How Would You Make A Good Franchisee?

 I like to use in business Riot i.e. enter the wrong franchise or business in a hurry and it could end up being an expensive and long-lasting mistake. This is an unbiased and honest PO written by an experienced franchisee with over 25 years of experience... Would you make a good franchisee? This article seeks to help potential franchisee identify their suitability to work for themselves through a franchise or even a small business. An acronym I like to use in business is Riyot i.e. enter the wrong franchise or business in a hurry and it could end up being an expensive and long-lasting mistake. Written by an experienced franchisee with over 25 years of experience, this is an unbiased and honest insight. Please read the points below and try to make an honest assessment - it could save you thousands of pounds and a few sleepless nights. There is a lot to consider with any franchise business, one thing many people don't consider is themselves! 1) You must have a strong desire to work for yourself - think about why this is so and what you think working for yourself would bring you differently than a regular job (and vice versa). Also, think about it in terms of the potential impact on family and friends eg long working hours, financial commitment and pressure, no sick leave, no paid holiday, etc. 2) Have a strong interest in the business you want to enter. This is an important element of most successful endeavors in life, and none more so than in franchising or self-employment. 3) Be a person who relies on no one but yourself to solve the day-to-day problems of running your business - some franchisors are very good at supporting franchisees, but if your franchisor is understaffed and overwhelmed with questions, don't expect too much day-to-day support. 4) You will have to be fully committed to making the franchise a success no matter what happens. Franchising is not much different from any other small business, i.e. the key to success is to make a profit by selling services or products - this requires patience, persistence, prudence, and a sense of purpose. 5) Successful franchisees are committed and put the interest of the business first. Chances are you'll be the first in the "office" and the person to turn off the lights. 6) Be a person who has good business skills and is able to deal with a variety of people in a professional manner. When you own a franchise, you will have to wear every "hat" at some point. Being a salesperson, accountant, customer service, credit control, staff, and of course, an owner all comes with the territory. 7) You must be able to withstand the financial pressures of starting a business and be able to cope with the unexpected. Starting any business is hard and you will have self-doubt and some dark days and even darker nights. Watching money drain out of your bank account and not come back much is typical of how most franchises and businesses operate in the first few months and often longer before you find a recipe for success. 8) Appreciate the pros and cons of contracting. franchise agreement. One of the big downsides is profit sharing with your franchisor, remember that each month your franchisor will be paid a combination of a fixed amount and a percentage of the money you make. While you may feel like they deserve it in the first year you've learned the trade and you're still paying them after 3 years, it can be frustrating. In addition, it is not always easy to enforce your franchisor on all aspects of the agreement. 9) The franchisor should provide you with a good business framework, but within that, you must have a clear strategy of your own. Take all available advice, have a game plan to succeed, and have an exit strategy. 10) As a potential franchisee, consider a range of scenarios from high success to some degree of failure. He outlined these scenarios to those who mattered. You should not avoid the reality of life and business. If you can't handle failure, don't go into business.