Walk down a street and you'll definitely see more than a handful of franchise stores. The popularity of these businesses continues to rise because of the promise of tried-and-tested formulas for success. However, like any business, their success still rides on proper management. To help you find out if franchising is for you, here are some of the factors to consider before becoming a franchisee of one of the top franchises today.
The biggest misconception about running a franchise is that it is easier to manage. Although you will be given training and support by the franchisor, you must be prepared to handle the business on your own. The most successful franchises are those that are managed by hands-on owners. Expect to spend sixty to seventy hours a week in the store, especially during the first few months of opening.
Another thing that you should consider is your affinity and passion for the franchise that you're planning to buy. There are rare cases where people succeed despite having no prior interest to the industry they work in. Nonetheless, if you're going to spend a lot of work hours in the store, having passion for the job will work to your advantage.
Being a franchisee means giving up some of the control to the franchisor. If you have problems sticking to the rules and following standards, franchising may not be for you. Remember that signing up for a franchise means following a formula for success right to a tee.
The last thing that you should consider is your support system. Like opening a start-up, managing a franchise is a full-time job that will require you to sacrifice personal and family time. Although you'll be wielding a formula that has worked for others, this does not guarantee success. Those who have supportive and understanding families have greater chances of succeeding because they are able to devote adequate time and effort when it comes to business ownership.
Purchasing a franchise is a life-changing decision that shouldn't be taken lightly. Make sure that you consider the factors above before you take on this difficult but worthwhile endeavor. For more tips on working with top franchises, head on over to entrepreneur.com/article/46028.
Are You Fit to Run One of the Top Franchises Today?