome?
Think back to the last time you received feedback. How did you take this on board and act differently? What happened to your performance?
Your Next Step
Most people do not have what it takes to be a successful business owner, and fewer still are suited to franchising. Wherever you decide to go to from here, then, whether it be to carry on your corporate career, start an independent business or invest in a franchise, let your decision be a fully informed one. How To Wear Sizzling Hot White Skirts This Summer Men's Swimwear For Beach Activities Shopping Centers and Malls in Washington DC Among other boots, Timberland status is still no substitute Know some good qualities of travel blog Gorgeous Beach Bridesmaid Dresses And More Finding out More Concerning facts on travel dvds Safety Techniques for Typical Tourists Brazil's Subsalt Discoveries - Offshore Brazil Emerges As A Leading Investment Destination Relaxation Techniques For Anxiety Beaches, Backwaters & Ayurveda - The Quintessential Of South India Tour Limo Tour to See Chicago Christmas Lights Book Flight Tickets And Travel Packages Without Any Hassles