How Committed Are You to Franchising?

Before investing in a franchise, carefully ask yourself the question as to how much work you're ready to commit to?

The initial stages of franchising can become quite seducing. Hearing about a brand, trying their products, and then ultimately wanting a store of your own.

Though the excitement of franchising can get quite overwhelming at times, many people fall victim to the mentality that; "if you build it, they will come."

Though franchising has a 90% success rate, it does not eliminate all risk. It simply reduces it. Some misinformed individuals have the mentality that if you open the store and sit back, customers and profits will start rolling in. Nothing could be further from the truth.

A good franchisor will determine if you have the necessary skills to be successful in their particular franchise - Wayne Maillet (Franchising Demystified)

Despite brands like; McDonald's, Subway, & Chick-fil-A having the luxury of being globally recognized, not all franchises possess this benefit. This requires you as a potential franchise partner to be truthfully honest with yourself and ask the question; "how much work am I willing to commit to?"

Answering this question will give you a general idea of where you should invest your dollars towards, as it's better to be transparent with yourself than regretfully make the mistake of being in a position you never wanted to go through.

You may also want to consider asking questions like;

• Do I have a passion for the brand?
• Does the investment make sense for me and my lifestyle?
• Do I have the funds necessary to make this investment?
• Do I want to focus all my attention on this?

Once you've asked yourself questions like this, you can strategically align with a concept that effectively achieves the goals and desires you have with being in business for yourself, but not by yourself.

Be Extraordinary,

Mason

Mason Fuerst is a franchise development intern committed to improving the lives of millions by exposing them to opportunities within sales, franchising, and real estate. Mason has traveled the country and has networked with hundreds of business professionals at events such as; The International Franchise Association Convention & The 10X Growth Con.