Are You Cut Out for Franchising?
Questions to Ask to Determine Whether You're Ready for Success
If you are tired of your corporate job, or fearing a layoff, you might be considering starting your own business.
And there is no better path to success than a franchise, which offers a 90 percent success rate. But, like every wise decision, you must carefully consider this decision before you just walk into your boss's office and quit (appealing though that may be....It's OK, go ahead and fantasize for a minute). Now, back to reality. Before you give your resignation, here are some questions to ask yourself. The answers will help you determine whether starting a franchise is a wise decision for you.
- Can I work under someone? If you are thinking of joining the franchise business because you want to be free from your boss, then think again. In franchising, you can only succeed if you learn to follow the given instructions and guidelines of your franchisor. You have to be very coachable to become a franchisee, so make sure you are before you quit your current job. Franchising works because franchisees can follow a proven plan. Of course, most franchisors welcome input on improving processes and additional product offerings. But seek approval, make sure that you're not going out on your own.
- Can I work hard? Franchising means hard work, though you have someone else’s experience—the franchisor’s—to assist you. If you think owning your own business is a quick and easy path, think again. Even with franchise opportunities that are part-time, you’ll need to work extra hours, especially in the beginning.
- Am I a people person? The reason franchisors look for corporate managers is they usually have excellent people skills. As a franchisee, you will have to communicate effectively with clients, suppliers, employees and the franchisor of course. So, if you want to leave your job because you don’t like the communicating part, then franchising is not for you.
- Am I a good organizer? If you join the franchise industry, you will have to carry out many jobs by yourself. You may have to look for finance, real estate as well as employ people. Though the franchisor will be there, the actual work has to be done by you. So, you must be able to accomplish all these within a reasonable time-frame. After your franchise has opened, you have to manage the day-to-day running of the business. So make sure you know your skills and weaknesses.
With the answers to these questions in hand, you can determine whether you are ready to walk away from your corporate life into franchise ownership.
