The Accidental Ambush, Part I
You Need to Look at the Right Things to Pick the Right Franchise
by Rick Bisio – Franchise Consultant & Author of the Franchise Book –The Educated Franchisee
You know you want to own your own business, and you’ve read that franchises can be the safest and fastest route to success. You start investigating franchise opportunities and find yourself feeling like a kid in a candy store. There are so many franchises out there! Do you prefer to have a food franchise? Or perhaps a franchise that helps seniors stay in their homes? Do you want to build things? Have a staff? Work from home?
Perhaps you already have an idea of what type of franchise you’d like. Or perhaps you have no clue. Either way, you are at a critical juncture. Making good decisions now can save you a lot of time and grief by assuring you only investigate franchises that could constitute a good fit for you.
The Wrong Path
Let’s look at the typical franchise candidate. She’s excited about the idea of franchise ownership. Suddenly, she has an increased awareness of small businesses in her town. Everywhere she goes, she realizes that people are working for themselves. She pictures herself in different businesses. She thinks about what she loves in life, and what kind of business that might lead her to. Hey, she likes clothes and shoes and is constantly organizing them! She really understands the importance of a great closet and believes that perhaps a franchise that builds beautiful closets systems would be fun! She even read an article that stated custom closets are hot! And there isn’t a single closet company in town! She determines she’ll begin her search by considering closet franchises.
By beginning the process this way she has made a critical mistake. Just because she likes clothes, shoes and organizing does not mean that she will be an effective owner of a cabinet design, manufacturing and installation business. Just because there are no other businesses in the community offering this service, it does not mean that she is positioned for success. Her hobby/passion is for shoes, clothes and organizing. Does she actually have a passion for woodworking, managing a staff, managing a marketing program or selling? The purchasing and cash flow aspects of this business are decisive. Would she be good in this area? Pursuing your hobby and passion into business frequently results to a loss of the hobby and a challenging business.
Avoiding the Ambush
The franchise investigation starting place is never external – what does the community require – and it’s rarely your hobby. Do not make the mistake of believing you need to pursue your hobby/passion to be successful. As Rich Dad, Poor Dad says, “Passion is more about what you are being (business owner), than it is about what you are doing (laundry).
The best method to zoom in on the type of franchises that are right for you is to concentrate on your skills and abilities, in addition to what you desire from a business.
Skills and Abilities
Let’s say our hypothetical franchise candidate has spent the past 20 years managing casual dine restaurants. Over the years she has developed strong skills when it concerns hiring, firing and managing high-turnover employees, creating happy customers in a retail setting, inventory management, scheduling, purchasing perishables and planning. In order to position herself for maximum success she must look at for franchises that employ those skills. To find out more about how to do this read Chapter 4 of The Educated Franchisee.
What You Desire from a Business
There are other things she may also want. Maybe she wants to have weekends and evenings off for the first time in her life or maybe she wants a low investment. If this is the case, she may need to leave the restaurant industry. Maybe she wants a business that will allow her with greater flexibility to spend time with family. Then she will want to consider businesses that have key employees she can rely on to manage the business when she is away.
There are many things a person may want from a business. Before looking at franchise businesses, you need to identify both your skills and your desires. Then you want to collect the franchise information needed to guarantee you find the best business for you. Remember, most people are happiest when they are successful. Prioritize your skills and lifestyle desires to give yourself the maximum potential for success.
The Educated Franchisee is dedicated to franchise education through the sharing of franchise information.
Our objective is –‘To create educated franchise buyers that have clearly defined objectives and are able to recognize the right, or wrong, franchise when they see it. An educated franchise buyer will move into the franchisee role with their expectations properly set and will have a heightened potential for success within the franchise system creating a win/win for all involved.”
To get more franchise information about how to stack the deck in your favor you can –
- Visit our website at www.educatedfranchisee.com
- Purchase one of our franchise books – The Educated Franchisee or The Franchisee Workbook
- Contact us at firstname.lastname@example.org.