If you have decided you want to work for yourself and are thinking about going down the franchise route, there are certainly plenty of opportunities out there to take advantage of. One of the first things you are going to need to settle on, however, is which franchise is right for you. We all have different skills and abilities as well as particular vocations that light our fires, so making sure you get a good match is important.
Are you enthusiastic about the franchise?
Most people who start to consider a franchise primarily do it because they want to work for themselves. But do you want to work in a particular industry or sector that floats your boat? Are you a keen cook and want to get involved in the restaurant industry? Do you have a thing for hi-tech? Or do you simply want to work in an industry that provides a really useful service and changes people’s lives? Choosing a franchise that matches your interests and goals in life is more important for success than many people realise. Align your choice with your goals and aspirations and you are more likely to enjoy, thrive and succeed.
How much are you investing in time as well as money?
A lot will also depend on how much you have to invest. Some franchises come at premium prices and others are more affordable. You need to weigh this against what your probable return is going to be and how much work you are going to have to put in. It’s not just money that is important. If you are looking at a franchise and you want something which you can fit around, for instance, your family life, this is also going to dictate the kind of business that you opt into.
How are your business skills?
While many franchises will look for franchisees with industry experience, it’s often more important that they have the right entrepreneurial mindset. If your business skills need to be developed, then choosing a franchise that is going to help you do this is vital. Questions you need to ask when you look at a particular operation is whether they are good people to work for, the support they offer and what the real possibilities are in the area where you are intending to work.
You also need to know yourself pretty well. What things are you comfortable doing and which things might present you with more of a challenge? For instance, if you don’t like sales and jobs like cold calling it might be better to stay away from this sector. If you love providing great customer service, then that again could indicate a better direction.
It’s rare to find a business opportunity that fits you like a glove. Choosing the right franchise is a trade off with what’s on offer out there, your skills and aspirations and how much time and money that you want to invest as well as what you really want to do. Getting the balance right across all these is the key to finding the best franchise for you.
Once you have a clear idea of the type of franchise that is right for you, you can then begin narrowing down potential options. With a shortlist of possible franchise partners, the next step is to make sure you do your due diligence and check them out thoroughly.