POST WRITTEN BY
Forbes Coaches Council
Top business and career coaches from Forbes Coaches Council offer firsthand insights on leadership
Fortunately, you can invest in a franchise to achieve your dreams of business ownership with an established, proven concept. A franchiser hands you all the tools you need to run the business, as long as you’re willing to put in the work.
While some people are happy to play by someone else’s rulebook, the franchise path isn’t right for every aspiring entrepreneur. Ask yourself these eight questions suggested by members of Forbes Coaches Council before you become a franchisee.
1. Do I Feel Aligned With The Franchise’s Culture?
Culture fit is critical to succeeding in any venture, and part of that is how success is measured. The franchiser has already identified and enacted the criteria it considers relevant, and there usually isn’t a lot of room to change that. Aligning with that methodology will be crucial to one’s ability to be good, profitable community partners and enjoy personal satisfaction in the business. –
2. Am I Prepared To Put In The Work To Grow A Business?
The allure of franchising is that you have a ready-made system for success. In reality, it’s still up to you to sell and make it work. New businesses are about cash flow and customers. Franchises help you shortcut the business framework, and you pay for that expertise with your franchise fees, but don’t be lulled into the sales pitch. You still have to grow it. – Jodie Charlop, Exceleration Partners
Opening a franchise means that there’s a formula by which the business operates. Branding, operating procedures and training for employees are often included, which provides you with an established baseline by which to run your business. On the other hand, you’re limited with regard to creativity, may have on-going franchise fees and often have less flexibility with regard to location and expansion. – India Gary-Martin, Leadership For Life
4. What Does A Typical Franchisee’s Lifestyle Look Like?
Visit with other franchise owners in the same chain you’re considering. Shadow them for a day. Find out what their typical day looks like, what challenges they face and what their family life consists of while managing their business. Does that lifestyle fit your outlook for the next three to five years? If not, look at a different business. – John Hittler, Evoking Genius
5. What Kind Of Corporate Support Do Franchisees Receive?
The right franchise can lead to success. The wrong franchise can lead to suffering. Franchises can be helpful in providing resources, marketing and support. The biggest determining factor to consider is if the home office has the heart to help the franchisees succeed. – Ken Gosnell, CEO Experience
6. Can I Stay Motivated Executing Someone Else’s Idea?
Not all entrepreneurs are good at running the play that someone else calls. In the franchise model, much of the ideation and strategy work has already been done, which is a huge benefit. Look back over your career to determine if you struggle to stay engaged and motivated when you’re executing someone else’s idea. The successful franchisee has to be okay coloring inside the lines to some degree. – Trellis Usher, T.R. Ellis Group LLC
7. What Am I Willing To Give Up As An Entrepreneur?
Franchises can be one of the most rewarding types of businesses to own. If you want to be the ultimate decision maker on all things related to your business, then a franchise is probably not your best choice. Strategize about what you’re willing to give up in exchange for what the franchise offers before you decide. – Lillian Gregory, The Institute for Human and Leadership Excellence
8. Do The Franchise’s Guidelines Fit With My Vision For How To Run A Business?
Franchising, in general, comes with strings attached that include corporate guidelines on pretty much everything you’re allowed to do or not do. Ask yourself if you’re going to be able to run the business the way you think it should be run. If the answer is no, then franchising is probably not for you. – Kamyar Shah, World Consulting Group