03 Apr Is Franchising the Right Business Choice for You?
Coming up with a perfect business idea is difficult. Even though you might have a complete and comprehensive business model, getting it off the ground can take a considerable amount of time.
This is the primary reason why many entrepreneurs get discouraged and simply give up the idea entirely even before they see any sign of success.
However, you can always invest in a franchise network to realise your goals of owning a business with a well-established concept. A franchisor will provide you all the tools and support that you require to run your business successfully.
But as mentioned earlier, you still need to put in a lot of work. Many find it comfortable to follow someone else’s guidelines. However, the franchise path isn’t the perfect fit for every entrepreneur. Here is a list of questions that you should ask yourself before you decide to don a franchisee’s hat:
#1 Do I Feel In-Sync With The Culture Of The Franchise?
Cultural fit is crucial to make a success in any business and field. A franchisor has figured out what criteria they consider relevant, and there isn’t much room to alter that. Sticking with that process is crucial to being a profitable partner and also to enjoy the satisfaction of running a business.
#2 Am I Up To And Capable Of Putting In The Work To Expand A Business?
The attraction quotient of franchising is that you are provided with a readymade system that gives you a very good chance of succeeding. However, your efforts are what will make it work. A new business is typically about a steady cash flow and regular and new customers. Franchises provide you with a shortcut to this kind of business framework. You pay the franchisor for this expertise with the franchise fees. But it is essential to keep in mind that you still have to work hard and grow the business.
#3 Would I Be Able To Rein In My Creativity And Flexibility?
Starting a franchise means there is a particular formula that the business follows. Operating procedures, branding and ongoing training for employees are a part and parcel of this kind of a set up. This means you are already provided with a well-established and time-tested foundation. However, you are often restricted when it comes to creativity and have much less flexibility with expansion.
#4 What Kind of a Lifestyle Does a Franchisee Generally Follow?
Consider meeting other franchisees in the same network and shadow them for a day or two. See what their day looks like, what kind of challenges they have to face and what life includes while managing their business. Figure out whether this lifestyle is something you can manage. If not, choose a different industry.
#5 Does the Franchisor Provide The Right kind Of Support?
Working under the umbrella of a good franchise will definitely lead you to success if you put in the work. However, making the wrong franchise choice can prove to be disastrous. A good franchise is extremely helpful in providing you with support, resources, as well as the right marketing mix. The biggest factor to take into consideration is whether the franchisor is inclined to help you as a franchisee succeed.
#6 Will I Feel Motivated Enough Even When I Am Executing An Existing Idea?
Not every entrepreneurs are adept at executing someone else’s vision. Most of the ideation and strategy has already been completed in a franchise model and this can prove to be beneficial. Take a look back and determine whether you have had a problem staying motivated while falling in line with existing work methodologies. For you to be a successful franchisee, it is essential for you to be able to fall in line.
If you want to know more about franchising, feel free to get in touch with us at The Franchise Institute. You can call us on 1300 855 435 or fill in this contact us form and we’ll reply as soon as we can.
Thanks for reading,
The Franchise Institute Team
1300 855 435