Is business ownership a career option for you?
With the unemployment rate as high as it is, some people may consider franchising as their next option for work...
Before you pick a franchise, Gayle Becker, who was a guest on Good Morning Maryland, says you should consider the following:
- What is your personality?
- What are your strengths and weaknesses?
- What is your past experience?
- What do you want more of?
- What do you want less of?
Benefits of Franchising
- You're in business for yourself, but not by yourself.
- Someone else has made the mistakes and developed a proven formula.
Franchising Myths
#1- Franchising costs lots of money. False: there are many that are low investments with low overhead. There are thousands of businesses that are franchised and you don’t even realize. They range from home services, pet services, children’s services, business services, healthcare, eldercare – any segment of commerce.
#2 - All you have to do is sign on the dotted line and you’ll be an instant success. False - The truth is while buying a franchise minimizes your risk as a start-up, there’s still a lot of hard work. You have a greater chance for success, but you have to be willing to follow the formula. (She’ll give examples).
#3 – The franchisor makes lots of money on the franchise fee (signing you up). False - Actually, they make very little money on the franchise fee. Their revenue is really made on the ongoing royalty fee. If they bring in the wrong person, the business will fail. It’s in their best interest to train and support them like crazy so that they are successful thus generating more revenue and more royalty fees.
Finding the right franchise for you
- Are you someone that can take your experience and leverage it on top of a proven concept?
- Are you willing to follow a system (a recipe)? It doesn’t mean that there is no “wiggle room” for creativity.
Assess:
- What are your lifestyle goals?
- What do you want more or less of (i.e. travel, networking, sales marketing)
- What are you passionate about?
- What is your investment comfort level?
- How soon do you need to draw a salary?
- Do you have funds or funding sources?
- Is your spouse or partner (any stakeholder) on board with you?
- Use the resources of the International Franchise Association. Their website has articles and lots of helpful information.
- Don’t Google franchise to find franchise site. Be aware if you fill out forms, you’ll get a lot of calls.
- Work with a franchise advisor.
How long will it take to find the right franchise?
- It could be 60 days to 6 months. You wouldn't rush into marriage so don't rush into a business marriage.
- Take the time to find the right match, do your due diligence. Is it a big step? Is it natural to feel nervous– ABSOLUTELY!
Contact Gayle at www.gayle@gaylebecker.com or www.esourcecoach.com/gbecker .
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