1. Are you willing to pay for and follow someone else's system? (or do you think you have a better system?) When investing into an already established brand and system, there are going to be certain things to adhere to. For example, imagine if McDonald’s franchise owners were able to market a different logo, change over to Pepsi products, or decide to remove the Big Mac from the menu. There will be varying degrees of flexibility in your franchise agreement, depending on the industry, but part of the brand awareness and operating efficiencies that you are investing into is achieved through consistency.For example, in many food and retail franchises, the customer will know exactly what he or she is getting when they walk into your business.
3. What are your transferable skills from past employment/business, and which of those are you eager to employ in a new business? Just because you're good at something, it doesn't mean you'll want to continue doing it on a regular basis to make your business thrive. You may have to be a salesperson, while training others to run the operations of the business. You may have to focus on customer service training, while others market your business.
4. Are you comfortable with the franchisor, and do you fit with their culture? This is similar to finding a significant other! If there just isn’t a fit, you may become further frustrated with your franchisor as the years go on.
5. Is there a compelling enough reason(s) for you to commit your money and talent to become (or remain) a business owner? A passion for a particular product/service, the allure of "being your own boss", or the fear of being bored in retirement is not reason enough to assume financial risk and time commitments. You must first determine that business ownership is THE solution to getting what you really want from your work and your life, both now and in the future.
All FranNet services and consultations are FREE, and I would be happy to further discuss your interest in starting your own business and see if franchising is right for you. Remember, even Miguel Cabrera has a coach – consider me your franchise coach! Contact me at 616-891-1374 or firstname.lastname@example.org and we can set up a time to talk. On the east side of the state? Contact Mark Cory at 313-821-5060 or email@example.com.
Don't forget to visit my web site at www.michiganfranchiseforum.com! You can also follow me at www.facebook.com/wmifranchise or www.twitter.com/frannetofwestmi.
"Buy Your Own Business: An Inside Look at a Leading Restaurant Concept"