If payroll is due and sales are down, you are the one who has to search for a way to get the money, fast. You must be willing to work more than 40 hours a week.
In fact, you might have to work 60 hours or more when first starting out. Their business is a labor of love. If someone has to schedule customers, and your employee is sick that day, it may be you who does it.
Those who come from corporate backgrounds will not have other departments to ask for support or services. The franchising business model involves a relationship designed to last at least 10 years. Here are three things to evaluate:. A franchise opportunity requires some money. The franchisor must disclose the estimated initial investment, including startup costs. However, make sure you also have funds to cover current operating costs until you start seeing a profit.
In most startups this takes 6 months to a year after opening. In addition, depending on your personal circumstances you may need funds to pay for living expenses.
An emergency contingency fund is always wise. Read more: Franchise Financing. The essence of the franchising business model is a system with rules.
Franchises depend on consistency. Whether it comes to the design of your new business premises or the equipment you use, you will find many choices already made for you. You will get an operations manual to follow. If you have new ideas, you may not be able to implement them.
For many people, following a franchising system is fine. If this sounds like you, a franchise may be a perfect fit. But there is a class of entrepreneurs who chafe at being told what to do. A franchise will not be right for you. Most franchises involve having staff, at least a couple of employees.
To be successful in franchising you will need your team behind you all the way. Consider your ability to do the following:. But, you say, you plan to hire a general manager to run the business. First, know that this is not the general rule in a franchise opportunity. Most people are owner-operators, which means they are hands on. But even with a general manager, everything still rides on choosing the right manager and getting the best out of him or her.
Customers are your lifeblood! You must be able to interact effectively with them. As you peruse the following list, give yourself an honest assessment on each characteristic. We recommend taking out a blank piece of paper and spend quality time writing down answers to each of these questions. Do not read the section below the questions, prior to answering the questions. This is important because it could sway your answers.
Be honest and avoid overanalyzing yourself. Honesty is the key to this evaluation. Remember, there are no right or wrong answers — the more honest you are with your responses the better you will be able to make the right decision about whether business ownership is the right path for you.
Your answers will help you to make an informed decision about entering the world of franchise ownership. Self Evaluation Questions What are your reasons for wanting to own a franchise? Is it for the money? Is it to be your own boss? Is it to make your own hours? Are you driven by financial earnings? Would you like to make more money that you are at present? Do you mesh well in the corporate environment? Do you enjoy having a boss? Do you enjoy working hard, even if the reward seems distant?
Are you independent? Do you seize initiative? Or do wait for others to take a leadership role? Do you seek others approval before making a decision? Are you a risk taker?
Do you generally have a positive outlook toward your endeavors? Are your interactions with others effective? Do you find that you like others? Can you abide with a system that is already in place? To be honest, I find quite a lot of life stressful. Training people up for the job gives me a big buzz. In my franchise I'll be employing mainly non-skilled staff. High street premises will probably not be essential for me.
I see my franchise as dealing more with other businesses than with the public Definitely Yes Not sure No Definitely not Q Working from home, rather than having to operate out of business premises, is preferable. I'll operate the franchise as a one man business, certainly in the initial years.
Office type of work is preferable to non-office work. In my franchise I would not have to wear a uniform at work.
Definitely Yes Not sure No Definitely not. Not sure. Definitely not. If I were in charge, my priority would be looking after my staff rather than the customers.
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