|April 2007 – Source: Franchise Research Corp.
Are you ready to embark upon the career adventure of a lifetime?
Take this short quiz to find out if you’re ready to join the ranks of fulfilled entrepreneurs who have found personal and fiscal success in the franchising industry.
1. Have you ever thought, “I want to be my own boss”?
So why not consider the multi-billion dollar field of franchising?
Clearly, franchising isn’t for every person. If you like working for someone else and simply want to earn a paycheck, you probably aren’t destined to become a franchisee. But if you’re constantly asking, “When am I going to be the one in charge?”, “When will I feel challenged at my career?”, or, “How can I make my career dreams come true?” you carry the seeds of entrepreneurial ability.
In simple words, you are franchise material!
That being said, to bring your professional aspirations to fruition, you will need to don an investigative cap and examine several aspects of the franchise industry before joining the ranks of fellow flourishing franchisees.
The following “quick guide” has been developed to help you map out your career path from potential entrepreneur to satisfied franchisee.
Listen to your Dreams, but Don’t let them become Nightmares
Your dream may be to own and operate a franchise, but that doesn’t mean you should let go of your objectivity when examining would-be franchisors. Yes, there are countless extraordinary franchisors from which to choose, but each one requires a certain type of investor.
Too many impatient entrepreneurs forget that their hearts can often deceive them; without a doubt, it’s important to remain relatively detached when conducting homework on companies in whose products and services you may one day invest.
Realism is your greatest ally in determining which franchises could be acceptable career matches; otherwise, you take an avoidable risk.
As the professionals at MatchPoint? Franchise Consulting Network wisely advise:
Do your Homework with the Help of Professionals
By navigating reputable franchise-related websites, you can obtain an enormous education regarding the world of franchising, from profit margins to liquidity to industry categories. You can also learn “insider data” from current and former franchisees by logging onto message boards and sharing information.
Yet at some point, it’s prudent to obtain advice from a professional, such as a franchise consultant for franchise advice, franchise attorney for legal assistance, and/or accountant for financial guidance. Hiring a “support team” will help you determine what franchises are available to you, what your legal concerns need to be, and where you stand financially.
Additionally, franchise consultants such as those at MatchPoint? can greatly shorten your “hunt” for the perfect franchisor to meet your needs. Since time is money, weeks saved can pay off considerably!
Ask Questions… then Ask some More
Of course, many of your questions may be answered after you obtain the Uniform Franchise Offering Circular (UFOC) or can be downloaded from some franchisor websites. Still, don’t be afraid to get clarification on items about which you feel unsure.
As MatchPoint? notes on their website:
“There are thousands of different business franchises, and there will be more than one and perhaps many in your chosen business area. Look at the alternatives. Ask existing franchisees. Ask customers. Read the franchise trade magazines, newspapers and websites. Attend franchising exhibitions. Do some local market research to gauge demand for the products and services, to test the reputation of the franchising companies, and to test their claims about pricing and any other relevant business claims or information you’ve been given.”
Prepare Yourself… and your Loved Ones… for this Entrepreneurial Journey
It’s wise to get feedback from those around you when looking into franchising as a new career alternative. These people will be your means of personal (and possibly fiscal) support during the start-up phase and inevitable rough patches; therefore, they deserve to voice their opinions, concerns, and ideas.
Keep your “Day Job” as Long as you Can
Unless you’re out of work, hold on to your existing means of employment until it becomes necessary for you to resign. If you abandon your employer before you’re legally bound to a franchisor, you’re taking an unnecessary gamble with your income stream.
Instead, stay with your 9-to-5 as long as you can as a means of “insurance” against unexpected delays or plan changes.