Many of us have a desire to start our own business. But because of the risks and effort involved, most shy away from it in favor of keeping a job at someone else’s business.
For others, ambition or necessity moves us toward entrepreneurship and, after a careful analysis of the options, into a franchising opportunity.
Franchising is a very good opportunity for the right person. You have a proven product or service, an established brand, and a strong support network.
But it’s important to understand that franchises aren’t easy. They carry a lot of effort and expense, just as any business does. Getting an accurate picture of what’s involved is an essential part of making a good decision about whether to go this route.
Can You Afford It?
Franchises cost money. It’s that simple. While the expense associated with a fast-food franchise may vary dramatically from UPS franchise cost levels, any franchise will require you to put up some money to start off. And your expenses will continue as you pay royalties and other fees to the parent company for their support.
It is important to recognize that this is not that different from starting your own independent business. No, you won’t necessarily have to come up with all the money up front in that case, but make no mistake about it. You will slowly pay with money and work to get your own business started, which is no different from franchising except that it’s much slower.
Do You Like It?
Our personal hobbies and interests can tell us a lot about what businesses and jobs would make sense for us. You must have a good match to be successful.
Don’t start a restaurant if you don’t like food. Don’t sell clothing if you aren’t into fashion. Many people are led astray with their franchise choices simply by focusing too much on the fees. They simply find the one they can best afford and take it on that condition alone.
The fact of the matter is that you must love what you do in your business. That love will motivate you to learn more, do more, and create more. You’ll find your thoughts wandering toward your business all the time, and that simply doesn’t happen if you aren’t interested in it. And if you’re still working at a job you’re not crazy about, why start a business in the first place?
Will You Work Hard?
This question is worthwhile whether you’re a franchise owner or simply an employee somewhere else. Forget what you see in the media about overnight tech millionaires and inventors. Those stories are exciting to read about, but the reality is that they are rare.
What really makes people successful is hard work over a period of years, and owning a franchise is no different. You’ll have a lot of responsibility: Lots of late night phone calls, plenty of emails on vacation, and no shortage of employee conflicts. You bypass all of that by working for someone else, so if you aren’t interested in these other burdens, that is your best choice.
So with all that said, the question could be asked if franchising is worth it. What we’ve done here is not designed to discourage anyone from that path but to encourage them to get a good understanding of what franchising entails in comparison to starting from scratch or simply getting a job. If you don’t have complete confidence that you’ll have the money, the interest, and the work ethic for franchising, then it’s not the best option for you.
But if you are satisfied with how these criteria match up with your personality, there is no question that franchising can make you successful and happy.