Taking it Step by Step - What to do BEFORE you begin searching for a franchise

The lure of franchise ownership can be a heady experience. You imagine the thrill of being your own boss, creating wealth for yourself instead of someone else. But you don’t want to enter the search process unprepared, susceptible to mistakes.

You have so many questions: Will you be happy as a franchisee? Can you make the money you need to provide for yourself and your future? Where do you even start, with thousands of franchise opportunities available?

Before you even begin looking at franchises, you need to do an introspective self-evaluation of your own strengths and challenges. Sit down, get out paper and pen, and as objectively as possible answer these questions:

SKILLS / STRENGTHS • What part of your current and past jobs have you liked doing the most?

• List your skills and evaluate how well you perform each.

• Describe the work environment that most appeals to you.

• Are you an animal lover? Auto buff? Artistic? What skills/hobbies do you have that may be applicable to a franchise business?

• Are you status conscious? Does it matter to you what the product or service of the franchise is or does the business potential matter more?

CHALLENGES • What part of your current and past jobs have you liked doing the least?

• List your weakness, those things you’d not want to do or would want to hire someone to do in a business.

MANAGEMENT SKILLS • Do you have experience managing employees? Did you enjoy it?

• Are you comfortable with recruiting employees?

• Do you have the experience and skill needed to create a work environment that will allow you to retain employees?

FINANCIAL CONSIDERATIONS • How much capital do you have to invest?

• Can you afford to do without a regular income during the start up phase of your new business?

• What are your financial goals?

• How do you see your lifestyle changing as a result of meeting your financial goals?

• How do you feel about taking the risk of becoming self-employed?

ARE YOU A TEAM PLAYER?

• Franchising is all about following someone else’s system. Can you picture yourself in this role, executing a system you didn’t create?

Once you have answered these questions, you’ll begin to see a clearer picture of what talents you can bring to a franchise business and what you expect to receive in return. The next step is to start looking at opportunities and evaluating them based on your answers. It may take some effort to find the right franchise so don’t compromise.

Franchise opportunities come in many shapes and sizes and you never need to settle for one that is just not a great fit. There are businesses you can run yourself from your home and others that call for multiple unit locations in upscale malls with numerous employees.

Choosing the franchise opportunity that best matches your needs, interests and style is your greatest assurance of happiness and success.

Taking it Step by Step - What to do BEFORE you begin searching for a franchise - To learn more about this author, visit Kim Ellis's Website.

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