Starting a franchise business as a franchisee within a franchise brand and system is an exciting opportunity! A successful franchisee is, in some ways, an entrepreneur. They're not truly creating a new brand or business. Instead, they are implementing and executing that brand and model in their local market. It is clearly an entrepreneurial enterprise to begin any new business, but using the strength and benefits of a franchise is not as entrepreneurial as a true startup of an entirely new brand and new business unique to the world; therefore, these actions are not the same.
Becoming a franchisee is a serious commitment. It's the most significant commitment most people ever make beyond buying a house and getting married. Most individuals are not fortunate enough to own a business or a franchise or pursue anything beyond general employment. It is important to understand the risks and expectations of starting a franchise business and identify that this endeavor is not for everyone.
Choosing the Right Franchise Business
With the thousands of brands currently available in the franchise universe today and hundreds more new concepts becoming available each year, there's a lot to choose from. There are franchises of all shapes and sizes, types and kinds. It would be best if you found something that fits and you have genuine enthusiasm. It's much more than just making money. Most people pursuing these opportunities have values, morals and integrity. They want to create a respectful business in the right way and have success they can truly be proud of. A good franchise system provides this opportunity.
Recently I've written about working with franchise brokers and consultants to help find your best franchise business. These professionals provide excellent service and value. Working with a franchise consultant can be a great way to begin your franchising business and find the best franchise match for you. There are many websites, books, experts and events that can provide beneficial insight for finding franchise opportunities.
Franchise Brokers and Consultants: Step-by-Step Guide to How They Help
One piece of advice I offer to people looking to buy a franchise is to take your time and do it on your terms. Do the research, visit with other franchise owners, visit the headquarters and meet the people to understand the model thoroughly before you commit any dollars or sign any contracts.
If you're considering a particular brand, look at others within the same industry. There are likely competitors you may find to be more interesting or more available in your geography with a different approach that may be a better fit for you. Sometimes, the second or third franchise you take into account has an improved model that will lead to greater success. Sometimes, going with the first or big franchise is safer and less risky. As you can see, there are a lot of factors to consider, and it is paramount to assess the pros and cons of every scenario.
Here is a valuable resource to learn more on this:
Franchise Validation: Why it’s Important and How to Use it
Securing Success in Your Franchise Business
It can be fun and exciting to get into a franchise. However, it's very difficult and expensive to get out of. Think of it like a marriage as a common analogy. Things are new and exciting in the beginning when things go well, however, it can be complicated and painful when things go wrong. Take your time, do your homework and only decide when you have complete confidence and certainty of what it will take for YOU to succeed with that franchise business. Look at it from other angles, not just as a consumer. Get input from a qualified lawyer, accountant, and other people you know and trust. Ask for advice, ask for help, study it thoroughly and make a careful decision.
Becoming a franchisee can be a very rewarding and positive experience. However, in some cases, it can be far from ideal. As a franchise expert advisor and speaker, I've seen people have great success, and I've seen spectacular failure in franchising. Nothing is guaranteed, and you need to do your part to understand your role as a franchisee and what to expect from the franchisor. In franchising, it's commonly said, "You are in business for yourself but not by yourself." As a franchisee, you need to understand what that means for YOU - and how you will succeed in your market with your franchise business. I wish you the best of luck and success!
If you are looking for more information on franchising, I have many blog articles you will find to be of great value. If you are a franchisee or franchisor looking to take your business to the next level, let’s talk!
John Francis of Johnny Franchise is an enthusiastic, engaging, and entertaining public speaker, advisor and franchise coach; he speaks from experience and the heart. He is the creator of the successful Franchise Lifecycle Program that will take your franchise to the next level. Franchising is in his blood, and his parents were true pioneers in the industry, turning their family haircutting business into a 1,000-salon franchise empire. He has been a franchisee and a franchisor and has a deep understanding of the issues both face. Connect with John, and you and your franchisees will learn how to look at your business in new, positive, and profitable ways.
