Franchise is a word heard more and more often these days. To take part in a successful franchise is to take part in a career opportunity. It’s to prove that you have what it takes to manage a business. Perhaps you’ve considered diving into the franchise industry, but you aren’t sure if it is right for you. Here are a few ways to know if you and franchising are a good match.
You Are A Problem Solver
One of the most important qualities of franchise owners is their wit. The ability to problem solve will ensure you can endure the struggles that may come with running your successful franchise. Often you must find creative solutions to problems in order to keep business running smoothly.
You Can Follow Directions And Be A Leader
Franchisees must adhere to a brand while at the same time managing a location. Business Finders Canada franchisees help build a successful franchise by running their businesses while obeying the styles and rules of the Business Finders Canada brand. A successful franchisee can manage both.
You Want Success, But With Less Risk
Because a successful franchise already has a brand in place, there is less risk than business owners who start from scratch. The franchise will take care of the marketing and advertising for you – your job is to run the franchise and uphold the company reputation.
The Price Is Right
Different franchises come with different investment requirements, from as little as $25,000 up front to half a million. The right business will fit your budget (which usually means the level of debt you are willing and deemed able to take on) and your financial goals.
The Right Culture
Once the other boxes have been checked, it often comes down to whether the prospective franchisee gets a warm, fuzzy feeling about the culture of the organization and the founder’s value system. Typically the candidate will pay a full-day visit to the franchisor’s headquarters to meet face to face before any agreement is signed.
Before buying a franchise, 10 important questions need to be carefully and thoughtfully answered:
1) Are you willing and able to take on the responsibilities of managing your own business?
2) Will you enjoy the franchise?
3) Are you willing to completely follow the franchise system?
4) Do you have a history of success in dealing and interacting with people?
5) Can you afford the franchise?
6) Have you carefully studied the legal documents?
7) Does the franchise you are considering have a track record of success?
8) Are the franchisees generally happy and successful?
9) Do you like the franchisor’s staff – those people with whom you will be working?
10) Do you have a support system?
If you can say ‘yes’ to the above, you are the right fit.
Potential franchise partners should have:
Possess solid business experience
Have been through a buying or selling process with their own business
Have a minimum net worth of $500,000 and $150,000 in liquid assets
Make a commitment to grow with the Business Finders Canada brand
Currently have or are able to earn a real estate license before opening