Starting a Franchise will affect you for the next 5 to 10 years – be clear on your reasons!

You have been bitten by the Entrepreneurial bug and you are are considering starting a franchise. Certainly worth considering. There are many great franchises in operation throughout the world today. Like everything in business, this is a decision which will have a massive impact, not just on your life but on the lives of your family, your friends and your acquaintances.

Researching the best franchises for you

The best advice that can be given is to follow the Aesop Fable of “the Tortoise and the Hare” take deliberate well planned steps in choosing your franchise. I purchased my first franchise 8 years ago and I am still working the business every day. I’m personally delighted with my franchise. Some of the things that you must consider when you starting a  franchise are:

- Will I have to work in this business every day and if so, is it really a business that I want to do.? – Am I looking for a business where I will have to sell every day? – Am I looking for a business where there is a good level of repeat business? – Am I looking for a business with a high Gross Profit margin? – Am I looking for a business where I am not reliant on the main head franchiser for support all the time? – What skills do I have that will compliment the franchise offering? – Does the franchise increase in value as it develops and can it be sold as a going concern? – Why am I attracted to this franchise? – Have the people involved in the franchise been completely transparent with me so far? – Have they give me a list of people to contact and is it comprehensive? – How committed am I? Will I do whatever it takes for as long as it takes? – Am I the type of person who can follow a proven system that works without wanting to tweak it to suit myself? – Have I written down all my own reasons for wanting a franchise?

Be it a small franchise or larger the same rules apply

When I was starting my franchise, we were told to simply follow the system which had been tried and tested over the years. It works – No tweaking, not changing, just do what they suggested on training. Whether you opt for a small franchise or not, all business run efficiently when you have systems in place. Learning by your mistakes is the slowest way to become successful in business and there is no need to follow that route. A systematized approach is the surest way to success in business. Online business opportunities are following the same path. Using proven systems to earn money is the fastest way to a successful business.

The Important Questions That Every Franchisee Needs to Ask Themselves Before They Buy

The questions being asked by potential franchisees are all logical and they cover all the fundamental concerns thats a franchisee may have.

1. What were you doing before you bought this franchise?
2. Why did you choose this franchise?
3. What has your journey been like so far?
4. What’s the support like from the master franchisee?
5. If you were doing things again, what would you do differently?
6. What’s the best tip that you can give to a new franchisee starting out?
7. All things considered, would you purchase this franchise again?
8. How easy is it to get customers?

Quite frankly, all of these are very valid questions as the potential franchisee ponders over their decision to move from a job (most probably) to entrepreneurship. These are all very measured and fair questions. The answers that they receive to these questions help them to cement their decision at a logical level. They may help in securing funding for the project as well.

When dealing with potential franchisee questions like this I always question whether or not the person asking them has the right mindset for success.

There are a number of questions that they need to answer for themselves which will have a far greater impact on their success than any of the initial questions posed above. Questions like:

1. Do I really want to work for myself, Do I have the discipline?
2. Am I prepared to do whatever it takes to make this business a success.
3. Do I truly understand what is required in terms of work, effort, commitment and the impact that this may have on my family?
4. Do I have the full support of my family to make this work?
5. Do I have a success orientated mindset which gives me strength, focus and the determination to succeed?
6. Do I mix with people who share this mindset or do I mix with people who look for all the reasons why this could possibly fail.
7. Am I coachable and will I take advice from the people who have already made this franchise into a success?
8. Are my belief systems in the right place i.e what do I believe about selling and salespeople, what do I believe about money?, What do I believe about customers or clients?

What you say to yourself, about yourself, when you are by yourself, will have a huge impact on the level of success that you achieve.

Every franchise is sold on the premise that it is a system that works. They generally do work – the only unknown factor is the franchisee and therefore the only person who can control how the franchisee operates is themselves.

More and more profitable online franchises or sales systems are being created now which can help potential franchisees be successful without having to build a bricks and mortar franchise