Written by the Franchise Matchmakers Team
Here Are 6 Signs Franchise Ownership Is Right For You
Franchise businesses are an ideal way for many entrepreneurs to get a start in owning their own business. The opportunity to own a franchise is perfect for many individuals because they don’t have to go it alone as they learn the ins and outs of the business world. Working together with other franchisees allows business owners to take advantage of the hive mind, buying power, and group advertising opportunities a franchise creates, among other advantages.
Individuals seeking to own a franchise have many reasons for their decision, but some are more influential than others. Consider the following signs that a franchise may be right for you.
- You have met with a franchisor and feel at home in the company. Your franchisor will be a big part of your support system as you embark on this new venture. You must be comfortable with the individuals who will be helping you along the way. Weeding through the numerous franchise opportunities can seem daunting. However, an experienced franchise broker will spend the time needed to get to know you, your priorities and your goals. With that knowledge, they can match you up with a franchisor who meshes with your vision and makes you feel at home. Brokers typically have established relationships with franchisors and have that first-hand knowledge you need to make the right choice.
- Other franchisees have found success. One of the best steps you can take is contacting other franchisees within the company to gain their perspective. They will be able to tell you if they were happy with the training program the franchisor offered, whether they have been satisfied with profits, whether they recommend the company in general, and why or why not.
- The franchise has a proven success record. Although you may be tempted to get in on the ground floor of a start-up company, the risk is greater than it is with an established business that has a proven model for success. New franchisees typically feel more comfortable starting with a well-known company with an established brand.
- You have experience in dealing with people every day. Your work background is important in your decision to buy a franchise. Even if you haven’t worked in a specific industry before, owning a franchise will involve interactions with customers, employees, other franchisees, and your franchisor. You must have an overall positive attitude and solid communication skills.
- You have found a franchise opportunity you think you will enjoy. Owning a franchise is a major step in any individual’s career. Owners often run their own franchise for many years before they are able to allow a hired management team to handle daily operations. For this reason, you want to find a franchise that specializes in something that interests you.
- You are ready to start your own business. This is the most important consideration when you are considering becoming a franchise owner. Starting any business is a lot of work, and although franchises offer training and support, owners often work up to 70 hours a week getting the business off the ground. They must be willing to do every job in the business, from mopping the floors to firing employees.
Call on the Professionals for Advice If you are thinking of buying a franchise and need the help of an experience franchise broker, call on the team at Franchise Matchmakers today (888) 347-5187. We know that buying a franchise involves many important decisions, and we don’t want you to have to go it alone. Our goal at Franchise Matchmakers is to help identify the right franchise opportunity based on your skills, interests, and business goals.