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Finding The Right Franchise For You

Just like your favourite pair of jeans, the right franchise opportunity should feel comfortable and allow you to move through your everyday tasks easily. What fits one person does not necessarily fit everyone. 

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Here are some things you might want to consider about the franchises you’re evaluating:

Understanding the Franchise Business Model

  1. Is the initial investment affordable? This will be different for everyone. What does your budget allow?
  2. Is the business likely to meet your financial goals? Again, no two people are alike. What does “success” look like for you? Talking to current franchisees, with the franchisor’s permission, can help determine income potential.
  3. Can you see yourself operating within the business model on a daily basis? Will you do better in the more structured environment of a bricks and mortar type business with predetermined open hours and scheduled employees? Or do you prefer and are you self-disciplined enough to thrive in the more flexible environment provided by a home-based business model? Be honest with yourself about your strengths and weaknesses.  
  4. Does it provide the work-life balance you need (and are your expectations reasonable)? Do you want to take your kids to school in the morning, hit the gym, pop home at lunchtime to walk your dog, help with homework, have a romantic date night with your significant other and coach minor hockey on the weekends? Those are all admirable activities, and an efficient business owner can fit one or two into their routine, but anyone who says you can do all of them and still operate a profitable business is delusional at best. A business doesn’t run itself. Are you self-disciplined enough to forego some things to reach your financial goals? 
  5. Last but not least, is the business in a field that will inspire you to go to work every day?
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The Right Timing

A good franchisor will not push you to decide before you’re ready, but once you do decide, they expect you to put your full energy into the business. 

People often tell us that they’ve had a deep and lifelong desire to be an entrepreneur. From a young age, they knew they were meant to be in business for themselves. So why didn’t they take action before now? Maybe the timing just wasn’t right.

Delaying your dream business opportunity can be a good thing. Ask yourself:

  • Does your partner have a stable income that can help support your lifestyle while your new business ramps up? Don’t start off being underfinanced; it will put undue pressure on your new venture. Even home-based, no payroll, low overhead business models like Prep’n Sell need a steady marketing spend to get off the ground. If you have an upcoming mortgage renewal, it might be wise to get that taken care of before starting a new business. Even though it’s unfair, big banks make it more difficult for self-employed individuals to qualify for a mortgage. 
  • Have you recently welcomed a new baby into your family? Even life’s biggest joys can come with a period of adjustment. The sleep deprivation that comes with becoming a new parent is not conducive to the amount of energy your new business will require. Think about waiting until your baby is reliably sleeping through the night.
  • Sometimes life throws curveballs – is someone in your home seriously unwell, are you suddenly taking care of an older family member or do you have other challenges in your personal life? Now might not be the best time to split your focus. Family first, always. 

Starting a business takes more time, energy and focus than operating the same business once it’s established. Get your business off to a fair start by ensuring you can devote sufficient time, attention and resources to your new venture.  

Delaying your dream business might also be a bad thing if it’s done for the wrong reasons. If you wait for the stars to align perfectly, you’ll wait forever. There’s never a “perfect” time to start your business. Sometimes you just have to take a leap of faith. If you take that leap with the training, advice and systems of a great franchise partner beside you, so much the better.

Your "Why"

Only you know the reasons why you want to start a business, but a good franchisor will help you analyze whether your “why” is compelling enough. 

Humans are prone to inertia, and often people put up with a less-than-ideal situation for a really long time because we’re all more than a little afraid of change. Your “Why” has to be stronger than your fear of change for you to take action.

Sometimes the prompt to finally take action is one big thing: 

  • getting passed over for promotion in favour of the vice president’s kid, 
  • having your boss take credit for your brilliant idea, 
  • seeing your company freeze wages due to “the economy” while posting record profits
  • being let go – that’s a big one. Suddenly you realize that the steady paycheque might not have been the safe and responsible choice you thought it was.

Sometimes it’s a series of small things that pile up until the final straw forces you to make a decision: 

  • you’re stuck in rush-hour traffic just to get home to tuck the kids into bed,
  • work has you spending more time in airports than at home, 
  • you missed your child’s starring performance in the school play because you couldn’t get time off, 
  • you start to dread Mondays and another week at your unfulfilling job on Sundays.
Wrapping Up

The journey to selecting the right franchise is more than just a business decision; it’s a step towards realizing your entrepreneurial ambitions. With a well-matched franchisor and a franchisee who shares the same vision, this partnership can propel both parties towards achieving their individual and mutual objectives.

Considering stepping into the world of franchising?

Take the time to thoroughly research your options, understand your own strengths and needs, seek expert advice, and if all elements align, proceed with confidence.

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Erik
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