Franchising is one of the safest and fastest ways to run a successful business using proven ideas, brands and systems. But which franchise should you choose? Above all else, the most important factor in choosing the right franchise is finding one that you will enjoy. Loving what you do raises your chances of success significantly. Passionate franchise owners naturally invest the time and energy into enhancing products, services, customers and markets, eventually becoming experts in their area of business.
The best way to choose the right franchise is to examine your goals, likes, dislikes and expectations. Owning any business requires you to sell a product or service and buying a franchise gives you a game plan but not customers. Using profit projections when selecting a franchise is not always the best indicator. What is profitable for one franchisee, may not be for the next depending on location but also on their passion for what they do, personality, natural abilities, strengths and weaknesses. There are hundreds of different franchises, and there will usually be more than one in your chosen business area. Find a franchise that fits most with your business style and lifestyle. Do you like dealing with members of the public or would you prefer selling business to business? Do you primarily prefer to work on weekends or Monday to Friday? Are you happier working on your own or would you be good at recruiting, training and managing employees? Have you identified your strengths?
Some franchisors will empower these skills more than others. Do you also understand any business skills that you may need to develop? Certain franchisors may offer more support in these areas and this should also become part of your selection criteria. As with any new business venture, you need to carefully consider whether you have got the right skills and attitude to run a successful franchise. Once you sign up, you are committed! It’s important to find a specialist franchise broker that can first help you to be clear about the lifestyle you want to lead, your financial and career goals as well as your expectations of yourself and your potential franchisor. Once you have your selection criteria defined, look at all of the opportunities that meet your guidelines, even if it’s something you hadn’t previously envisioned. Don’t be afraid to think outside the box and to make sure that your new business will facilitate a lifestyle that you will love and deserve.