Should You Buy a Franchise or Get a Job?
Even though the concept of franchising was designed to make owning a business a reality for people who aren't able to start one on their own, it's become an opportunity for those who simply can't find a job they enjoy or make enough money at. But before you make the important move to a franchise, here's what you need to consider.
Decide What You Really WantDecide What You Really WantA franchise is a business first and foremost. You won't simply be another employee but the owner, with all the responsibility that goes along with it. Ask yourself if you really want to own, run and build a business or are just looking for another job. If you're not prepared to invest that kind of time or handle all those obligations so you can build a business that has value, you're probably better off looking for another job instead.
You also have to consider how well a franchise fits into your life and goals, so do the homework. Learn about franchising by reading books, going to recommended seminars and reviewing the information provided by professional groups, such as the International Franchise Association and the Canadian Franchise Association. Attend expos so you can speak to experienced professionals in the industry and gain a better understanding of what's required of a franchisee.
Look at the WorkA successful franchisee isn't just punching the clock each day. They're in charge, deciding what to do and not being managed by someone else. While you still would be reporting to the franchisor, you're in the driver's seat for your location. The franchisor will give you their plan or system and tell you how to use it, but ultimately you're responsible for producing results.
As a franchisee, you will have to plan, hire, train, manage, inspect, market, sell and produce. You'll need a solid team to build and run your business, so you have to be ready to take on the work that goes into hiring and creating a unit.
Another facet of the work that goes into the franchise is the sale of services and products. You are the face of the franchisor, so you have to be committed to selling their products and services in the way they require. If you're not interested in fully taking advantage of a franchisor's offerings, you're probably not ready for a location of your own. If you are, make sure to find a franchise that is selling something you're passionate about. Your interest in and dedication to your franchisor's products and services is paramount to your success.
Ask Yourself the Big QuestionsToday, there are more than 70 industries with franchise models for distribution, and over 1,000 franchises operating in Canada, according to the Canadian Franchise Association. If you're ready for franchising, you can find one you're interested in and can afford, but you do need to decide what you can invest so you're sticking to businesses in your range. Some franchises cost under $10,000 to start, and others offer financing. Be honest with yourself about the type of risk you can take, what you can afford to try and what you really want to do.
If you're ready to start your franchise journey, visit BetheBoss.ca today to view opportunities available in your area and your investment range!