Are you thinking about buying a franchise? There could be very good reasons why a franchise is right for you. But there could also be reasons why you should NOT buy a franchise. So before you start choosing a franchise model, ask yourself: is a franchise right for you!
The fact is, it really depends on what you expect from a franchise and how it fits with your personality. So how do you find out whether a franchise is the right solution for you… or not?
Is a franchise right for you? How to find out
Here’s what a franchise actually is…
For each franchise, there’s a franchisor who created a company, and who gives you the opportunity to own a piece of their company. As a franchisee, you’ll get to use the same branding. In addition, the operations manual has been designed to allow you to be successful.
The key is that you are running a business with the same name of the franchisor’s business. As a result, your customers expect to encounter the same products and/or services they would get from the original company.
To be successful as a franchisee, you have to follow the rules. If that’s not your strong suit, you should take a deeper look at your motives. This will help you decide whether a franchise really is the right option for you.
Do you want to call the shots or can you stick to the rules?
As a franchisee, you would have to stick to the “rules” of the franchisor. There’s really little room for experimentation and new additions. You’ve committed to staying faithful to THEIR business model.
If you prefer to call the shots, being a franchisee is not your ideal solution. You won’t enjoy it, and chances are you’re not going to be successful. You may even lose your franchise license.
Imagine a McDonalds franchisee who would prefer to run a vegetarian restaurant. He would not last long. He made a commitment to run McDonalds according to the McDonald’s operations manual and their extensive training. Major deviations that run counter to McDonalds’ philosophy would not be tolerated.
If you bristle at the thought of being restricted by rules in this way, a franchise is not going to be right for you. That is, unless you find a franchise that fits your own philosophy 100%.
So if you’re an entrepreneur with a strong independent streak, be sure to ask yourself if a franchise is right for you before you jump in. Are you someone who likes to experiment and call all the shots? Do you like to make changes every time you come up with a new idea? Then a franchise is not the right solution for you. Instead, you should start up your own business… from scratch.
What if you really want a J-O-B?
On the other side of the equation, a franchise is also not the right solution for you if you really want a job. That means you expect to show up for work, do your thing, and then get paid a salary. If you do, you’ll find being a franchisee very disappointing.
A franchise involves risk. It involves a commitment to owning the business and doing whatever it takes to make it successful. Of course you’ll need to stick to the operation manual’s rules.
As for getting paid… remember that a franchise is a business. Your revenues and profits will depend on your (successful) efforts. Sure, you’ll get lots of help and support from the franchisor.
Still, depending on the franchise you choose, it can take some time until your new business becomes profitable. This means that you’ll have to be prepared to fund your basic living expenses yourself until you can take payouts from your franchise.
If you expect a steady paycheck, find a job instead of buying a franchise. You’ll also save the cost of the initial investment!
If you STILL want a franchise, consider buying one you can work on part-time, while also still continuing with your job, at least until your franchise fully supports you. It could keep you very busy, but if you’re committed, it could work for you – and allow you to have it both ways.
Is a franchise right for you? How to be sure.
The answer is yes if you love the idea of stepping into a ready-made business. You love benefitting from the hard work the franchisor has done. This includes branding, business operation, setting up systems, and more. If all that’s the case, a franchise may be perfect for you.
Are you ready to make the initial investment, learn the system, and follow the rules? If so, and you are also a team player, you’ll likely be a happy franchisee.
It also helps to have a successful business and/or management background. Add a possible background in sales, and your chances of being successful as a franchisee are excellent.
Of course, once you’ve decided you want a franchise, choosing the right one is your next step. But before you choose, you should really be sure that a franchise is what you really want, and that you’re ready to commit to making yours successful!
And if you decide to choose our Crane Business Solutions Franchise, we’ll provide all the support and training you need to help your new business thrive.