The most important question that you should ask whenever you plan to start a franchise is whether franchising is right for you? How would you know if franchising is for you? Here are some key points that will help you answer the said question.
Do you have capital resources that would be enough to sustain your franchise for a year or two or even more in case your franchise does not make money enough to roll-over the financial necessities in the succeeding months? If you do, identify and prepare all these possible financial resources and make them readily available anytime. You’d never know when you might need additional financial capital to run your franchise.
Next thing that you should ask yourself is whether you have the time to spend? You would certainly need a lot more than you can imagine in order to run a successful franchise. It is going to be your life for good couple of years.
Aside from investing a lot of time, you would also be needing to exert 101% effort and commitment. If you can give only a hundred per cent then forget it, franchising is not for you.
Do you have the family, both immediate and extended families that would not only help you to run your franchise but also support your product? Friends and families are your initial customers for the business opportunity that you are trying to explore. They are very important in attracting future customers and promoting your franchise.
Are you ready to have an economic life that is less secure than having a traditional form of employment? Franchising is for the risk takers and not for the tenure-seeking individuals. A franchise provides no security for at least during its initial stage. But the good thing is, once you have established your franchise and it starts to earn big bucks for you, you can have your secured life again.
Are you willing to get tied up with franchisors’ terms and conditions in running your franchise? franchising does not give a lot of freedom when running your franchised. Franchisors need to protect their franchise products and services from franchisees that may not be viable and might ruin their name. So, they impose standards and rules in running and even promoting their franchisee’s franchised products and services. franchising is very different from starting up your own business. It is a new ball game all together.
If you think you have all these things in you, then franchising is for you.
About the Author
This article was written by Article The Franchise Guide. The Franchise Guide helps individuals choose from hundreds of successful franchise opportunities and their website has many articles on franchising including a franchise forum for users to discuss different franchise opportunities and topics.