Q: Is going the franchise route a better choice than starting your own business?
A: During the past several decades, franchising has become not only a uniquely American institution, but also one of the leading doorways into small business ownership. Every year, thousands of individuals choose to get into business ownership via the franchise route. But not everyone is suited to successfully operate a franchise.
To make the right choice for your own situation requires careful thought about your own goals, skills and personality and should be done before searching for and evaluating franchises. So what are the characteristics of people best suited for franchises?
If your appetite for risk is low, a franchise may be your best choice. A franchise lowers the risk because someone else has already pioneered the concept, tested the ideas and found out what works and what doesn’t. If you want to do all of those things with your own idea, then start a business yourself.
Successful franchisees don’t like to reinvent the wheel. They like to work within the proven systems and established procedures of the franchisor. They constantly ask advice of the franchisor support staff and other successful franchisees and follow the advice they get. They understand that they don't know all the answers and are willing to ask for help when they need it. This attitude enables them to achieve success more quickly.
Franchisees need to be prepared to give up some independence of action in exchange for the advantages the franchise offers them. The franchisor will specify how certain things must be done as part of the franchise agreement, but a good franchisor will be able to provide the training and support services needed to position the franchisee for success.
People and team-building skills are usually required of franchisees as are the abilities to plan, organize, administer and direct the work activities of employees. These skills are used to create loyalty, value and trust, and are probably the most important characteristics of all.
Those who have a firm sense of what they want to achieve and the drive and ability to execute a proven business model are far more likely to be successful. They will do whatever it takes to get the job done. This attitude shows in their every action like putting in long hours and handling multiple tasks. No matter what franchise you're interested in, you can be sure it's going to take work to make it successful.
After you can honestly say that you have these characteristics, then begin your franchise search and prepare a business plan.
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