With over 2,500 present franchises to select from, it’s extraordinarily vital for franchise consumers to contemplate their private strengths. Everybody has a special character, preferences, strengths and weaknesses. So, it comes as no shock {that a} franchise system that might be good for one individual, could also be a very poor match for another person.
These statements from two totally different IHOP franchise homeowners clearly illustrates how a lot the expertise can differ between totally different personalities:
“Each morning once I stand up, I’m simply tingling to get to this place [his IHOP restaurant].”
– IHOP franchisee since 1972
“Why work the lengthy hours solely to stroll away with $40,000 a yr, if you’re fortunate? This restaurant is open 363 days a yr, 16 hours a day. It’s an excessive amount of.”
– IHOP franchisee since 1990
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Earlier than beginning your franchise, it’s best to make certain to contemplate not solely the enterprise and business that you just want to enter, but in addition your work hours and the character of labor that you’re keen to do. You’re selecting a profession, so it’s a must to rigorously analyze your individual limitations, capabilities and wishes earlier than deciding on a franchise. Consider whether or not you’ll be able to meet the necessities of the franchise, and whether or not they can meet yours. A mismatch between the 2 can simply result in dissatisfaction together with your work, which defeats the aim of beginning your individual enterprise within the first place.
We’ve put collectively a guidelines that will help you assume by means of your priorities in terms of opening a enterprise. Full this checklist with your individual solutions first, earlier than checking it towards any franchises you’re contemplating.
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Worksheet for setting priorities
Answering these questions provides you with a great begin towards figuring out a good franchise match.
- The place will the enterprise be positioned? Within the metropolis, the suburbs, the countryside?
- Do I need to commute? If that’s the case, what are the deadlines?
- Do I desire a home-based franchise?
- Do I need to work 5 days per week? Six or seven? What number of hours per day?
- Do I need to be an absentee proprietor?
- Is there a particular business I need to work in?
- Are there any industries, services or products that I can’t work with underneath any circumstances?
- Are there any particular traits that should exist within the enterprise?
- Do I desire a services or products franchise?
- Do I desire a new or a longtime system?
- Do I would like a big or small franchise system?
- Do I desire a system with gradual and regular progress or a fast progress one?
- What sort of angle do I would like from the franchisor? Paternalistic? Dictatorial? Collegial? Laid again?
- How vital is identify recognition? On a regional or nationwide foundation?
- Will I be pleased with one or two franchised models or do I need to personal a number of models or develop a complete space?
- How a lot can I realistically put money into a franchise (cash that doesn’t must be borrowed or raised elsewhere)?
- How a lot ought to the entire funding be?
- Do I must discover a franchisor that gives a low-interest financing program or has a longtime third occasion financing relationship?
If extra questions happen to you as you full the guidelines, add them. As soon as you are feeling assured that every one your necessities are listed, you can begin checking how numerous franchises match up. You could be shocked at which franchises do and don’t meet your most vital wants.
This may increasingly appear to be a really fundamental step, however you’d be shocked how usually it’s skipped within the franchise discovery course of. You could even discover that there are objects on this checklist you didn’t notice are vital to you. Going by means of this checklist rigorously now may prevent quite a lot of complications down the highway.
To see one of the best franchises increasing in your space, go to FranchiseHelp and take our Franchise Quiz.
