Are you a good candidate for a franchise?

Below is an excerpt The Franchise Bible: How to Buy a Franchise or Franchise Your Own Business, ninth Edition, available now through Entrepreneurs’ Press. Order now.

Not everyone is franchise material. This is no less true in franchising than in medicine, teaching or horticulture. Therefore, to assist you make this decision, you have to ask yourself a few questions:

What do I actually prefer to do?

It doesn’t have to be the job you’re doing at once. Instead, it might probably be a hobby that you are passionate about. Indeed, one of the most vital aspects that may determine your success or failure is the level of delight and satisfaction you can expect in the day-to-day running of your franchise. Whichever model you select, you should be involved at some level in the day-to-day running of your enterprise. Therefore, it is extremely essential that you “test out” to be certain that you are indeed a good candidate for a franchise.

Do I like working with the audience?

If the answer is no, there should still be business-to-business franchise opportunities that require working with other business people, but the truth is that you are still working with the public.

Do I like the idea of ​​being the boss?

It was President Truman who said, “That’s the end of the matter,” and the burden of being a boss couldn’t be more succinctly stated. You are responsible for the on a regular basis business: accounting, worker matters, inventory control and the like. While you may delegate these responsibilities to an worker, it would ultimately be your job to be certain that every little thing is done as required by the franchisor.

Do I need to have employees?

Although it is not exactly working with the public, the ability to work positively with employees is no less essential than the ability to work with clients. If hiring, managing and firing employees is not your specialty, you will probably want to look for a company that does not require employees.

Am I willing to just accept the franchisor’s guidance when starting and then running a business?

As strange as it could sound, entrepreneurs do not make the best franchisees. The franchisor doesn’t want someone who learns the system and then goes off on tangents that do not fit inside the boundaries of the system. It has been repeatedly confirmed that it is the franchisee who can follow a successful system. Deviating from this is counterproductive, constitutes a breach of the franchise agreement, and most frequently results in the failure of the franchise.

Is my family enthusiastic about the idea of ​​purchasing a franchise?

Will you be completely happy working with them if they are going to be in this business?

Do I have the obligatory capital resources?

Are you capable of make financial sacrifices?

Am I emotionally prepared for what it takes to succeed?

Don’t be afraid to ask friends and acquaintances for their opinions on your skills in this area. While it is true that franchising gives you a greater likelihood of success in business, it is also essential to dispel the most persistent myth about franchising: that a franchisee can make a lot of cash running a franchise business with minimal effort. This has never been the case and it is a serious misunderstanding. As with most things in life, the franchisee who works the hardest advantages the most from running a franchise business. At least in the starting, you must have the option to make sacrifices reminiscent of:

• Be prepared for long hours of labor.
• Be prepared to grasp and have the option to perform all the jobs required to run a business, from janitor to cook to CEO. If an worker doesn’t show up for work, at least initially, it’s often as much as the owner to fill the gap.
• Prepare to be the most organized person in the industry.
• Prepare financially and emotionally for setbacks. Every company that has ever existed has had to beat difficulties. The ups and downs of the business cycle, difficulties with inventory control, and difficulties in finding competent help are the order of the day.

Support is critical

Growing a successful business requires a lot of commitment, and it is extremely essential to have the support of your closest members of the family. After completing the above steps, you need to decide on a specific field of business that you enjoy or, higher yet, that you have a passion for (e.g. working with cars or working with numbers), and then resolve whether this enterprise is suitable for you, taking into account your past experience and talents.

For example, if you are someone who loves working with food, getting into the restaurant industry is perhaps an interesting exercise. While finding a profession you enjoy is essential, you need to make sure the business is a solid model with an existing market of potential customers. Choose a business where you can excel so you can enjoy the fun things in life.

When it involves the best franchise concepts by category, Entrepreneur Are you covered. We have business opportunities to share from over a dozen industries. Everything from automotive, home services and childcare to food, health and beauty and every little thing in between.