Rather than focusing on what you’ll get in return for your hard work, start by asking yourself questions to identify your objectives and skills so you can find the business opportunity that suits you best.
So what questions should you be asking?
Let’s start with you ambitions and objectives. Are you looking to be the next Richard Branson or do you simply want to be making a good living, reaping the rewards of your own efforts? Do you want to build a business empire, or is the business a means to an end? It may be that you have short term needs such as school fees or paying off the mortgage, or they may be long term like retiring in 10 years’ time.
Next, be clear about your strengths and weaknesses. Take a good look at yourself and ask the opinions of people you trust. Are you good at motivating people and running a team of people, or do you prefer being an administrator? Do you enjoy being outside or in the office? Can you follow a system or do you prefer to create your own path?
A franchise opportunity like TWO MEN AND A TRUCK® will give you the opportunity to run your business rather than work in it. Would this suit your skills or would you prefer to start small as an owner/operator where you fulfil all the roles in the business?
What is your financial situation? Will you be able to support your family’s needs even if the business doesn’t turn a profit for over a year, which is the case with many new businesses, including franchises? If not, your franchisor should be able to direct you to a financial specialist who will be able to help you develop a business plan and ensure you can borrow the necessary funding.
And finally, do you consider yourself an entrepreneur? If so it’s vital you ask yourself if you’re prepared to give up some independence of action in exchange for following a proven business model? Whilst most franchisors will listen and discuss new ideas, the key to franchising success is consistency of product and service across the brand.
Whilst not exhaustive, we hope these points have helped you to decide if franchising is the right way forward for you.