Franchise business assessment

Is a Franchise Business right for you?

4 Ways to tell if a business franchise is for you

I know of so many people who have started a business franchise, once they were sold on the idea, and put in 60 – 80 hours per week into it. All of their heart and soul went into this business – we’re talking blood sweat and tears. I even had a friend who had broken his finger (very badly) whilst at work one day, who decided to put off seeing the doctor until he ‘had the time’. By the time he had gotten to the doctor, he nearly ended up losing his finger due to lack of blood supply!

This brings me to the first item on the list of things you need to be successful in a business franchise.

1. Determination – Often times, when starting a business, people fail to realize just how tough it can be.

You need to have the mental, physical and personal determination in which to succeed. Have you ever looked at a really successful person, lets say Donald Trump as an example. How many times has he failed? More than you or I can count. His secret to success is that he keeps getting up, and right on trying – he has serious determination and persistence. He has even been bankrupt at least twice in his life, and yet he continues to build massive fortunes. Determination is key in running a franchise.

2. Planning – Do you hate writing?

Can’t be bothered to write out a business plan? It’s already all in your head, right? You don’t need to write it down! It is essential that you develop a business plan for your venture whether you’re starting a traditional bricks and mortar business, freelancing or consulting in your area of expertise or launching a new Internet-based business. WHY? Because without a plan, you don’t have anything to focus on, let alone know when you have achieved success. A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. So before you start writing, you’ll need to decide what purpose your business plan is going to serve. Even if you’re already running a franchise business, the process of writing a business plan can help you decide exactly what aspects of your business are succeeding and which areas could be improved upon.

3. Helpful people/ Mentors – Is there someone who has already had success in your line of business?

Do you know someone who is willing to share their story and give you tips to keep you on track? People who have already achieved the goals that you have for yourself and your franchise, have been there, and done that. They know exactly how to do it, and can impart with many worthwhile, money saving tips to assist you on your journey. Ensure that you will have the support and help that you need from someone who has already gotten to the destination – success.

4. Time Management – Are you a good organizer?

Are you always on time, and have everything you need when you are at appointments – or do you run in the door last minute or even late, all flustered? In business, and especially franchise business, you are a reflection of your business. If you are never on time for appointments, always disorganized, never have the right equipment or paperwork, even if you aren’t dressed appropriately – this really reflects poorly on you and your company.

If time management isn’t your strong point it is something that you need to work on. When I first started out in business, this was a major issue for me. I came from family that was constantly late for EVERYTHING – school pick ups, weddings, appointments, surprise parties, you name it – we were late. Family friends would even tell us that their events started an hour and a half earlier, just to make sure we got there on time! Now do you think this would assist me in running a business? NO WAY. I learnt to always be prepared, always leave with enough time to be punctual. There is nothing more impressive to a potential client, than to turn up on time or early, with everything you need, and dressed in a professional manner.

Article by Victoria Higgins