It’s scary to make the step to become a franchisee. There’s some risk involved. Change is intimidating. But, a lot of the time it’s about finding the franchise that best works for you. Franchise opportunities are everywhere. And as long as you have the cash to get it started anything is possible. Determining what you want from a new business is where to start. Because you don’t want to get stuck doing something you’re not passionate about.
Start by getting to know yourself.
Be serious about you and your goals. Figure out what you want to get from the franchise. Where do you want to end up? Determine how much money you’re comfortable with investing. You can see what opportunities are realistically possible. There can be a lot of risk with owning a franchise. Figure out how much risk you are actually willing to taking. Most importantly, consider your skills and interests. Something that fits what you enjoy doing can make work a lot less tedious.
Here’s some questions to ask yourself before you start seriously searching for a franchise:
- What do you want out of the business?
- How much money are you willing to invest?
- What’s your exit strategy?
- How much of a risk taker are you?
- How involved can you be?
- What are you good at?
- How important is status?
Narrow down your options.
Once you’ve done some self reflecting, start identifying a scope to what type of franchise you’d be interested in. Once, you’ve determined where you want to go with the franchise deciding on the type becomes easier. There’s thousands of different possibilities. Don’t start by looking at brands. Consider the specific types of business such as home service, retail or hospitality. Be logical with your decision. Think long-term. Will you want to be doing this in 5, 10, 15 years?
Make a short list, but be serious about it.
Do your research. Make sure this is something that fits what you’re looking for. It’s easy to stick with what you know, but sometimes it’s worth taking the risk to find happiness.