Today, many more people are considering business ownership than ever before – it’s a sign of the times. More and more companies are merging, downsizing or simply going out of business. This causes numerous talented individuals to seek employment in a constantly shrinking job market that offers fewer positions, especially those similar to the seeker’s previous types of employment.
As we experience great changes in our workplaces and work forces, as the general economy erodes, more and more people are exploring business ownership – to be their own boss and work for themselves rather than someone else.
As those individuals begin to investigate business ownership, franchise ownership is the first choice for many. For one who has not experienced business ownership previously, franchises offer many advantages:
- Be Your Own Boss
- Proven Product or Service
- Starting a Business w/Limited Experience and/or Capital
- Franchisor assistance (education, training, advertising/marketing assistance, on-going support and often group buying power)
- Brand Name
- Other franchisees can assist you – You are not alone
These advantages apply only to the “right person” for the “right opportunity”.
Finding the right business is like finding the right job….only harder. Be prepared to spend several dozen hours doing your homework. If you do not feel you can afford the time, abandon your search now! A half-hearted attempt will prove to be a waste of time.
You should definitely honor your commitments of time, return phone calls and keep appointments with the franchisor representatives.
Here are some important and practical recommendations for aspiring entrepreneurs:
- Understand the commitment of business ownership. Franchising is you working for yourself vs. you working for somebody else. The two are entirely different. Owning and growing a business takes skill, energy and lots of dedication, not to mention capital. Financial capital and human capital.
- Have the support of your family. This is a major decision in your life that will affect your family. Your family should well understand and expect heavy demands of the business in the early formative years.
- There is no correlation between what you spend for a franchise and how well it will perform. Many franchises are expensive, but a higher price tag doesn’t guarantee a franchisee more rewards. “The more you spend, the more you “get” is a common misconception.
- Research, research, research. Know what type of business is right for you. Research the industry and know your competition. Study and have a thorough understanding of the Franchise Disclosure Document. Make a list of questions and discuss with the franchisor, other franchisees and professionals such as a Franchise Attorney.
AND, don’t forget the possibility of finding that perfect fit for you! A business that excites you and makes you want to jump out of bed every morning and go to work!
A big goal for many is finding a business which allows them to have FUN! Fun in ownership, fun in working with people and fun in the success of the business!
Obviously, there are many advantages to franchise ownership. It’s a great “first step” for aspiring entrepreneurs. Escaping the glass ceiling, corporate politics and being able to make decisions and having no one question those decisions can be exhilarating. Let your emotions guide you to a certain extent – but let your analytical side kick in and do plenty of research and justify your decisions with facts before you open your wallet!
