Franchising definitely appeals to a lot of people, but let’s face it: not everyone is cut out to be a franchisor or even a franchisee, no matter what their motivation. This is why all individuals who are planning on becoming franchisees or franchisors should take a step back and assess whether this type of business is indeed for them.
There are a few major questions to ask before venturing into the franchise industry. These include:
- Will I be willing to adapt to a pre-set business system without making any adjustments or doing things the way I want to?
- Will I be able to follow other people’s lead while also accepting their criticism and advice?
- Am I willing to become part of a larger franchise network?
Will I be willing to adapt to a preset business system without making any attempts to make adjustments or do things the way I want to?
More often than not, becoming a franchisee will always involve adapting to a predetermined business system that has been in place for some time, and therefore cannot be dismantled by an individual franchisee.
That being said, franchisees must also be prepared to fully adapt to these business systems, while also understanding that there will be limitations into what they can and cannot do as far as franchise systems are concerned.
Will I be able to follow other people’s lead while also accepting their criticism and advice?
As a franchisee, it is important to keep in mind that the franchisor will (or at least should) be there to guide the franchisee and make sure that the franchise unit gains the desired profit to keep it and franchise chain in business.
This is an ideal set-up for most franchisees, allowing them to focus on their customers, but if you’re an individual looking to get into franchising and you find that this set-up might not be for you, then consider a different business option.
Am I willing to become part of a larger franchise network?
Becoming a franchisee also entails becoming part of a bigger franchise network, including other franchisees and their employees who are encouraged to work together to maintain the franchise chain and become a profitable venture at the same time. This means there will be interactions with franchisors, franchisees and even employees and staff.
Entering the franchise industry as a franchisee is a big responsibility, especially when it comes to large-scale franchise chains. But while some individuals have been able to adapt well into this kind of business, the same thing cannot be said for everyone.
This is why it is important to first make sure that you are comfortable with the franchise set-up, which is significantly different from setting up your own business from scratch.