How do you know which franchise is right for your investment? With so many franchise brands and industries to choose from, the options can be overwhelming.
Even though opening a franchise is primarily about making money, where would you rather spend your time if you had a choice? Making money for yourself or someone else?
Your skills and experience are important considerations when deciding on the best franchise for you.
- Are you a doer? A hands-on person?
- Do you prefer to delegate as a manager?
- Do you prefer to work independently or as a team?
- Are you ready to be a leader, telling others what to do and making all major decisions on a daily basis?
Consider retail or service if you enjoy working with people. Consider a B2B franchise if you want weekends and evenings for your family or yourself. Do you want to interact directly with customers, work in an office, or simply work on the business with the manager doing the day-to-day?
These questions have no correct answers. There are only your answers. Consider them from the standpoint of trade-offs. Some people are driven and carried through the selection process by a strong desire to be independent, to be their own boss.
In an uncertain economic environment, many entrepreneurs are finding that purchasing a franchise is a better option than starting their own business.
You should ask yourself if you can work long-term with your franchisor. Do their goals and values match yours? Signing a franchise contract involves collaboration with franchise management and staff, as well as adhering to their operating system and rules. Different franchises have their own cultures. Make sure you can work with the people you'll spend time with before investing.
If you want to discuss your skills, experience, and franchise options, please schedule a brief call here.