Franchising Offers NO Guarantees --
You have to ask --- IS a FRANCHISE FOR YOU? There are NO guarantees. You invest your money and take your chances. My own experiences include franchises for personnel agencies, temporary help services, diet centers, restaurants and PC training schools. Some of these franchises proved very important in our business plan and growth into a multi-million dollar enterprise. However, there were some expensive lessons that we learned through the process. As with any business, you must determine whether or not to enter a particular venture. First, assess YOUR reasons for going into ANY business, not just a franchise opportunity. Your best decision may be to buy a franchise. On the other hand, you may not be ready for any business venture. YOUR DECISION YOU must become a SUPER "snoop" or investigator. Ask the tough questions. You cannot expect exactly the same results as another owner of a franchise. If you are buying "brick and mortar" then it's location, location, and location. Also, it's not only the location. Employees can make or break a company. Your investment in the company or your ability to fund the enterprise are factors. Your own leadership ability is a key element. "Links" are important, too. It is imperative that you ask a lot of "what if" questions. What if? I stay with my present employer? What if? I go broke? What if? I don't LIKE the business? What if? my spouse does not like my "new" hours of work? What if? I don't like selling? Why do YOU want your own business? Is it just a dream? Were your parents owners of their own enterprise? Franchise? Joint ownership, partnership? Again, YOU are your own person and must make your own decision. Family history of owning a business is NOT necessarily a guarantee of your success. TIRED OF THE BOSS Are you tired of your Supervisor or the Boss telling you what to do? Yes? That's not a good reason to "jump" ship. Operating a business requires more than a need for change or the desire to do as you please. Business owners DO NOT get to do as they please UNLESS they "please" to spend most of their time worrying" or thinking about their business. Dealing with employees, payroll, benefits, vacations, sickness, children, spouses, vendors, customers, inventory, taxes, lawyers, accountants, auditors, IRS, EEOC, insurance, and more. TOTAL COMMITMENT Purchasing a franchise requires TOTAL commitment. Your energy, your money as well as other assets (collateral) are required to back up your new venture. IF you are NOT prepared to invest these qualities and resources into your franchise, then STOP here. EVALUATING YOUR SKILLS
Your experiences and potential success As a first and often overlooked step, ask yourself why you want to purchase a franchise. This question, although basic, is an excellent way of evaluating your reasons for going into business. List every reason you identify, no matter how far-fetched it may seem. Divide your list into two separate components. Separate the viable reasons from the trivial ones and categorize them accordingly. It isn't unusual for reasons to range from the desire to be your own boss to the desire to be a billionaire. Consider the following questions: Are you a leader?
Do you like to make your own decisions?
Do others turn to you for help in making decisions?
Are you willing to accept managerial assistance
from the franchisor?
Are you willing to comply with the provisions
outlined in the franchise contract?
Do you enjoy competition?
Do you have will-power and self-discipline?
Do you plan ahead? Do you like people?
Do you get along well with others? Important questions need answers covering your physical, emotional and financial status. All part of being the successful business owner. Are you aware and understand the "picture" of: 12 to 18 hour work days
six days, seven days a week
Saturday and Sunday schedules
Physical stamina required
Family strains and commitment
Reduced income possibilities
Risk of loss, your family savings
Risk of failure and starting over Answering "yes" to all of the above means that you have some of the skills needed to operate a successful franchise and/or private business. A "no" answer means that you may have to acquire additional skills and/or talent through others or training. Have you had any business training in school?
Are you willing to delay your plans UNTIL you
acquire the skills? FAMILY INVOLVEMENT When you complete your self-analysis, discuss your results with your family and your financial advisor. Their feedback can help you make the right decision. If you all agree that you have most of the skills needed to operate a successful franchise, then you should feel comfortable proceeding with your plans. If, however, they feel you lack most of these skills, then you may need to consider delaying your plans until you are better prepared. Above all, be honest and objective with yourself. It is YOUR future that we are dealing with in this analysis. MY FIRST FRANCHISE At the time, I was 30 years old and had already co-owned two businesses in my early years before 25 and had spent the last
4-1/2 years with an envelope manufacturer as an executive on the management team. To make a long story short, I spent almost 2 years in this franchise before realizing we had too many chiefs (investors) and few indians (workers). Very quickly, here's the point. The headquarters (franchisor) had a great track record in the "home" city and was making a lot of money. This is important. Why? Was there a "link" to the source of business? YES! Our problem? We did not own or have the "link" that would turn the business into the same success story as the home office, the franchisor. You have to look deep to find the details. A number of factors can be the "link" which makes your business successful. Let's name a few? it could be YOU, or a member of your staff, the location, unlimited financing, a large investor, new equipment and many more possibilities. Be sure you KNOW the success "links". Sometimes they are hard to find but it is essential that you "discover" them BEFORE investing your money. Action Tip: A franchised business has NO guarantee. You need a valid reason to begin a new business. Know that it takes full-time commitment from you and your family. You should know 'thy-self'. Leadership skills are required. Risk of failure is real and increase in skills level is important. Imperative to KNOW the success "link" in the home franchise. Don Monteith spent 32 years in the Staffing business. His firm placed thousands of job candidates in their dream job. Today, he shares his expertise. Learn more by visiting his website at:
http://www.HowtoGetYourDreamJob.com
Related News
|
 |
|
|
RELATED ARTICLES
How to Terminate an Employee and Live to Tell the Tale
1. Employee Backdrop in Australia
How To Find Your Dream Job
Here's the bottom line: many people work in jobs that aren't what they want or are less than they deserve.
