Think About Yourself First When Considering a Franchise

Every day I spend significant time on the phone, exchanging e-mails or speaking in person with contractors and other interested business people advising them as they explore their options about investing in a franchise. This is a core foundation of my livelihood — I recruit, and help grow, franchisees for a living.

And not to give in to clichés, but my best advice consistently is “if the shoe fits — and it feels good, and it will add value to your life — then buy it.”

But make sure that it’s the right shoe for you. And equally important, that you are the right fit for the “shoe.” Entering into a franchise agreement is like a marriage — if the fit is right, it is wonderful. However the opposite can also be true for both parties so careful consideration by both the franchisor and prospective franchisee is crucial.

There are a number of key benefits to franchising to consider:

1. A tried and tested business format (someone else paid the “tuition” to find out what works);
   
2. Established brand recognition;
   
3. Management assistance, advice and training;
   
4. “Being in business for yourself, but not by yourself.”

In comparison to other ways of getting into business, franchising improves your chances of success significantly — even so, the shoe must fit.

As you may expect, contractors are a logical choice for our franchise brands because of their familiarity, experience and comfort in the home improvement industry. So, as you explore and evaluate your franchise options, first and foremost, make sure the essence of the business is something that you are likely to truly enjoy while also having the necessary skills to excel.

Make sure the business is something that will excite and motivate you, because without a passion for what you do, your time spent in the business could be joyless. And that’s just no fun — for you, those who work for you and for your family. However, balance your passion with the realization that you are making a significant investment. After all, it is a business first, not a hobby.

Some valuable questions to ask yourself to determine if you will be happy and successful in a franchise system are: Are you self-motivated? Are will willing to follow a system of best practices? Are you a calculated risk taker? How prepared are you to balance the mental and physical stress of starting a business? Are you flexible to adapt to change? Are you a team player? How supportive is your family for your dream of starting a franchise?

Be honest with yourself as you conduct the franchise discovery process, and don’t rush through it. Expect a cycle of at least 45 to 90 days from the start of your investigation and discovery process to writing the check in conjunction with the execution of a franchise license agreement. Don’t make an overnight decision.

Know what you’re looking for, both for your personal career path and from a lifestyle perspective, and then be able to come to the conclusion on whether or not you are likely to find it in a franchise business model, system and culture.

As most people are looking for a fresh, brand-new start through investing in a franchise business, here are some key questions to protect yourself, and be fair to the franchisor you are exploring:

What skill set will I need for success in the business model? Do I need to be strong in strategy and planning? Will I need strong sales skills to interact with prospective clients, or will I delegate that responsibility to someone else?

Do I need to be focused on systems and processes? How extensively will I have to use technology?

How strong is the franchisor leadership team? What people, and what experiences, is the team comprised of? Do they have a compelling vision for the future of the business and brand? Can you envision them helping to add value to your franchise? Do you trust them?