Thinking of Franchising? 4 Questions to Ask Yourself First

Date AddedMay 31, 2011 06:14:00 AM

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Have you ever wondered what it would be like to get into franchising? After all, it would give you a chance to get involved with a company and a business model that you respect. And, it would give you access to corporate tools, training, and strategies that you never would have thought of on your own. But that doesn't mean that franchising is easy. Opening up a franchise can be just as tough as opening up your own business - meaning that it's not for everyone. If you're considering franchising as the next step in your career, there are 4 questions that you need to ask yourself first: 1. Why do you want to open up a franchise? Do you feel more comfortable having a parent company that starting up your own independent company? Do you like having the safety net of marketing, IT, and training advice? Lots of people do, and that's why franchising is so popular. However, if you want to make all of the decisions yourself, franchising may not be a smart move. Sure, you'll be responsible for the day-to-day operations of your franchise, but the big decisions will come from the corporate office - or will at least have to follow their business model. 2. Are you passionate about the industry? Running your own franchise is a lot of work. If you're not truly passionate about it, you will eventually grow tired of it. Even the best investments can't make up for a business that bores you. If you want to have a successful franchise, you'll need to look for something that you think is profitable - and enjoyable. 3. Do you like the corporate office? When you start up a franchise, it's almost like "marrying" the corporate office; you have to work with them for better or for worse. If they seem too difficult to deal with - or have a business model that varies differently from your ideas - you may not be able to make it work. You don't need to be best friends with the parent owners, but you do need to be able to work and communicate with them. 4. Do you have what it takes to start up a franchise? Once you've answered all of the other questions, this one is a biggie. Even though you're opening a franchise, you will have to be responsible for all of the start-up costs. Do you have the money to open a franchise, get it up and running, and wait to turn a profit? But you'll need more than money. You'll also need a keen business sense. Sure, the corporate office can help guide you along the way, but if you don't know how to budget, don't know how to manage people, or don't know how to deal with daily problems, your franchise will never survive. Lesley D'Arcy - As a Franchise Recruitment Manager at Mortgage Choice, Lesley D'Arcy is responsible for recruiting franchisees to greenfield (new) franchises for sale. Her career in franchise recruitment spans over 15 years where she has worked with many major franchise brands. Lesley has a wealth of experience in recruitment of franchisees and builds on this experience by unearthing and developing the latest and most innovative ways to help franchisors build their networks. This experience has given her the skills to become an expert in the field of franchise recruitment, excelling in lead generation, screening, qualifying and selling to prospective franchisees.