Do you have the desire to own a business, but feel wary of starting from scratch? Buying into a franchise might offer a viable solution, says Pete Gilfillan, author of Hire Yourself: Control Your Own Destiny Through Franchise Ownership (Advantage Media Group 2015). He explains that franchises are a great option for entrepreneurs because the foundations have already been put in place.
“You operate your own business, but someone else has already come up with a winning concept, figured out how to make it work, and laid a lot of the groundwork,” he says.
Gilfillan suggests contemplating the following points before signing a contract:
- Face your fears. Even the most qualified and knowledgeable people can experience fear and anxiety when
they consider taking the franchise plunge. To counter that fear, identify your motivation for considering a franchise, because the “why” behind your quest will help you get through the tough moments. Also, do your homework; understanding the potential risks
and benefits of any investment in your future
is an excellent way to allay unreasonable fears.
- Don’t go it alone. One of the biggest mistakes
you can make when considering a franchise investment is leaving your family members out of the process. They deserve to be involved in the decision-making process,
as their daily lives will be impacted.
- Do a self-assessment. You need to decide
whether you’re suited for business ownership.
Here are four questions to consider:
- Do you have the capital available to invest in
a business, whether that’s cash or assets you
can easily convert to cash?
- Do you have proven leadership ability and
savvy hiring skills?
- Are you the kind of cooperative team player
who can embrace the plan the franchisor has
for your business?
- Do you have the desire and passion to create
a superior experience for customers?