A franchise can offer a perfect second stage for a stagnating career. If you’re ready to take control over your career destiny, you ought to ask yourself if a franchise might be right for you.
Not only do you get to be the boss, but a franchise comes with a lot of information that can help you achieve success. This includes a complete set of guidelines to get the business up and running, training and ongoing support, as well as a full breakdown of your upfront costs.
If we’ve piqued your interest and you want to learn more, take our quickie questionnaire, which boils down some of the prerequisites of business ownership into bite size digestible nuggets.
Quickie Questionnaire: Should you buy a franchise?
Thinking of buying a franchise? Take this quickie questionnaire first!
Can you follow someone else’s system?
A franchise comes with an operating system, the time-tested method the franchisor has formulated to help its franchisees achieve success. If you have a yearning to invent your own unique operation, don’t buy a franchise.
Can you tolerate risk?
Sometimes the most obvious questions get overlooked. But starting your own business entails risk. So the question becomes do you believe in yourself. Do you think you have the ability to run a profitable business, like the others in that franchise company? This one has to be a yes.
Do you like managing employees or do you prefer to work alone?
Franchises come in all forms, and you can find one where you primarily work alone or one in which you will have to manage employees.
Would your family support your decision to give up your current salary?
When you begin a new business, you probably won’t be drawing a salary for a period, possibly for six months. If this presents a problem for your family, the timing may not be right.
Can you handle more than one type of responsibility?
While you won’t need to do all these things at the same moment, you will have to juggle multiple aspects of running a business, from hiring and firing and managing employees, working with suppliers, securing and maintaining a clientele, advertising, marketing and so on. If this sounds daunting, the writing may be on the wall. Ideally, this sounds exciting as all heck! And if you’re not sure, interviewing franchisees will give you a better handle on their day-to-day activities.
As you consider your options for a second stage, you may end up sitting on the fence for a while. While pondering, we recommend you do more research. Look at intriguing possibilities and talk to as many franchisees as possible.
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About the author
Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484) 278-5489.
Disclosure: This post is sponsored by a CAREEREALISM-approved expert. You can learn more about expert posts here.
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