February 20, 2014 // Franchising.com // It's the one that fits you best which means you need to identify your own specific needs and interests. You need to figure out what you want to get out of a franchise before you ever invest in one. You need to think through what you will be doing all day. You will need to determine the income potential in the short and long term.
Franchises can reduce risk by providing the training and support necessary for an owner to succeed. Franchises provide the systems necessary so their model can be replicated over and over. All this is great but the franchise must be a good fit with its owner because ultimately it's up to the franchise owner to execute their business successfully.
It is vital that a franchise owner “like” their business. However, it is not a requirement that the franchise owner be “passionate”. It's great if the owner is passionate about the products or services they offer but at a minimum they need to be motivated by what their business can provide them. They need to “like” how the business is meeting their needs.
The problem is most people do not spend enough time evaluating themselves and what they want to get out of a business. As a result, they never buy a business or buy the wrong one! This is a bad situation not only for the business owner, but for the franchise company and other franchise owners. The customer and employees associated with the misfit franchise owner can also suffer.
Success starts with understanding your personal needs, business goals and financial requirements, BEFORE starting to look for a franchise.
Because self-discovery can be a difficult process! It can be hard for some people to be really honest with themselves. Also, they may have never owned a business or one like they have in mind, so they just don't know what qualifications are required.
Often potential franchise owners are so focused on getting into a business they lose total sight of a possible exit strategy down the road – and NO business should be started without this in mind!
What is a franchise advisor? The advisor is similar to a personal or career coach, only they focus on helping people understand the world of franchising. They help them sort through the many options to determine which may be a good fit for them. They help them through the due diligence process. But all of this comes AFTER the advisor has helped their candidate look inward to determine what they want to get out of a business at many levels.
Clear Choice Franchising is not a financial advisory service or source of funding. Seek the guidance of qualified and licensed financial and lending professionals.
SOURCE Clear Choice Franchising