Is franchising for you?
Is franchising for you?
You therefore need to figure out if you want to take on a franchise - and whether you are able to do it.
Here are some questions which will help you to decide. Some of these questions will involve discussing the idea with your partner and working out your financial position.
Is your physical health good? Have you had any problem that would prevent you obtaining a life assurance policy, for example? If you are not in good health then franchising is not for you.
Calculate the financial commitments you have at present - mortgage, rates, etc. Could you afford the drop in income that usually occurs in the early life of a new business? During the early months of new business cash flow problems may result in income from the business being lower than expected. Are your financial commitments such that you could manage on less income than you have now?
Do you think your partner will be willing to give you full support? There are always problems and difficult periods even in a successful franchise, and it is during these times that you may need a bit more family support than usual. You should of course discuss the franchise idea fully with your partner. Many franchisors positively encourage the involvement of spouses or partners in their discussions with franchisees. But you should also ask yourself whether your relationship would stand the strain of the sacrifices, which are inevitably involved in starting your own business. Be sure your partner is not going along with your ideas just to make you happy; make sure he or she is as committed as you are.
How many extra hours above a standard 40 hour week would you be prepared to work as a franchisee? As you will be aware, running a franchise could involve you in much more than a 9.00am to 5.00pm, weekday job. You may have said that you would be willing to work 20 or more hours extra. Is this realistic - what would you give up in a week to work those extra hours? If you said 2 or 3 hours or more, do you really have the commitment necessary to succeed in a new venture? It is your business and you will be responsible for all your decisions you have to spend all of the hours necessary to make the business work.
What reaction would you have to receiving strict guidelines by the franchisor on how to run your business? If you value a high degree of autonomy and want to make your own decisions on how to run and develop business, then franchising is possibly not for you. The franchisor is in ultimate control and resentment of this in your part will make the relationship very difficult.
These are just some of the questions you need to ask yourself, we have a full list of questions on whichfranchise.com under the section “Is Franchising Right for You”. You can also take our Self-Test to get indication to your suitability to franchising.
Is franchising for you - To learn more about this author, visit Suzanne Donald's Website.
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You need to be aware that franchising isn't for everybody. It involves a particular mind-set and attitude, like willingness to work to someone else's system. It also requires a degree of management ability. What many franchisors are looking for is the ability to run their outlets - not an understanding of the 'technical' aspects of their business. For some franchisors, for example fast-food outlets, prior experience is seen as a major disadvantage for someone taking on a franchise.
You therefore need to figure out if you want to take on a franchise - and whether you are able to do it.
Here are some questions which will help you to decide. Some of these questions will involve discussing the idea with your partner and working out your financial position.
Is your physical health good? Have you had any problem that would prevent you obtaining a life assurance policy, for example? If you are not in good health then franchising is not for you.
Calculate the financial commitments you have at present - mortgage, rates, etc. Could you afford the drop in income that usually occurs in the early life of a new business? During the early months of new business cash flow problems may result in income from the business being lower than expected. Are your financial commitments such that you could manage on less income than you have now?
Do you think your partner will be willing to give you full support? There are always problems and difficult periods even in a successful franchise, and it is during these times that you may need a bit more family support than usual. You should of course discuss the franchise idea fully with your partner. Many franchisors positively encourage the involvement of spouses or partners in their discussions with franchisees. But you should also ask yourself whether your relationship would stand the strain of the sacrifices, which are inevitably involved in starting your own business. Be sure your partner is not going along with your ideas just to make you happy; make sure he or she is as committed as you are.
How many extra hours above a standard 40 hour week would you be prepared to work as a franchisee? As you will be aware, running a franchise could involve you in much more than a 9.00am to 5.00pm, weekday job. You may have said that you would be willing to work 20 or more hours extra. Is this realistic - what would you give up in a week to work those extra hours? If you said 2 or 3 hours or more, do you really have the commitment necessary to succeed in a new venture? It is your business and you will be responsible for all your decisions you have to spend all of the hours necessary to make the business work.
What reaction would you have to receiving strict guidelines by the franchisor on how to run your business? If you value a high degree of autonomy and want to make your own decisions on how to run and develop business, then franchising is possibly not for you. The franchisor is in ultimate control and resentment of this in your part will make the relationship very difficult.
These are just some of the questions you need to ask yourself, we have a full list of questions on whichfranchise.com under the section “Is Franchising Right for You”. You can also take our Self-Test to get indication to your suitability to franchising.
Is franchising for you - To learn more about this author, visit Suzanne Donald's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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