In today's economy, franchise opportunities are endless. A closer inspection finds that not all franchises are the same, though.
There are many benefits to working in the franchise industry, including some recession-resistant brands with low start-up costs and low overhead. Additionally, working your own hours and taking charge of your own decisions may enhance the quality of your life.
I'd like to tell you about Ariana, one of my thriving franchisees. Here are her thoughts.
Question: What were the top three things (characteristics) you were looking for in a business?
Answer: Ability to work the business without quitting our full-time jobs, business ability to be recession and amazon proof, a business with a strong marketing and support model.
Question: Did you experience fear/hesitation/anxiety at some point?
Answer: Yes
Question: When?
Answer: Throughout
Question: How did you deal with it?
Answer: Asking a ton of questions and then taking a leap of faith
Question: How valuable did you find talking with franchise owners?
Answer: Valuable.
Question: Did you find them or change to something else?
Answer: We initially thought we wanted to be involved in the beauty space, but changed when we were introduced to martial arts.
Question: Did you feel well equipped at the start of the validation process?
Answer: Yes. The list of questions to ask the franchisor was very helpful.
Question: When did you know that this was the right franchise for you?
Answer: When I had eliminated other franchises and really thought about how this particular one could be balanced with our life and meet our financial goals in a short time frame.
Question: Do you think you would have found this business without my help/guidance?
Answer: No. You introduced the concept of utilization and how it can keep overhead low. This was a big factor in our decision because we would have to manage less people also.
Question: What did you think about the unique perspective I gave to you being an experienced multiple unit franchisee?
Answer: We are not yet in a position to be a multiple franchisee owner. However, we have plans to steer in that direction.
Question: Now that you have gone thru my process, What advice would you have for someone that is thinking about owning a franchise?
Answer: We had preconceived notions about the industry of a business we thought we wanted but realized that the industry did not meet our lifestyle needs and goals. Be open-minded about the different franchises introduced to you, and you will know when the right one is presented. There will be fear and anxiety about joining the franchise, which can only be relieved by asking strategic questions and being brave enough to take a leap of faith regardless. For us, we just had to realize the reward was much higher than the risk.
Let me help you find your path to franchise ownership. Please schedule a brief call here.
