Thinking about owning a franchise as a business owner opens up a world of possibilities. Most people think of fast-food restaurants, but the possibilities are endless. It can be hard to hone in on one franchise with so many options to pick from, so consider the four tips below to guide you to the right decision for you.
1. The franchise concept is something you believe in
When you invest in a franchise, you’re investing in your own business. Its success largely depends on you and the passion you’re willing to pour into it. Steve Jobs once said “the only way to do great work is to love what you do,” and studies show that happy workers are more productive, so take this bit of selection criteria with more than a grain of salt. The more you believe in the concept, the more likely your business is to take off, so if you have a list of options and industries a mile long but know your true passion is connected to fried chicken and hospitality, hone in on some restaurant franchises. Beyond being more productive and motivated to succeed, loving what you do is a key part of finding fulfillment as a franchise owner, so give your own happiness ample consideration as you’re researching franchise concepts.
2. The franchise concept will help you achieve your personal goals
Most people begin to look into franchising because they are ready to take their careers into their own hands. Owning a franchise provides you with the opportunity to live the life you want while doing the work you love and achieving financial freedom. As you’re considering different franchises, evaluate whether the concepts allow you to do work that is meaningful and enjoyable to you and whether they will help you achieve the goals you have for your income and lifestyle. Is your goal to travel, or have more time at home with your family? Do you want to work with a team or independently? Are you looking to work during business hours or on your own schedule? Picking a franchise concept you’re passionate about is important, but ensuring that the brand expectations are in alignment with other important aspects of your life—such as your Income, Lifestyle, Wealth and Equity™ goals—is equally as important.
3. The franchise provides ample startup and training support
One of the greatest benefits of owning a franchise is the experienced people who will back you up as you begin your own franchising journey. Owning a franchise allows you to start your business with a blueprint that guides you to success. The level of support ranges from franchise to franchise, but may extend to marketing, back-office support, training, and more. Be sure to ask questions about the level of support your franchise-in-question provides, and if you don’t think it’s enough, don’t be afraid to keep looking.
4. You’ve talked to franchisees and customers and you are filled with excitement
The beauty of owning a franchise is you can get an idea of exactly what you’re investing in before you make a final decision. As you’re narrowing down your options, make it a point to visit at least one of the franchise locations—more, if you’re able to. Or, if the franchise is virtual, connect with some other franchisees. Get a feel for the employees, the customers, and spend some time thinking about whether or not you can imagine yourself in such a setting or position. If you leave filled with excitement and thinking about the possibilities, you may have found a winner!
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