by Jeff Elgin
If you've toyed with the idea of leaving the corporate
world and thought about getting your own franchise, you
know that you are filled with questions. Is this the right
move for me? What are my first steps? How can I avoid
making a mistake?
You are starting at exactly the right point by examining
the questions you should ask yourself before you start
focusing on specific franchises. Franchising is a
wonderful business model that can produce great personal
success, but it is not right for everyone. The best place
to start is by an objective and thoughtful evaluation of
your own strengths, weaknesses and goals for entering a
franchise. Ask yourself the following questions:
What do you enjoy doing in a work environment?
What are your strongest skills? Make a list of your
strengths and the things you like doing.
What tasks do you not enjoy? What frustrates
you? Make another list of the tasks that, even if you are
able to perform them, you don't want to or you would not
be happy doing.
How do you feel about managing employees? Are you
effective at creating and sustaining a work environment
that people want to work in? Have you had experience
recruiting and retaining employees in the past? This is a
critical management talent necessary for success with most
How do you feel about risk? What's the most
financially risky thing you've ever done? How much risk
can you assume and still sleep comfortably at night?
Is status an important issue in picking a
business? Does it matter to you what the product or
service of the franchise is or just whether the business
can meet your goals?
How much capital do you have to work with? How
much can you reasonably invest into the startup of a new
business without leaving yourself financially strapped?
What are your goals? Financial as well as
lifestyle. How do you see you life changing in the next
few years as a result of owning your own business?
How do you feel about executing someone else's
This last point is especially critical. A good franchise
system is not looking for innovation in a new franchisee.
They have a proven operating system and they are looking
for people who have the capital and management talent to
execute their system to produce predictable results. If
that doesn't seem attractive to you, you might be better
off doing something else.
After you have completed an assessment of yourself by
answering the questions above, you will have the
foundation of information you need to know if a franchise
is right for you. The next step is to start looking at
opportunities and evaluating them based on your answers.
It may take some work but don't compromise. Sooner or
later you'll find an opportunity that is the right match
for your talents and goals.
This article courtesy of http://www.investment-index.com.
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