There are many franchise opportunities in the market and the most common question I get asked is “which is the best franchise business?” My answer usually is “It depends on your personal skills and lifestyle.”
Before deciding on which franchise to buy it is important to evaluate your character. Do not use your own judgement but rather ask family and friends. Ask them to be absolutely brutal in describing your key personality traits. Get them to highlight both your strengths and weaknesses.
Based on the self assessment choose a franchise business that suits your character and abilities. You are unlikely to succeed in a fast food franchise if you like to get out and about and meet new people. On the other hand if you are an introvert you are less likely to succeed as a life coach!
Are you an early morning person or do you prefer working later on in the day? Choose the business that fits in with your lifestyle. Do not purchase a franchise business solely on how much it costs and the profit potential.
Are you good at managing people or do you prefer to work alone? Some franchise opportunities involve employing many staff whist others can be operated single handed. Again choose the business that is right for you.
If you end up buying a franchise that does not suit your temperament, lifestyle or character you are unlikely to work hard in the business for long term. This could lead to the business not performing as well as it should primarily because you made the wrong choice and not because of the franchise model.
Discuss the franchise business and the demands it will make to your lifestyle with family and friends. It is important that they are aware of what commitments you are about to make and how it will impact their lifestyles. If you have a regular golf game on Sunday and the business requires you to work on that day it is a good idea to see if they would be happy to reschedule for another day when you are likely to be free.
If you have children and are married debate openly the issues with them. You might not be able to pick up and drop of your children say to football like you used to do.
Getting your family and friends behind you and your new goals is essential for long term success. If they can work around your new commitments it is going to be far easier for you to be committed to your new business.
Finally before you buy into the business take the advice of your accountant and lawyer. They will research the franchise for you and look at the bread and butter issues like how is the market segment faring and how strong is the franchisor?
The franchise industry is booming as more and more people are thinking about running their own business. It is the safest way to get started in business for the first time if you choose a business that is right for you.
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