The prospect of self-employment can be exhilarating. Escaping the cubicle, answering to no one. That is the stuff that dreams are made of.
Owning a franchised business is often the best way to make all of that happen. You can buy a business that has immediate branding power, a spectacular support system, and will do everything they can to help you succeed. It is almost the perfect answer to the self-employed equation.
But are you right for franchise ownership?
That is a good question to ask yourself. Franchising is not for everyone. So, what traits make a good candidate for this career path?
Can You Be Comfortable Following a System?
At the heart of every franchised business is a system that must be followed. The franchisor spent years, and a lot of dollars, developing a system that will best help the franchisees succeed. That system covers everything from branding and marketing to employee and vendor management. It is tried and true, and the franchise’s success is dependent upon you using it.
If you are a “fly-by-the-seat-of-your-pants” kind of person, and enjoy following your own rules, becoming a franchisee may not be the best move for you.
Are You Self-Disciplined?
Are you great at time management? Are you willing to put in the hours that it takes to run your business?
This is one reason that veterans make great candidates for franchise ownership! The discipline they learn in the military is invaluable to being self-employed.
Self-employment often means making huge sacrifices, and time is one of them. You need to be prepared to make your new franchised business a big part of your life—at least until it’s stable and running like a well-oiled machine.
Are You Financially Prepared?
Ever hear the adage “It takes money to make money?” Well, that is true with franchise ownership too. You are expected to have sufficient capital to begin with. You must be able to cover the initial investment and startup costs (which will be shared by the franchisor). And you should also be prepared to have enough funds to cover operational costs for the first 6 – 12 months until profits begin to roll in.
The good news is that in many cases, you can find financing options to help you get started. A professional franchise consultant is the best person to help you sort those options out.
Are Good at Team Building?
Many franchise opportunities involve creating a team of employees. You will need to make sure you are comfortable with hiring and firing, training, coaching, and motivating. If leadership is your thing, then a franchise could be a good move.
Are You a “People Person”?
When you buy a franchise you may not only have to deal with employees, but with customers as well. If the thought of interacting with people does not excite you, then business ownership may not be right for you.
Now, there are franchise opportunities that allow you to run the business yourself without employees, and customer contact can be at a minimum. There are options for almost everyone!
Finding a franchise consultant can be a big first step as you begin the journey towards business ownership. They can help you answer the questions you have about franchises, and about which options would be right for you.
While franchise ownership is not for everyone, it can be an amazing option for those who are willing to take the first step and explore. From the support systems to the brand recognition, becoming a franchisee is often the best way to realize your dream of business ownership.
Franchise Matchmakers is a team of franchising professionals that are dedicated to helping people explore business ownership as a career path. Contact them at info@franchisematchmakers.com to find out more about franchising options that are perfect for you.
