One way to ensure your success as a franchise owner is to make sure that the mostly rigid business model of franchising is right for you. All of us are unique; we all have specific strengths and weaknesses that we bring to the table. Some are better suited to franchise ownership, while some are better suited for independent business ownership. Let’s find out what’s needed for franchise success.
1. The best sources of information can come from our family and friends. If you’re considering franchise ownership as a way to meet your goals, ask those closest to you if they feel that you’d be a good franchisee. Just make sure that they understand that being a franchise owner requires lots of rule-following.
The Franchise Direct Guide to Franchising may be a good place to point these folks, just so they understand what franchise ownership really entails.
2. If you do in fact, seem to have the right “franchise personality”, then you’ll want to start your search for a franchise. One way to do this is to start by looking at all of the different types of franchises that are currently being offered. (Search by industry)
3. If you have a limited budget for your new franchise business, you may want to only look at franchises that meet your budget criteria. This can help you increase your chances of success as a franchise owner, because you won’t look at franchises that are out of reach. Here are some low-cost franchises.
4. Once you start finding a few opportunities that interest you, fill out the request for more information forms located right after the franchise opportunity descriptions. Only looking at the descriptions won’t take you very far, because they’re only part of the story. Commit to getting more information by requesting it. That way you won’t have to “imagine” what your role would be as a franchisee of the concepts that you may want to learn more about.
5. Do your research. You’ll want to talk with existing franchisees, and even visit some franchise locations. When you do pay a visit, try to visualize yourself as the owner. Can you see yourself doing the required work? Can you see the opportunities for growth? Do you feel that you can be a successful franchise owner of this franchise?
Notice that I just used the word “feel.” I used it because of its importance in the franchise buying process; the opportunities that you’re exploring really have to feel right once you start to get serious about them. Trust your gut as you get closer to making a decision on whether or not to become a franchise owner. You’ll increase your chances of success.
(The Franchise King®, Joel Libava, provides straightforward advice and guidance to prospective franchise owners, and his first book, “Become a Franchise Owner!” is due out this fall. You’ll find him at www.thefranchiseking.com)