With over 2,500 franchises to decide on from, it’s incredibly necessary for franchise buyers to contemplate their strengths. Everyone has different personalities, preferences, strengths, and weaknesses. It’s no wonder that a franchise system that might be perfect for one person is likely to be a real pain for another person.
These statements come from two different sources. IHOP Franchise owners clearly show how different the experiences of various personalities could be:
Before you begin your franchise, it is best to make sure that you concentrate on not only the business and industry you need to operate in, but also your working hours and the sort of work you are willing to do. You are selecting a profession, so it is advisable rigorously consider your personal limitations, capabilities and needs before selecting a franchise. Assess whether you’ll be able to meet the franchise’s requirements and whether it may meet yours. A mismatch between the two can easily result in job dissatisfaction, defeating the purpose of starting your personal business.
We’ve put together a checklist to provide help to think through your priorities when it involves starting a business. First, fill out this list with your personal answers before comparing it to the franchises you’re considering.
Prioritization Worksheet
The answers to those questions will provide help to select the right franchise.
- Where will the company be situated? In the city, suburbs, or countryside?
- Do I need to commute? If so, what are the closing dates?
- Do I need a home franchise?
- Do I need to work five days a week? Six or seven? How many hours a day?
- Do I need to be an absentee owner?
- Is there a specific industry I would love to work in?
- Are there any industries, products or services I won’t work with under any circumstances?
- Are there any specific characteristics that should be present in a given company?
- Do I need a product or service franchise?
- Do I need a latest or existing system?
- Do I need a large or small franchise system?
- Do I need a system with slow but regular growth or one with rapid growth?
- What form of attitude do I expect from a franchisor? Paternalistic? Dictatorial? Colleague-like? Relaxed?
- How necessary is name recognition? Regional or national?
- Would I be pleased with one or two franchises, or would I prefer to own several or develop an entire area?
- How much can I realistically invest in a franchise (money I do not have to borrow or raise elsewhere)?
- What should the total investment amount be?
- Do I want to search out a franchisor that gives a low-interest financing program or has an established third-party financing relationship?
If additional questions arise as you complete the checklist, add them. Once you are sure that your whole requirements are listed, you’ll be able to begin to see how different franchises fit together. You could also be surprised at which franchises meet your most significant needs and which of them do not.
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This may look like a very basic step, but you would be surprised how often it’s ignored in the franchise discovery process. You may even discover that there are items on this list that you just didn’t know were necessary to you. Carefully reviewing this list now could prevent a lot of trouble later.
To see the best franchises growing in your area, visit FranchiseHelp and reap the benefits of our Franchise Quiz.