How to Determine Which Franchise is Best for You - Pace Savannah News

How to Determine Which Franchise is Best for You

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In an uncertain economy, entrepreneurship can be a viable career path for business professionals subject to unforeseen layoffs and downsizing. For these individuals, the key to success lies with the mitigation of risk that accompanies entrepreneurship. Franchising, which relies upon a proven business model, represents one of today’s safest paths to becoming a business owner.

If you want to go the franchise route, do your best to make sure you’re finding the best situation for you. Keep in mind that there are more than 80 industry categories from which to choose. That number continues to grow. A good beginning point in your decision process is an examination of you. Ask yourself what you really want to achieve by owning a franchise. What hours do you like to work? What kinds of things are you good at? How much money can you afford to invest in your operation, and what returns will you need to support your present or desired lifestyle? Are you willing to relocate? Finally, what are your ultimate exit plans?

Self-Esteem Plays a Role

According to Forbes, a leading financial magazine, the potential franchisee must learn to be introspective about the esteem factors that go into owning a franchise. These factors include how you feel about being an owner of a business who may at times be doing the most menial of tasks. How will others perceive you if you are seen flipping burgers or taking out the trash? Everyone craves being valued and respected. How will your new career square with your self-esteem and social status?

Your Personal Skill Sets

Although you should possess relevant skills needed to succeed as a particular franchise operator, you needn’t be an expert in that field before you consider taking it on. So suggests Inc., another respected business magazine. Accordingly, potential franchisees should be aware that it is unwise for people to pigeon-hole themselves in terms of what they can do. Indeed, franchising allows you to reinvent yourself and develop up whole new set of valuable business skills.

Explore the Territory by Attending a Franchise Show

Franchise shows or “expos” are a good way to learn more about franchisers that may be of interest to you. Such events can be compared to “speed dating” for potential franchise owners. The true value of these shows it that they give you the opportunity to network with and ask questions of actual franchise owners whose experiences in the field will be pure gold to you. At the very least, attending a franchise opportunity show or two will help you quickly rule out what is definitely not appropriate for you.

Franchising offers the potential new business owner something that “going it alone” never can, field-tested training and a reasonable degree of certainty that market demand for the product or service you will be offering exists. These things come at a cost, so your choice as to which franchise to invest in is critical. A bit of self-evaluation together with the foregoing hints and tips provided here will go a long way toward helping you make that crucial decision.

 

 


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