Is Franchising Right for Me?
Before setting up a plan for your franchise business, you have to truly ask yourself if it’s the correct choice for you or will it end up being a regrettable career move? There are many aspects to consider, beforehand:
Being a perfectionist may seem unnecessary, but remember that we’re talking about your business and your future. Perfect your operation and remember that anything less, will simply not do. Of course, you may be thinking that perfection is an unattainable goal. That may be true but that doesn’t mean that you shouldn’t do your hardest to get as close to it as you can. When you find yourself doing this, franchising may then be a timely choice. Good reading material regarding this is the “E-Myth”.
It’s true that you may find quite a chunk of your profits going into the pockets of others such as lawyers, but this is mostly due to the increase in franchising regulations. The U.S. has an unfortunate problem, where the workforce are highly litigious and may end up blaming you for their lack of hard work and failure.
There are quite a few factors to consider and not all them can be found in books. When it comes to financing your business, a sum of money around a million dollars would be sufficient to get the business off of the ground. Keep in mind however, that this is the money for the franchise part of the business only. There are also the prototypes and operations owned by the company to consider.
To truly familiarize yourself with the tricks of the trade, you will need to do a little studying up on the matter. There are many good books to purchase and read for this purpose, such as : Franchising 101, Franchising and Licensing, The Franchise bible and many more to be found at www.franchising.org. The knowledge you gain from these books as well as various other sources will end up being a great investment to you, in the future.
You must keep in mind though, that the profession of the author will likely affect the perspective offered in the book. An attorney will focus on legal issues, an entrepreneur will offer you encouragement and other things you want to hear, with the aim of promotion and a consultant will be concerned with the strategic aspect of the business. Another book you might want to pick up after becoming a franchisee, is The Franchise Relationship.
Being knowledgeable and well versed is one of the most important keys to success, when it comes to expanding your franchise business. Put the time and effort into acquiring the right information and it will eventually pay off by helping you find the success you truly deserve.