Seven Ways to Say You?re Fired and What to Do When It Happens to You
Today's employers scramble for creative ways to advise employees of their unexpected departures. The days of employers being loyal to their employees are long gone. We now live in a culture where every working adult should be wearing a parachute just so he or she can land safely when forced to jump from the corporate tower. How are employers giving employees the boot?
Are You Bored By What You Do?
Is your working life in the doldrums? Do you feel stuck in a rut? Uncertain about the future? Depressed by what you can see ahead? Still looking for a job that will fully engage your interest?
Discuss Your Accomplishments During the Interview
When preparing for your interview, you need to be ready to discuss your accomplishments. Surprisingly, many people are reluctant to talk about their accomplishments. But this is exactly what the interviewer wants to hear from you.
Ten Things About Your Career Development
There are some tactics you can action whatever you wish for from your career. Whatever you might think right now, you have all the tools you need for a career which give you joy and fulfilment. You might not think that possible, or that it will leave you cash poor. But that's not usually the case. Your life can change within your control.
How You Can Find Opportunities For Foreign Language Proof Reading Work
For those who are fluent in another language, foreign language (ie non-English) proof reading can be a great source of income. It is a difficult area for those who are not fluent to get into though. That is because, in order to be a proofreader, you must be able to do several things. It is not just spelling errors that the proofreader needs to fix. There are many other things that they need to do. It is important, then, that those who are seeking proof reading opportunities have the skills necessary to get the job done correctly.
Thank-You Notes: Your Thoughtfulness will be Rewarded
I get asked these questions over and over: "Should I send separate thank-you notes to everyone who interviewed me? Can I just send one thank-you note to the hiring manager and ask him/her to thank others involved in the process?"
Surviving Corporate Politics Part 2: Keeping Up Appearances
Never a 2nd chance to make a 1st impression, or so the saying goes. We all know that when someone is introduced into your work environment for the first time, their peers size them up immediately. How they are dressed, how they talk, and how they set up their workspace. Especially in large companies, where there is constant personnel movement, keeping up your appearance is a full time task. In smaller companies, how you compose yourself from Day 1 is of utmost importance. We will start with the basics:
Lets Talk About Trust
I agree with Brooker T. Washington, "Few things help an individual more than to place responsibility upon him, and to let him know that you trust him." I agree with Mr. Washington because I've experienced trust. I've been on both the giving and receiving side of the equation, and I know first hand the power of trust.
How To Answer Your Call In Mid-Life
Hank Bochenski's story proves it is never too late to walk away from a life you feel trapped in and do something that you really love.
Resume Tips To Take You From SAHM to WAHM
When looking for a telecommuting position, it is very important to have your resume in tip-top
shape. This is often the only thing that a potential employer has to base a hiring decision on
since they most likely will not be interviewing you in person, your resume has to make that
great first impression for you.
How to Make Your Career Change Easier
Despite what your grandmother told you, life is not supposed to be a struggle. The same is true for making a career change. This doesn't mean you won't work hard to get the job of your dreams. We often forget that we can make things easier on ourselves so that the transition is not painful! Do these six things and you'll notice a huge difference right away.
Growing Up On A Delaware Farm
Growing up on a Delaware farm was a wonderful and rewarding experience for me.
Mastering The Lunch Interview
Interviews can be nerve-racking, brain-draining, headache-inducing
experiences. These days, recruiters have found a way to make the
interview even more difficult by combining the experience with a
meal. This means that in addition to listening to the interviewer,
formulating intelligent responses, and trying your hardest to be
confident, you now have pay attention to how you look while eating.
Behaviour To Climb The Stepping Stones To Career Success
The heading of this article could just as well have been "How to position yourself for promotion" or "How to position yourself for career advancement" or "How to climb the success ladder" or something similar.
Just a Series of Choices
Steve's a pretty regular guy ? wife, 4 kids in their blended family, 12+ years of engineering experience, a degree, mortgage, car payments, some debt? and feeling depressed because he waited to look till the end. Last time he transitioned was 5 years ago for more money and he liked some of the people and it was simple?this time he's heard some in his professional association have been looking for almost a year...and they weren't lightweights. No wonder he's sweating.
Opportunities in Automotive Services Industries - How To Cash In
I believe it would be safe to say that the transportation industry is one of the highest revenue producers in today's modern economies.
Is it a Scam?
I wanted to quit my job. So I decided to make my fortune online. I had no idea what I was doing, but that had never stopped me before. I joined a mlm company. They said to succeed online you need to get an auto-responder and purchase leads. Great. But I didn't know what an auto-responder was...I was pretty vague about the lead thing too. So I asked, "What's an auto-responder?"
Get a Raise: How To Ask Your Boss For More Money
How many people do you know who think they deserve a pay rise, but are too scared to ask? You might even be one of those people! Why is it we are afraid to ask for what we believe we are worth? It's time to stop worrying and start asking, but before you charge into your boss's office give yourself the best chance of success with these helpful tips?then book that meeting with the boss.
|
