Owning a Franchise – Is it Right for You?

You’ve thought about it, haven’t you?

Owning a franchise can be rewarding in many ways.  However, the most important question to answer when you are selecting a franchise:

Can this franchise fulfill my business dreams?

Answering this question takes plenty of self-examination. To choose the business that is right for you and that will fulfill your business dreams, you must know yourself, your skills, and your dreams and aspirations inside and out. That’s why it’s important to begin your process of selecting a business by analyzing yourself.

First, catalog your own personal strengths, weaknesses, skills, and personality type. Be honest, and be brutal. Be sure you can answer the following questions:

  • • What do you want to achieve in your business?
  • • What type of business will best allow you to maximize your skills?
  • • What sort of quality do you want?
  • • How will this investment affect your finances?
  • • How will this investment affect your family?
  • • Are the rewards of succeeding great enough to balance the chance that you could lose your entire investment?

Next, consider individual preferences that could affect your final choice. For instance:

  • • Do you prefer a business that has a lot of employees of just a few?
  • • Do you like wearing suits to work, or would you prefer a business that is more casual?
  • • Do you want a business that is open only five days a week or one that can do business every day of the week?
  • • Are you a morning or a night person?
  • • Do you like to work with people, or do you prefer to work on your own?
  • • Are you comfortable selling a product or service, or would you rather be supported by a system that helps send customers to you?

Take a few minutes and make a list of the things you really enjoy. Compare that list with the business you are considering. Will it really make and keep you happy? Look beyond appearances. For example – an avid golfer might want to buy a golfing supply store.

Sounds like a match – except that retail hours will require a severe cutback on green time.

You want to pursue an opportunity that is compatible with your personality and your skills.

Use your answers to these questions to create a model of the ideal life and the ideal business. Compare your model of ideal life and ideal business to every franchise that you investigate. By doing so, you can compare different business opportunities, not only with each other, but with their fit to you.

A comprehensive model gives you another advantage: a clear goal of what you are looking for. When you know what you’re looking for, you’ll find it faster – and you’ll be much less likely to stray haphazardly into a franchise that looks good on paper but doesn’t help you achieve your dreams.

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