Study Yourself Before You Study a Franchise
Tips On Franchisee Life
If you’re a prospective franchisee, know this first and foremost. Becoming a franchisee and successfully operating a franchise has everything to do with following the system. Whether the business is a major food brand or a home based franchise, you must be a team player and follow the rules. So, if changing the way things are done is among your favorite pastimes, twice about buying a franchise. And of course, if you find a franchise without a proven system then run. The best franchises simply have the best systems.
You Need Adequate Capital Beyond The Initial Investment
If you’re buying a franchise, have sufficient ‘extra’ capital. Under capitalized ventures produce too much stress. While buying a franchise requires you meet minimum financial requirements, don’t sell yourself short on the resources needed to live. The reason so many people start out as independents is that it’s generally less costly than the total initial investment of a franchise. But, if you can’t afford a franchise in the field you’re considering, you may also be under funded as an independent. Bottom line, plan for even more funds than suggested by franchisors to cover living expenses well beyond the point of anticipated break-even. You and the kids have to eat while the business is in startup mode.
Even A Great Franchise Is A Bad Purchase If You Don’t Like It
As simple as it sounds, be sure you’re going to like going to work in the morning. It’s really the most important of all elements in business selection. If you’re considering being a franchisee, even the best franchise opportunity on paper will produce a stressful life if it is not for you. If you’re buying a franchise or starting any kind of venture, remember that you will never leave your business, mentally. We’ve created a wonderful process for making decisions about self-employment, See The Focus Program for Emerging Entrepreneurs. The program covers many issues associated with choosing business ownership. Among them is excellent guidance on selecting and analyzing a franchise.
Good luck and if you need assistance with franchise due diligence just make contact.