There are many things to consider when going into business and many different paths available to the aspiring business owner. Franchising is a multifaceted industry and a viable option for those looking to venture out into the business world. Below is a list of some major considerations you need to think about which can help you decide if you are a good candidate.
1. Make sure you know what it means to be in business for yourself. In franchising you work for yourself rather than somebody else. You don’t have the luxury of a regular paycheck but you will be in charge of your future.
2. Can you visualize yourself running your own business? Many franchise candidates come from corporate cultures were duties have been delegated. Those responsibilities are now yours.
3. Are you willing to work more than 40 hours a week? In the early stages of a business, many new franchise owners spend nearly 80 hours a week building their business.
4. Research, research, research. Talk to other franchisees and make sure you understand both the pluses and minuses of the business.
5. Think out of the box. Think longer term than what’s going to happen tomorrow. Think about where you’re going to be five years from now.
6. Are you a good salesperson? If you’re not comfortable with cold calling and selling your service or product, chances are this isn’t for you. Or you need to be prepared to hire an employee solely for that purpose.
7. Can you follow a system or are you one who likes to blaze your own trail? One of the reasons franchising works it because of the systems set in place by the franchisor. If you’re not willing to follow the system, franchising is not right for you.
Tips taken from Franchise magazine, for more information visit FranMarket.