The economic downturn has left you with no other option but to ditch your daytime job and be your own boss. You’ve scoured the market for an available franchise business opportunity and you’re now ready to go into a franchise business. Of course you did your research and have identified the pros and cons of each. You’ve more or less selected the right one from among the many opportunities presented before you.
But wait. Here’s a word to the wise:
Before you sign anything and invest your hard-earned money into your new business franchise, it may well be worth your time to check what franchise business opportunities really offer you in the long run.
Here are three important questions that you should ask yourself after considering all business franchise opportunities:
1. What do I really want?
It should all begin with your business philosophy.
What kind of business do you see yourself excelling in? What kind of business set-up do you see yourself to be very comfortable with from among all the franchise opportunities available? You have to remember that investing a big capital means that you will be bound to stay in this business for quite a long time before you can recoup everything.
Remember that not all existing franchises are created equal.
There are business opportunities that let you have control over everything including what you earn. You become an independent owner of your very own business, making you the boss in the truest sense of the word. This is an ideal set-up for those who are true entrepreneurs and do not want the pressure of a partner/franchisor. In this set-up, you also do not pay royalties and fees for the franchise.
On the other hand, there are opportunities that works very much like the franchise business set-up that you probably know: initially, you will be working closely with the franchisor as your partner, guide, and mentor and you will be paying royalties and fees for as long as the franchise exists.
2. Will I be happy, satisfied, and fulfilled with my choice?
Not to be underestimated, the happiness-meter should not be taken for granted in one’s choice of business especially when it comes to assessing a franchise.
You have to take into account that you are now venturing into a business that you will call your own and with the amount of money you will be investing, you’re in there for the long haul. (more…)