Let’s make no bones about it, franchising is a great way for people to own their own business. However, franchising isn’t for everyone, and it makes sense to see whether it can give you the lifestyle you desire.
A quick way to identify whether franchising may be for you is to consider the following questions:
1. Do you want to be your own boss?
Many people dream of being their own boss and to take control of their future. By franchising, you can be in charge of your own business.
Buying into a franchise brand allows you to work with freedom, on your time and with the support network provided by the franchisor.
One thing to note, as you will own an established brand, you may not have the opportunities bring your own ideas to market.
Each franchise is different, but they all share one thing in common – if you stick to their system, you are likely to succeed.
2. Are you looking for a new challenge?
People get into franchising for all sorts of reasons, but one that persists is unsatisfaction with careers or work-life balance.
Franchising offers those who invest the opportunity to own a business that reflects their genuine interests, where they can call the shots.
Franchisees can enjoy a more fulfilling career and lifestyle. You can pick up your kids from school, spend more time with your family, and generally have more control over how you live your life.
Again, you should consider that within franchising there aren’t any sick days, and holiday has to be planned far in advance so that you can account for your customers’ needs.
3. Are you looking for new ways to invest your money?
The lasting impact of the 2007 economic downturn has meant that maximising investments has become a lot harder.
In recent years, the franchise industry’s 90% success rate has become a very attractive way to invest money, in fact, it was one of the only industries to grow throughout the financial crisis.
Bear in mind, like any investment your money will be locked in for a while and may not be accessible if needed.
In general however, franchisees who buy into a successful model have more control over the growth of their investment as they are the ones working hard to increase its value.
4. Do you like to work within a system?
Franchising isn’t about reinventing the wheel – franchising is based on sticking to a defined business model.
On day one, the franchisor will provide all the training and support required, as well as a manual and roadmap to get you on your feet. After that, it’s up to you to stick to the prescribed system, and if you do, it’s likely to work.
If you fancy yourself a bit of a maverick who likes to change it up every now and then, franchising probably isn’t for you.
However, if you can stick to the guidelines and rules set out in the business manual, you will most likely go on to operate a successful business.
There you have it, if you answered yes to any of the above, then franchising is likely to appeal to you.
Now all you need to do is consider which franchise is right for you!