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Has wanting to start a franchise been weighing on your heart? For most people, maybe even everyone, starting a franchise isn’t a quick decision. It requires thought, introspection, and much research to do your due diligence and ensure it’s your right choice.
The research is a given. It’s why you’re on this site. Researching your first or next franchise is vital to understanding whether that particular franchise will succeed in your area, the type of training available, and more.
Equally important during the consideration phase is getting introspective. Understanding your desires for the franchise and why this idea has sparked such an interest in your heart will help guide you to the right franchise for you and your family. This step is often overlooked but can make or break your happiness as a franchisee. If you’re considering starting a franchise, here are five questions to journal on, discuss with your partner, or think through.
1. Am I happy in my current role?
Right now, you’re likely doing something to earn a living. Whether you’re a full-time employee for a major corporation, an entrepreneur running a business, or a homemaker ready to enter the job market again, you have a current role. Are you happy where you are? If not, why aren’t you happy in that current role?
Looking at the answer to this question can help you understand your personal why behind wanting to enter franchise ownership. If you’re happy in your current role, what’s sparking that desire for this next step? Is it external pressure? Or is it an internal tug to reach a new goal? Go deep, and don’t filter your thoughts as you answer this question yourself. There’s no right or wrong response.
2. Is my work environment stable?
If you are currently employed, it’s important to look at the stability of your job. Starting a franchise out of fear of job loss requires a very different mindset than starting a franchise out of wanting to leave a stable position. Understanding your current work environment and comparing it to the satisfying adventure of franchise ownership will help you understand how your daily life might change when you shift positions.
3. How is my work impacting my mental and physical health?
One of the biggest catalysts for someone starting a franchise is to improve their mental and physical health. While it’s clear that there will be new expectations and demands when starting a franchise, having this new role can improve how you feel about your life, how you move throughout the day, and how you feel each night going to bed.
Look at how your current work is impacting your mental and physical health. Then, consider how a franchise might change that. Which type of franchise can improve these two areas? Through your answer, you’ll validate your search for becoming a franchisee and narrow the types of franchises you might want to start.
4. Do I have a future in my current career?
Looking at your current role is one thing. Looking at the future and potential in that role is another. It’s important to consider your future in your current career, especially if you plan to run your franchise along with your current position. In analyzing your future, you’ll be sure you’re not starting something on a whim only to stretch yourself too thin when you get that promotion you’re anticipating.
On the flip side, if you look at your future in your current role and see that upward movement will be difficult at best, you’ll likely see the promise in starting a franchise. This will help you understand how quickly you can leave your current career and go all in on your franchise. To know this starts with answering the question first — what would your future look like if you were to stay right where you are now?
5. Can things be better?
Franchise ownership has the potential to make things financially and emotionally better for many. That’s why so many pursue this career opportunity.
Financially, you have the opportunity to grow as big as you want. You can scale your franchise ownership by opening multiple locations or franchises over time. You can scale your growth because you can dominate your market. Financial success is possible as a franchisee.
Emotionally, you can improve your mental health by getting out of a job that doesn’t feel purposeful or good. In entering into a franchise, you’ll get the backing of a team within the franchisor while also having the freedom to make your own decisions and hours. It’s a supported role in an entrepreneurial environment, which can improve your emotional health over time.
Ultimately, the choice is yours. Getting introspective allows you to see the possibilities for how your situation will change. In going through these five questions, you’ll be better prepared for when you start your franchise, knowing what to expect and how your life can improve as a result of making this leap.
Kimberly Crossland is the founder of Roadpreneur and Cruisin' + Campfires, two companies designed to keep families together and living in freedom through travel and entrepreneurship. The goal of both businesses is to inspire meaningful change through the power of a strategic, thoughtful approach to life and business. In her free time, you can find her looking for a new adventure together with her two boys.